6/27/2010
With low home prices and interest rates, Coldwell Banker Residential Brokerage sales associates are seeing an influx of singles walking through the door. For greater insight into this demographic, Coldwell Banker conducted a national online survey of more than 1,000 single homeowners in April 2010 on what factors played into their decision to purchase a home. While conventional wisdom may be that most singles are buying bachelor or bachelorette pads downtown, surprisingly, Coldwell Banker found that the majority of single homeowners (52 percent) chose suburbia over urban or rural areas.
“People who may have never considered buying a home before have started realizing this may be an ideal time for them to purchase a home,” said Sue Meyer, president of Coldwell Banker Residential Brokerage – Dallas/Fort Worth. “Some are finding that a mortgage payment can actually be less than rent,” she added.
According to the survey, over half (53 percent) of single homeowners reported that they purchased a home because it was more cost effective than renting in their area. However, more than just financial analysis contributed to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent) according to the same survey.
The survey also showed that finding good deals is important, but so are modern amenities and outside space. More than two-thirds (68 percent) of single homeowners purchased a home that was below their price range, rather than the most expensive home they could afford. Meanwhile, modernized home updates and appliances and having a yard and outside space were rated as the most desirable features in a home over lesser considerations like space for entertaining.
Finding a home that is close to work and family is important to single buyers. Fifty-five percent have less than a 30-minute commute to their office or work from home, and 40 percent live less than 30 minutes or even in the same neighborhood as their parents or extended family.
Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.
“Owning a home is really the American dream,” said Meyer. “It’s great to know that we can help our customers turn that dream into a reality.”
For help with purchasing a home, call any of the 19 area CBDFW offices or visit www.cbdfw.com to find offices and sales associates.
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