There’s no better time to buy a house than now. If you’re in the market for a new house, you should look at foreclosed homes being held by banks. Here’s why:

1. Foreclosures can be an opportunity for home buyers to get a steal of a deal on a home that simply needs some TLC…but they can also be a stressful transaction that only ends in a big money pit if you’re not careful.

There are many risks that are unique to a buying a foreclosed property, but the risk can be mitigated if buyers and their agents take certain precautions.

It’s important to look at the neighborhood you’re buying in though: if there are a tremendous number of foreclosures, you may not be getting much of a deal…foreclosures and short sales will drag down the value of the entire neighborhood. Ideally you want to find a foreclosure in a neighborhood that doesn’t have very many of them.

2. There are risks that are unique to foreclosure transactions.

Some of them can be mitigated and some can’t. It’s vitally important that you assemble a real estate team—an agent, a title company, an inspector, and a settlement attorney—that are very familiar with the risks you’ll be facing and know how to structure a transaction to protect you as a buyer.

3. Be careful of the pitfalls when buying a foreclosure home.

Property condition is the most common surprise for buyers—having a home inspection contingency WITH a right to void the contract if you don’t like the results is critical. Home inspectors aren’t all-knowing though…you need to be prepared to come across some issues even after the transaction closes and have some cash in reserve to deal with them.

Foreclosed properties frequently have a host of title issues, or “clouds on title” as they are known. If a buyer isn’t paying their mortgage, chances are high they aren’t paying other bills either—things like condo or HOA fees, property taxes, or other items—which may result in additional liens on the property that need to be paid in order for a buyer to have clean and marketable title. Oftentimes the bank selling the property will require the use of a specific title or settlement company but buyers would be well advised to hire their own attorney to conduct a title search when purchasing a foreclosure.

4. Buying a foreclosure home as an investment property.

Foreclosures can be excellent investment properties, but obtaining financing for an investment property is a very different process than getting a loan from an owner-occupied property. Typically it will require a much higher down payment and carry an above-market interest rate. Managing an investment property isn’t easy, either—you need to be prepared for the middle-of-the-night phone calls from tenants when there’s a problem with the property.

5. Financing a foreclosure home.

Generally, financing for buying a foreclosure home is the same as in a traditional sale. The exception is if the property has severe damage and will not serve as adequate collateral for the loan. In that case, a lender may require certain repairs to be made prior to approving your loan. The problem comes in when the selling (owner) bank refuses to make those repairs, effectively creating a stand off and bringing the transaction to a halt.

If a property is in need of serious repair, a buyer could consider special rehab loan programs, like FHA’s 203(k) program.

6. Determining the fair market value of a foreclosure home.

A buyer should be looking at comparable properties in the same general area that sold recently, and then make adjustments for property condition—the same as with any transaction. Banks often look at some ‘qualitative’ factors in an offer, though: a quick settlement, taking a property in ‘as is’ condition, and cash financing are all very attractive to a selling bank and they will take that into account when considering your offer.

7. Foreclosure homes on the MLS.

Most foreclosures ARE listed in the MLS, and the mechanics of the process are very similar to a traditional sale, with the exception of the additional risks to a buyer noted above. Banks hire listing agents to put their Real Estate Owned (REOs) into the multiple listing service to maximize the exposure of the property.

The real estate outlook for 2010

I wish I had a crystal ball for this one. There has been talk for several years about the pending ‘shadow inventory’ that may flood the market in 2010 or 2011. The key to the real estate market isn’t just supply vs. demand. Because so much of the purchase price is typically borrowed, we need to look at interest rates vs. prices for a true measure of affordability. Right now, interest rates are still at historical lows which, combined with lower prices, is putting us in the middle of one of the most affordable housing periods in recent history.

The best piece of advice for a single woman purchasing a foreclosure home is to work with a team of professionals familiar with the unique risks in a transaction like this who can serve as an independent sounding board when you find yourself getting caught up in the excitement of buying a home.

