Seventy-two billion dollars... $72 billion... $72B... no matter how you write it, it's staggering. ?And it's just a drop in the bucket.? Since the mid-20th century, more and more women have been buying homes - on their own.??In 2009 alone, some 472,000 women had home purchase loans totaling $72 billion - more than half the total ($134 billion) carried by males or couples purchasing real estate.
And single women have been buying homes at a never-before-seen pace.? In?fact, in 2011, nearly twice as many single women than single men were buying their first homes.? Overall, an estimated 56 perccent of single women owned their own homes, compared to 47 percent of single men.
Those figures, from the U.S. Census Bureau, the Joint Center for Housing Studies at Harvard University and the National Association of Realtors, put teeth into what many master-planned communities in the Southeast have been espousing for some time now: Women are a?force to reckon with when it comes to marketing to today's buyers.??Not just as spouses, but as individuals, whether by choice or by circumstance.? And these are not women who are only climbing the corporate ladder, but?women who are?planning for or entering retirement.
Just ask Jan Cullinane, friend and colleague of Marian Schaffer, Founder of Southeast Discovery. The Palm Coast, Florida resident is the author of several books focusing on single women and the transitions they face as they map out their futures.? She's also a much-sought-after consultant whose clients include Ford Motor Co., Deloitte & Touche LLP, Wells Fargo Advisors, the federal government and the Smithsonian Institution.? One of her books, AARP's The Single Woman's Guide to Retirement (a partnership between AARP and John Wiley & Sons) is what she calls "a guide for single women about all aspects of this transition and to provide a blueprint for a satisfying and successful retirement."
"There are 45 million single women over age 45 in the U.S. - and, by 'single,' I mean 'never married, divorced or widowed'," Cullinane told us recently, "and both builders and realtors have become more and more aware of that each day... They've become the second-largest contingent of home buyers, for a variety of reasons."
To start with, "women see homes as more than shelter," Cullinane added, "they see homes as security, as success." And women see single-family homes as a residence for what she termed "aging in place." Many single women "are not buying for 'now," Cullinan added, "they're buying for later in their lives, when they may want or need room for someone else," whether it's a live-in caretaker, a later-in-life companion or a relative or friend looking to relocate.
For those skeptical about why a single woman would want to buy a 3 bedroom/2 bath home with a 2-car garage in a master-planned community, Cullinane has a quick rebuttal: "Many single women aren't buying for themselves.? In fact, a recent AARP survey found that 40 percent of single female home buyers would consider having a non-romantic roommate - maybe a sister, maybe a long-time friend who's also single."? A larger home means two sisters or friends can lead separate lives, but not at twice the cost.
"And builders have been onto this trend for awhile now," Cullinan said. "They're building what I call 'women-centric homes,' or homes that can accommodate changing lifestyles. That's why I'm a big proponent of something called 'universal design' - homes designed with tomorrow in mind."
Cullinan went on to list many of the qualities that go into universal design:?non-skid flooring, comfort-height toilets, raised countertops, curbless showers - even "stack closets, which, down the road, provide the opportunity to be converted into elevator shafts."? Other features include stairs wide enough to someday accommodate a chair-lift system, wide hallways and interior doorways, and few (if any) thresholds.
"Anything that helps 'aging-in-place'," Cullinan said. In fact, the National Association of Home Builders offers an "Aging-In-Place Design Checklist" that touches on every imaginable category, for anyone considering either new construction or renovations.? One example is the garage: The NAHB recommends that "door heights may need to be 9 feet to accommodate some raised roof vans." And, for the bathroom, it suggests "At least one wheelchair maneuverable bath on main level with 60-inch turning radius or acceptable T-turn space and 36-inch by 36-inch or 30-inch by 48-inch clear space."
"These are the sorts of details than women tend to think about, or at least ask about,?when researching home-buying," Cullinan said. "Women are better planners in this regard."
However, "the most common mistake" that single women make when entering the home-buying market is "analysis paralysis," Cullinan said. "The choices get so overwhelming that, sometimes, it's easier to do nothing than something. When this happens, I tell them to decide on what's non-negotiable - what are the top 3 or 4 things they insist be in their new home. Once they're comfortable with that, then they can move on to maybe the next set of 3-4" features.
With larger planned communities, Cullinan suggested that "you need to project, say, 25 years from now; look at it from the perspective of 'Is it walkable?' ?'Is there one-stop shopping for seniors?' ?Look for ample crosswalks, look at street signage... All of that will be important in later years."
Cullinan also stressed that "social support is important - maybe vital" in the home-buying process.? When planning to look at homes, "bring friends with you, especially if they're in the same socio-economic group.? If looking at a master-planned community, "look for one that has an active adult population - and a full-time lifestyle director."
"But don't knock off too many points if the home you're falling in love with doesn't hit all of the social buttons you desire", Cullinan suggested. "Be innovative.? Volunteer your time and talents, invite other women over for tea, play tennis or golf... in other words, meet them halfway."
Finally, Cullinan suggested taking full advantage of any large community's offer to spend some time there. "Some call it a 'Discovery Tour;' they'll let you stay in one of the houses in the community for 2-3 days to 'try it out,' if you will."?
And remember that, "in newer communities, cliques haven't yet formed," Cullinan said. "It's your opportunity to be as involved, or uninvolved,?as you want to be. You get to set the social pace."
For the past decade, Southeast Discovery has worked with many female clients as they embarked on the endeavor of finding the right area and master-planned community to relocate to for their retirement.? First, they found our site.? Second, they called on us for individualized guidance, giving us the opportunity to get to know them better through a series of questions we asked them.? Third,? we provided them with a defined list of areas and specific communities we felt would interest them most from their provided feedback.? Fourth, these women took our advice and visited these areas and communities firsthand, met with our on-the-ground colleagues who gave them a guided tour.? Feel free to read some of our Client Testimonials as these are great illustrations of the work we do on behalf of helping our readers find the right property for them.
In our years of experience working with single women buyers, we find many of them to be detail-oriented in their approach and with firm thoughts on what it is they are looking for.? We welcome this decisiveness.? As we head further into 2013, let us know how we can help you with your search.? Send your inquiries to info@southeastdiscovery.com or call 877.886.8388.?
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