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The traditional view of homeownership usually includes a married couple, but times have changed, and more and more single women are entering the housing market. In fact, almost twice as many single women are purchasing homes than single men, and almost one in five homes purchased today are purchased by single women. So why are single women making up such a large part of the housing market, and what are the special considerations single women should make when purchasing a home?

What Women Want!

The demographics of single women buying homes are quite diverse. From young professional women in their 20s to divorced mothers in their 40s, there are really no typical single women making home purchases, and their needs are just as diverse. Overall, however, there do appear to be a few trends in the market, and here is a list of what the average single woman is looking for in a new home.

• Most spend less than $200,000
• Prefer two bedrooms or more
• Less likely to choose new construction
• Will compromise size and cost to get other amenities, but not the location
• Smaller spaces are acceptable, and many prefer condos
• Desire security and safe neighborhoods with a strong community feel
• Look for close proximity to stores, shopping, and fitness centers

Things To Consider:

If you are a single woman looking to enter the housing market or know someone who is, then what should be considered before making the leap into homeownership?

Essentially the considerations are much the same as those of any homeowner. Taking a realistic look at your financial situation is always important. Seeking out the advice of a qualified financial advisor and a REALTOR® can make the process less difficult. It is also important to be sure you are not entering into any unwise loan agreements that may not be wise down the road, such as no-money-down deals. It is also important to have a clear picture of what your needs as a homeowner are, and that you don’t settle for something that will not work with your particular lifestyle.

One of the most important factors to consider when buying a new home is affordability. As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay. The best way to know what you can afford is to determine the possible payment range by comparing the price of the home with other essential ingredients.

Figure Out How Much You Want To Borrow:

Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow. This can be determined by subtracting your down payment amount from the purchase price of the home, which will give you the amount that you will need to request from a lender.

Know Your Rates:

The next step is to determine the current interest rates for the purchase of a home. Rates vary and may change often, so check with your lender for current rates. It’s worth noting that the interest rates you receive will, in part, be based on your credit history. This means that knowing your FICO score and credit rating will give you a good idea as to how your interest rates will be calculated.

Choose Your Loan Term:

Your monthly mortgage payments will be determined by a number of factors, including the term of your loan. If you were to borrow $250,000, your monthly payments would be less with a 30-year mortgage than with a 15-year mortgage. The reason is that it would take larger monthly payments to get the loan paid off quicker, which is why you will need to select a loan term before calculating your payments.

Additional Costs To Consider:

Your total mortgage payment will include taxes, homeowner’s insurance, and possibly even private mortgage insurance (PMI) if you provide less than 20 percent down and your loan requires it.

Just The Facts & Figures:

Now that you know how much you need to borrow, have chosen your loan term, and are familiar with the current interest rates, it’s time to calculate your payment. Most lenders offer a mortgage calculator on their Web site or you can get an estimate by speaking with your lender.

If you still need help in calculating your potential monthly mortgage payments, don’t hesitate to ask your REALTOR®, mortgage broker, or lender.

Photo by Tierra Mallorca on Unsplash

Ever wish you could become one of those rare morning people? The ones that wake with a start, feeling refreshed and energized. The ones that get in that morning workout or wrap up some work before many of us even hit the snooze button for the first time. Here are five tips to help you achieve that early bird status!

1. Create a morning schedule. Physically write down the things you’d like to complete in the morning and set a time for each. Then stick with it. Once you force yourself out of bed early one or two weeks consistently, you’ll find it gets easier and easier to do.
2. Let the light in. Whether natural or artificial, light tells your brain its time to get up and get going. If your room lacks large windows where you can open the blinds up, consider investing in a timed lamp or alarm clock with light.
3. Prep and eat breakfast. Although there are many of us who chose the skip breakfast, it is key to perking up your energy in the morning. Try prepping protein-focused meals the night before or grab a yogurt or fruit and try to consume it right after you wake.
4. Get your body moving. Whether it’s a short walk around your neighborhood or a rigorous 5:30 am spin class, getting your blood pumping will help wake up your body and has a ton of other benefits, like stress and anxiety reduction.
5. Feed your mind. Stimulate your brain and do something you enjoy first thing in the morning. Try reading a favorite book, catching up on the news, doing daily meditation, or setting intentions.

Here are the most common mistakes people make when selling their property:

Pricing It Wrong

Pricing too low or too high could scare potential buyers away. It allows puts you at the risk of wasting weeks or months before adjusting the price to get an offer. Do not trust the internet. Speak to a real estate professional in your area. Real estate agents can conduct a comparative market analysis that shows other homes sold in your area compared to yours. 

Home Is In Bad Condition

While your home in its current condition may work for you and your family, if there are obvious repairs that should be corrected, or it is outdated, fixing these problems will not only make it easier to market your home but will also increase its value. In most cases, this increase will be more valuable than the money you put into making the changes. If any major repairs with your house come up during a home inspection, it could delay your closing or even cancel the sale altogether. Consider paying for a home inspection before you list your home to make sure it’s in great shape for your buyer.

Home Is Marketed Incorrectly

When selling your home, there are no guarantees that the ultimate buyer will walk through the front door. In many cases, you may have to bring your home to the buyer. How? Pictures and videos. Most buyers search the internet for homes from the comforts of their couch. It is critical to have professional photos and video taken of your home. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period. The best way to accomplish this is by contacting a real estate agent. 

By adhering to the advice in these simple tips, you can avoid the biggest mistakes homeowners make when selling their homes, and the process will be smoother and more profitable in the long run.