One by one, singles add up to 30% of homebuying market
CHICAGO (8/25/14)--Nearly one-third of all real estate purchases were made by single homebuyers last year, according to a recent survey by Century 21, with almost two-thirds having to overcome a roadblock to buy their home (Realtor Mag Aug. 21).
The most intimidating aspects of the homebuying process, the National Association of Realtors' magazine reported, were: making an offer and negotiating the price (38%); obtaining a mortgage (36%); moving (31%); closing (30%); and searching for or locating a home (25%).
Regardless of any difficulty in buying their homes, however, 75% of single homeowners age 25 to 50 say homeownership is important to them.
"We are in the midst of a shift in the homebuying population," said Rick Davidson, president/CEO of Century 21 Real Estate. "This survey shows that home ownership is a major life decision for singles and that it is just as important a part of the American Dream as it is for married couples."
The top reasons to buy, according to the survey, were that they viewed homeownership as an investment in their financial futures; they were tired of paying rent; and they thought it was the right time to purchase a home (Realtor Mag).
Singles polled also said they were forced to make lifestyle sacrifices in order to facilitate the purchase, with 60% citing they had to dine out less in order to buy a home, and 51% having to spend less on vacations.
The survey also found what single homebuyers found to be most important when searching for a new home.
Square footage at 59% was the top priority, the yard (57%) was second, and proximity to work or school (47%) came in third. Good cell service and proximity to public transportation were more important to single homeowners between ages 25 and 35 than those 36 and older.