This January marks Inman’s fifth annual Agent Appreciation Month, which culminates at Inman Connect New York in a celebration of agents at the end of January. Plus, we’re rolling out the coveted Inman Power Player Awards, as well as the New York Power Brokers and MLS Innovators awards.
In the second installment of our two-part series, Bobbie Wasserman, founder and CEO of SingleLadyEstates, continues to explore the significant trend of single women homeownership, now focusing on how the real estate industry can capitalize on this quickly emerging intergenerational economic force.
In our first article, we highlighted the rise in women’s homeownership over the past three decades and their emerging control of transitioning baby boomer wealth.
How does the real estate industry take practical action to service this broad demographic properly? Unmarried women are an incredibly diverse group that includes women of all ages and races, single mothers, widows, divorcees, women living alone and those living with other adults.
Highest priorities for women at every age
While location over time will most likely shift, the underlying considerations for women tend to remain the same at every age.
Safety
Safety is a universal concern throughout homeownership. The Joint Center for Housing Research at Harvard University highlights that single women prefer safe neighborhoods and gated access more than any other homebuying group. This is reflected in their preferences for condominiums, townhomes, single-family homes within a gated or structured HOA development, and a focus on unchangeable safety features within each home.
Women avoid homes that bump up against dark areas such as parks or alleys or those with front doors hidden away from the street. They are more attracted to homes with well-lit entrance paths, drive-in garages with interior access and built-in alarm systems.
We always suggest that women conduct their own safety due diligence by gathering crime statistics of the area (readily available online or through the local police department), speaking with potential neighbors and with the local police department. Also, visiting the neighborhood at different times of the day is important to get a better idea of the area’s activity at different times.
Location
Convenience is key. Women are willing to compromise on home size for a location near amenities. While younger professionals prefer to be near the “city center” in the middle of the action, financial and lifestyle considerations that come into play a bit later tend to drive unmarried women toward the suburbs.
Yet, even with those suburban moves, convenience to both a physical experience and digital convenience remains paramount.
The rise of online shopping and delivery services broadens location choices, reducing the necessity to live close to brick-and-mortar stores. However, online service quality depends on the infrastructure of a specific area, from internet quality to delivery availability, reliability and time. These services are currently more developed in major metropolitan areas and university/college cities.
We recommend starting with the FCC National Broadband Map, which can be accessed at fcc.gov for those who desire or are more dependent on digital conveniences. From there, buyers can get current general data on the immediate neighborhood.
We then recommend potential buyers to ask the seller directly about their internet experiences, talk to potential neighbors, and contact the area’s ISPs. The potential buyer or seller can efficiently perform a speed test.
Convenience
Across all ages, women seek low-maintenance homes with modern conveniences, including minimal yard upkeep, newer homes with fewer repairs, and home features that are easy to maintain. Women tend to look for useful smart home features that positively impact convenience, energy efficiency and safety.
Unique generational needs
Preferences of single women homebuyers shift with age. Young professionals (20s to 30s) at the heart of the “sheconomy” look for affordability, low maintenance, work-from-home capabilities and how a home would accommodate potential future needs. Their focus is on career and social activities.
Mid-career women (40s to 60s) who are both peaking in professional life and transitioning in their personal lives value work-life balance in their homes. Location-wise this includes proximity to good schools, if they have children, and healthcare.
As to the home itself, a dedicated office, flex areas for fitness or hobbies, and a tranquil environment to unwind after work are highly desirable. There is also more of a focus on the home’s long-term investment and resale value.
Many senior women (60s+) remain working and professionally active well into their senior years. Generally, those women at the younger end of the senior spectrum still consider mid-career home priorities with an added emphasis on communities where they can engage socially, whether through local activities or being near friends and family.
Moving through their senior years, downsizing and living in a single-level home become more critical.
The real estate industry must adapt and innovate to meet the needs of this influential market segment. Real estate professionals can pave the way for success in an evolving landscape by understanding and responding to these diverse preferences. The time to act and lead in serving the demands of this influential group is now.
Bobbie Wasserman is the founder and CEO of Single Lady Estates, a company that empowers women through the entire homeownership journey – buying, selling and life in between.