Katie Wethman, CPA, MBA, Realtor is the Managing Director of the Wethman Group with Keller Williams Realty in Northern Virginia. Katie is licensed to practice real estate in Virginia, Maryland, and the District of Columbia. She issues market commentary and real estate advice at her blog at http://blog.wethmangroup.com

Related Articles on SMW

First time Home Buyer Tax Credit

The Female Face of Real Estate

How to Find A Good Real Estate Agent

This year, SingleMindedWomen.com analyzed major U.S. cities, with an emphasis on the criteria readers tell us are most important to them: employment opportunities; cost of living; access to travel; entertainment options; social opportunities; ratio of women to men; singles population; and healthy lifestyle, along with a few other lifestyle factors.

Method to Our Madness

As the country emerges from the worst recession since the Great Depression, employment weighs heavily on the minds of single women and other working-age Americans. With career focus as a given, we disqualified any city with an unemployment rate above the national average, which at the time of our analysis was 10 percent. This immediately left some fabulous cities out of the running. See you later, Chicago; adios, San Diego; hasta la vista, Los Angeles; sorry, San Francisco. Favorite Florida cities, along with Atlanta, also didn’t make the cut.

To earn a spot in the Top 10, an international airport was a requirement. Single-minded women want to be able to get there, wherever there may be, with ease.

Once we pared down our list, we examined industries and employers, and compared cost of living. We then looked at percentage of singles to the general population, as well as ratio of women to men. In addition, we explored venues for social activities, arts, sports, and other entertainment. We also looked at cities from the standpoint of healthy living, with good health taking into account body, mind, and spirit. Finally, we considered other aspects of lifestyle, such as aesthetics, personal style, and community support.

Drum Roll, Please

The original refundable credit, which was initiated in the financial stimulus package in February, 2009 was set to expire on November, 30, 2009. There has been heavy lobbying for an extension of the credit beyond this deadline. The extension for the existing $8,000 tax credit for first-time homeowners carries through until April 30, 2010, and it also includes $6,500 tax credit for existing homeowners who want to purchase a new residence. This provision has a stipulation that they need to have lived in their current home for five consecutive years within the past eight years.

There are some additional improvements such as the level of qualifying income has also been expanded, allowing individual taxpayers who make up to $125,000 and joint filers earning up to $225,000 to qualify. The earlier credit had been limited to individuals earning up to $75,000 and couples earning up to $150,000.

A smaller credit would also be available to individuals who make up to $145,000 and couples who earn up to $245,000.

Tax credits could be claimed for homes that cost up to $800,000.

The credit would be extended for an additional year for members of the armed forces who are away from home on extended duty.

So what does this mean for you? It means that housing prices are at an all time low, interest rates likewise are still at an all time low, you will earn a significant credit, you will reduce your tax bill to Uncle Sam by the amount of mortgage interest you pay every year, AND you will begin down the path toward independent wealth. So…what are you waiting for??April 30, 2010 will be the end of this tax credit so visit the website designed to provide single women the high quality network of professionals needed to make your dream a reality!

© 2009 SingleMindedWomen.com All rights reserved. Permission to reprint this article must be obtained from SingleMindedWomen.com

 Ginny Mees has been a REALTOR for the past eleven years in the San Francisco Bay area, and she is the Founder of the Independent Women Homeowner network: WomenHomeowners.com.

More Real Estate Articles on SMW:

Buying a Home? Are You Ready?

Preparing to Sell Your Home

The Female Face of Real Estate

Housing Savings

Many states base your property tax on the valuation of your home. Call your town clerk and find out if this is the case in your area. If you think the value of your home has gone down, get a fresh appraisal or at least some real estate comparable sales in your area.  Find out when you are allowed to submit for a reduction (usually only once a year) and see if you can get your property taxes down. I have a friend who is saving $5000 a year on property taxes.

• If you are a first time buyer and have a little cash at the ready, this is a great time to by a house. Mortgage interest rates are low and prices are very reasonable. Short sales and foreclosures are prevalent. While sad for the homeowners, it can gain you significant savings.

If you want to move up, even though you might have a home to tell, you’re still going to get more house for your money if you buy now. Since prices are down that means you’ll be paying less in commission and taxes. Realtors usually work on commission, so the lower the price the lower their fees.

If you are looking to renovate, many quality home renovators who are hard to come by in a building boom, are ready, willing and able to do those renovations you’ve been wanting to do forever.

