Women are the driving force in the home-buying experience
With rental rates on the rise, more people are turning their heads toward homeownership and women are dominating the market.
Photo Credit: Ketut Subiyanto
Last year, global female income was expected to hit $24 trillion annually, according to research firm Fox & Sullivan, and women were estimated to control $43 trillion in global consumer spending in 2020 alone.
According to the National Association of Realtors, single women have been buying homes at more than twice the rate of single men. They’re the fastest-growing group of homebuyers, second only to married couples. A 2018 Bank of America report found that roughly 73% of women value homeownership above getting married and having children, compared with 65% of men.
Whether single or married, women account for 70-80% of all consumer spending and drive 91% of all home-buying decisions making it crucial for real estate agents and builders to understand what’s important to this powerful force in the marketplace.
One of the many reasons women appreciate Homes by AnnDavid, Inc. is the variety of services we’re able to provide under one roof. With licensed real estate agents on our team, women who prefer the convenience of buying an established home have experts ready to find the neighborhoods and amenities that suit their lifestyle and that of their families. On the other hand, we’re trusted builders with a variety of model homes, who also have vacant lots for sale. This makes us a one-stop shop for building exactly what women are looking for without the need to hire an architect.
“Single women are placing a greater emphasis on building their own wealth and achieving more financial security,” said Deborah Winningham, Vice President of Homes by AnnDavid, Inc. “The houses we’re building in North Central Florida make great starter homes to help them achieve that and also offer room for growth as their life paths continue to change.”
Cory Winningham, President of Homes by AnnDavid, Inc. says he’s been seeing shifts with couples too. “On average, the female partner contacts us first. Whether the couple is downsizing from a larger family home or they’re shopping for their first home, she’s conducting the research between building and buying. She’s investigating the pricing and inclusions on our packages, and she’s exploring the financing options and managing discussions with lenders.”
Currently, women control one-third of the world’s wealth, and analysis by Boston Consulting Group finds that over the next four years women will be adding $5 trillion to the global wealth pool every year. The numbers don’t lie. When it comes to investment opportunities like residential real estate, women will be dominating the market.
Photo Credit: Anna Shvets