May 10

Solo Home Buyers Re-emerge

Solo Home Buyers Re-emerge.

Solo Home Buyers Re-emerge. Image courtesy of phanlop88 / FreeDigitalPhotos.net

Solo Home Buyers Re-emerge. Image courtesy of phanlop88 / FreeDigitalPhotos.net

 

Individual home buyers comprised a quarter of all house purchases last year, according to National Association of REALTORS® data. Single women purchase homes at double the rate of single men, according to the data.

However, solo buyers can face particular challenges in qualifying for a mortgage. During and following the recession, banks tightened their underwriting standards, which also made it more difficult for single home buyers without dual incomes to qualify for a loan.

Between 2010 and 2012, home purchases made by singles dropped 7 percent — unprecedented, according to NAR. Low mortgage rates and high home affordability have drawn more singles back to home buying.

Home purchases are often a means of self-expression for singles, Jennifer De Vivo, a real estate professional in Orlando, Fla., told MSN Real Estate. “It’s a way for singles to express their lifestyles and values,” De Vivo says. “They are able to focus on the exact communities, home styles, and features that cater to their individuality with much less compromise.”

For single buyers who outgrow their first homes, some experts encourage them to keep the properties as investments.

“I always counsel them to try to keep their current home as an investment property and rent it out. It’s a big step toward helping them create long-term financial security,” De Vivo says.

Source: “Solo Homebuyer? You’re not Alone,” MSN Real Estate (May 2013)

 

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