You can make out like a bandit on new construction as well. They don’t like to lower the asking price too much because it affects the asking price of the other houses left to sell. However, builders are throwing in everything but the kitchen sink in ammenities to move vacation homes. This means you should negotiate hard for getting basements finished, upgraded appliances and cabinets, maybe even a pool.

Looking for an investment property, if you have the cash, now is the time to scoop some up. But remember to find out what the rents are going for in your area before signing on the dotted line. So many people get caught up in the idea of being a business owner, they forget to crunch the numbers. If it costs you too much more to own it then you get back in rent, you might want to look for a different property.

Travel Deals

• Travel is at an all time low…so now is the time to take advantage of those great rates. Many hotels and resorts in order to keep their booking high, will offer lots of freebees, perks and upgrades. Check out the resort sites directly online or call them up. Do check the travel web sites, then compare them to a quote you get over the phone. Check out www.kayak.com for great ticket prices.

• Looking to go to a foreign country, save money by swapping houses. Go to www.homexchangevacation.com is a great site for assisting you in this idea…make your home cover your vacation housing costs. More people are doing this due to the economy.

You can also get great deals on timeshares right now. Do your research and make sure it’s a reputable company. But negotiate hard and watch how many times they sweeten the offer.

Now that you are aware of some of the great advantages we have currently which were not available before, it is time to figure out how you want to take advantage of the current opportunities. It is always a good idea to make decisions relying on your team of professionals. If you are in need of someone to help you with real estate, mortgage tax questions, or financial planning, visit www.womenhomeowners.com for some good people near you.

Other Real Estate Articles:

The Savvy Home Buyer

Buying a Home: Are You Ready?

Girls! Don’t Just List Your Home, Sell It!

Remember, like anything else in life, doing your homework pays off. We women are lucky because we have something called women’s intuition, maternal instinct, etc but now is not the time to trust your gut alone! When listing your home for sale, interview at least three REALTORS. Ask people you know and trust for the name of a REALTOR referral, be sure it is someone who has been in the business at least two years. As a licensed real estate agent, I know that some agents are good when they start in the business, but the truth is we learn the marketing techniques, pitfalls, how to successfully negotiate a sale, etc, not from studying for and passing our license exam, but from hands on practical experience. I also have a network of real estate professionals throughout North America who specialize in serving the unique needs of independent women, so visit our website to find someone near you: www.WomenHomeowners.com.

In order to keep from wasting your time, I would ask the following three questions before meeting with the agents:

1. How long have you been a licensed real estate agent in our state? (It should be at a minimum of 2 years)
2. How many homes did you list and sell last year? (It should be at least five listed homes sold in the past twelve months-anything less and they are really a part time agent, and will not be able to dedicate the time or resources needed to get your home marketed and sold).
3. Where is your office located? (It should be within a 10-20 mile radius of your home-depending on your area-I personally would like to hire someone who is in my same town, but that is not always possible-and sometimes the right experienced agent is not located in your town-but for sure they should not be an “out of area” agent).

I have to say it has been my own personal experience that the most capable, organized, multi-tasking and personable agents I have met are women, but there are some great male real estate agents-I leave this up to you. If your interest is to hire a REALTOR with whom you have rapport, you should hire a woman. Dee Dee Myers put it best in her best-selling book Why Women Should Rule The World:

Women seek friendships based on intimacy and understanding, and men’s friendships tend to be based more on shared interests. ..Men’s self esteem derives more from their ability to maintain their independence from others, while women’s self esteem is maintained in part by the ability to sustain relationships.

Plan to meet with the three REALTORS on three consecutive evenings, so you have a clear, fresh start for each of them. They should take about an hour to present to you the following things:

1. An introduction: their experience, years in the business, number of properties sold, information about the company they work for.
2. Their marketing plan for your home, and the timeframe for these activities as it pertains to your property. (They should include target marketing-if not see questions below).
3. A list of references with telephone numbers or email addresses, so you can call at least three people from their lists to discuss their experiences.
4. Their commission structure. This should include the listing commission, the amount offered to a buyer’s agent and their dual agency commission (if applicable-this is if the agent represents both buyer and seller-not recommended unless it is a husband and wife team or other team-where both the buyer and seller have their own agent-email me with any questions about this).
5. A Comparative Market Analysis-a comprehensive list of like kind properties in your community that are a) on the market currently (your competition), b) pending-but not closed yet, and most importantly SOLD (including the date sold).

When scheduling the appointments, I would email the prospective listing agents the following questions and ask them to include this in their presentation:

1. What percentage of their business is  listings? (Most agents will think you want to see a higher number of listings, but I believe agents are better in touch with buyers and how to reach buyers if they work with both-I have about 67% listings and 33% buyers).
2. What is their percentage of LIST to SELL? (They should know what this means, but it is an indication of how close they are to the market: what percentage of the homes sell close to or over the list price-you want to see more than 90%).
3. Who is your target market for your home? And what activities will they commit to in order to reach those buyers?
4. How long is there listing agreement for? Do they have a cancellation guarantee? (We offer all our clients a cancellation guarantee that if at any time-prior to an offer coming in- our clients are dissatisfied with our performance, they can cancel our agreement.
5. What was their toughest selling situation? How did they resolve it?

Remember that they should be putting their best foot forward, and if they are late, or disorganized, etc it is not likely to improve during the transaction! Now it is time to make a decision. Make a “Pros and Cons” list, and yes…now is the time to trust that women’s intuition, because it is an educated intuition!

Good Luck with the Sale and remember to visit our site often for ideas and solutions to selling your home: www.WomenHomeowners.com.

Other SMW Articles on Real Estate

The Savvy Home Buyer in 2009

Buying a Home? Are you Ready?

The Female Face of Real Estate

For most sellers, a showing and/or open house feels like a real invasion of privacy: with looky-loos and nosy neighbors poking their heads into closets and opening drawers. For single women it is especially invasive, because we may feel more vulnerable living on our own. Remember many neighbors know people who are looking, and (good) word of mouth is the golden gift to a home for sale.

It begins the morning of the showing; by making up the beds, clearing all the clutter and making sure that kitchen and bathrooms are ‘spick and span’. (It is strongly advised that you have a professional stager start 3-4 weeks ahead of time to help with an objective point of view-it is proven that staged homes sell for a higher price). The longer we live in our home the more likely it is we lose our perspective on the first impression our home will make. It is important to remember, you only have one chance to make a “first impression”…so even though it seems like a lot of work to prepare the home for each showing, remember this is the buyer’s first time seeing your home. A good rule of thumb is, to prepare your home as if you are having company spend the week, and they are people you would like to make feel at home.

In order to help you we have put a TO-DO list together which you should use to make your home presentable and enticing for any prospective buyers and their Realtors.

Kitchen

A sparkling sink becomes your kitchen’s benchmark for hygiene and tidiness. Load the dishwasher immediately after you clear the dishes and keep countertops, refrigerator doors (no magnets or children’s artwork, etc) and the stove top clean. Just a tip: pre-moistened wipes are a quick and powerful tool to make the home sparkling, and they leave a nice fresh smell in the home. Cooking fish or spicy dishes prior to a showing is not recommended due to the pungent odor that is left for sometimes days after cooking. Sweeping/or mopping the floor is also a nice touch.

Bathroom

Make cleaning the basin as routine as washing your hands. If you keep a tub of cleaning wipes under the sink, and wipe it out after every use it prevents you from having to run around like a mad woman before the showing. Get the most out of your pre-moistened wipe by using it to clean around the edges of the tub and then the toilet before tossing it.

• Wipe out the sink and toilet seat and rim. Also, please keep toilet seat and cover down!

• No personal hygiene items to be left anywhere visible (I once showed a house and the single woman seller had left yeast infection cream on her counter, and the book “Why Men Love Bitches” on her nightstand-TOO MUCH information about the seller!!).

• Pour bleach and swoosh the toilet bowl with a brush.

• Wipe the mirror and faucet.

• Squeegee the shower door.

• Spray the entire shower and the curtain liner with shower mist after every use.

• Hang colorful towels and toss all dirty ones in the laundry bin.

Bedroom

Making your bed as soon as you wake up will alleviate this necessity during each showing. Also a neat bed will inspire you to deal with other messes immediately. Although smoothing sheets and plumping pillows might not seem like a high priority as you’re rushing to work, the payoff comes at the end of the day, when you slip back under the unruffled covers.

• Make the bed.

• Fold or hang clothing

• Hide jewelry and other valuables.

• Straighten out the night-table surface.

• Ensure pictures and other wall hangings are straight.

Family room, living room, hall-way

Start with the sofa because as long as it’s in disarray, your living room will never look tidy. Once you’ve fluffed the pillows and folded the throws, you’re halfway home. Pick up crumbs and dust bunnies.

• Fluff the cushions and fold throws after use.

• Wipe tabletops and spot-clean cabinets and glass windows when you see fingerprints.

• Run a vacuum over any carpet.

• Ensure important papers (and anything with social security numbers, or other confidential information) is put away.

• A great item to have on hand is the Magic Eraser (Target carries them). It’s a sponge that you wet with water and it takes off all manner of marks – fingerprints, scuffmarks, pen on walls-many a home seller was able to avoid touch up paint due to this fantastic little tool!

• Straighten coffee-table books and magazines.

• Place fresh flowers in the home on a weekly basis.

• Play music, preferably easy listening/jazz but not too loud.

• Turn on the lights just before the showing or Open House.

Because real estate industry statistics show that a well prepared and staged home will sell quicker and for more money, we recommend you or your real estate professional invest in a professional staging of your home. A team of professionals is waiting for you to assist with your upcoming sale: Visit www.WomenHomeowners.com to find your Independent Women Professionals who can provide you more tips on how to prepare your home for sale.

© 2009 SingleMindedWomen.com All rights reserved. Permission to reprint this article must be obtained from SingleMindedWomen.com

Other SMW Articles on Real Estate

The Savvy Home Buyer in 2009

Buying a Home? Are you Ready?

 The Female Face of Real Estate

Regardless, it is important to remember the real estate market is still uncertain; despite signs that it is “recovering”, the experts predict home prices will continue to decrease. This is mainly the result of the many foreclosures which have put downward pressure on home values and the modified appraiser requirements both of which are expected to continue in 2010.

If you are a single gal in the market to buy a home, keep these practical tips in mind and make sure to work with a real estate professional (buyer’s agent) who will represent your interests.

1. Make long term decisions

In this current environment, home buyers should purchase a home for a minimum of 3 to 5 years. With a record number of foreclosures expected in 2009 and 2010, the prices will probably continue to be in decline for a while. With home values increasing in double digit annual increments during the “gold rush” at the turn of this century, we should not expect huge appreciation in the near future. At best, a stabilization of values will provide the foundation for future appreciation, and a healthier, more sustainable real estate market..

If your plans for this year include buying a residence for the long-run, not a short term investment, make the move, especially if it is your first home.

2. Understand Your Local Market

Make sure you hire a local buyer’s agent to represent you in your purchase. There are often local issues that will affect your future value of your property. Do your research by seeing properties, even if they are not of interest. The number of foreclosures in a heavily depressed area, will continue to place downward pressure on neighboring home. Another great source for demographic information, crime statistics, and cost of housing index related to income is found at: http://realestate.yahoo.com/neighborhoods. You can compare information between different zip codes and make decisions on more than just your “gut instinct.”

3. Focus on the location, not just the price

In certain price ranges, buyers are definitely in the driver’s seat. Any home that puts you in striking distance of the conforming loan limits, which are currently $417,000-$729,750, depending on whether or not your county is a “high cost” county. Make sure you focus on the location to make a wise long-term investment, not to mention making sure it is a safe place for you to live. Many buyers make the mistake of looking at what the homes were selling for a few years ago, and thinking that is enough validation for the current home price. Remember the three most important things to consider in purchasing real estate: Location, Location, Location! It is better to pay a little more for a good location.

4. Don’t Rush into a foreclosed property

 Buyers here from their family and friends that they should buy a foreclosure, and while they can provide some great opportunities, there are some pitfalls:

-many times the owners leave the property in sub-standard condition; vandalized, appliances missing, broken glass, dirty interiors, and neglected yards.

 -Remember you are buying the property from a bank and they can take months due to the process. You also have no disclosures from the sellers as part of your due diligence, as the bank will not tell you anything about the history of the property.

-Many times investors are focused on buying foreclosures. This can mean multiple offers if the property is a great deal!

- Thinking of buying a foreclosed property? Do not get emotionally attached to the property when you make your offer. The chances that you eventually will be the new owner of this property can be slim, and you will remain more clear-headed if you keep the transaction in perspective.

All in all, the expectation is that home values will stabilize in the foreseeable future. But prudent women will seek out opportunities to buy properties in areas with appreciation factors due to something other than “market appreciation”. For example is there a major employer moving into the area? Are there factors driving people to a particular neighborhood? This is the kind of knowledge that experienced investors rely on to make wise investments. Make sure your buying decision involves a professional who knows your community. There are female professionals waiting to serve your real estate needs at www.womenhomeowners.com.

Ginny Mees has been a REALTOR for the past eleven years in the San Francisco Bay area, and she is the Founder of the Independent Women Homeowner network: WomenHomeowners.com.

Other SMW Real Estate Articles

The Female Face of Real Estate

Buying a Home? Are You Ready?

Curb Appeal: Quick Fixes Before Selling Your Home

CREDIT: Let’s start with your credit score: there are numerous online sites which will provide you with your FICO (Fair Isaac & Company) credit score, or you can call any of these agencies to obtain a copy of your credit report:

Equifax: (800) 685-1111

TransUnion: (800) 916-8800

Experian: (800) 682-7654

This statistical data of your payment history and debt load will be utilized to underwrite (determine your risk factors for) your mortgage, and the higher the score the lower your interest rate! Like any type of report, there can be errors, so better to have it corrected prior to applying for a mortgage. In most cases the best interest rates are available to people with a FICO score of 650 or more. If yours is lower than this, it is often recommended you take some time to pay off your credit cards, make all your payments on time, and do not apply for any new loans (or co-sign anything). For your information, some loans are better being paid off after the purchase of your home, so you should discuss this with your mortgage broker.

MORTGAGE SHOPPING: During the past two years, the lending institutions have gone through traumatic upheaval, having a significant impact on the way the industry approaches lending. It has never been more important than it is now to interview 3-4 mortgage providers. These fall into two categories: the direct lender (or bank), and mortgage brokers (those who have access to numerous lenders). I am personally partial to the latter, as mortgage brokers will know the best option for you. Although banks sometimes have great offerings, the professional there is limited to the bank’s loan programs. I also believe a good mortgage broker will provide an education to their clients, as they see this relationship as long term. All mortgage brokers and lenders are required by law to provide you a Good Faith Estimate within three days.

This worksheet can help you evaluate your mortgage options, by comparing apples with apples:

In the 1950’s and 1960’s, women were often discriminated against when trying to obtain a mortgage, but now there are stringent protections in place for discrimination:

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.

Obtained from www.usa.gov, the official site of the US Federal Government.

DOWN PAYMENT: In most conventional (non-government) loans the best possible rates and terms will be available with a 20% down payment. This will also allow you to avoid paying PMI (private mortgage insurance) which is required on any loans with less than a 20% down payment. You will also have closing costs, although a good real estate agent can negotiate a credit from the seller to cover the cost of your closing costs.

A couple of other financial tips:

• By paying one extra mortgage payment a year, you will reduce your 30 year mortgage to 21 years!

• Don’t forget about the $8000 credit for first time buyers who purchase before December 1, 2009.

• Ask your mortgage professional about the benefits of “buying down your interest rate” and how this can help you.

• Ask your mortgage brokers about FHA loans, and if you qualify (if so, you can get great rates with as little as a 3.5% down payment)

• Talk to your CPA to establish your increase in take home pay due to the mortgage interest not being deductible.

• Ask for first time buyers’ discounts from the Title company, the mortgage broker, etc.

• Ask people for recommendations of good mortgage brokers, or visit http://www.womenhomeowners.com and search by area to find a team of professionals for you!

• Don’t be intimidated when interviewing mortgage brokers or real estate agents …remember you are interviewing them, and you want a team of professionals looking after your best interest!

• This link provides the August, 2009 Real Estate Update for Buyers: http://tinyurl.com/poxhhg

For more information on your rights regarding lending please visit: http://www.consumer.gov.

Ginny Mees has been a REALTOR for the past eleven years in the San Francisco Bay area, and she is the Founder of the Independent Women Homeowner network: WomenHomeowners.com.

Other SMW Articles on Real Estate:

Why First Time Home Buyers Should Purchase Now

The Female Face of Real Estate

Curb Appeal: Quick Fixes Before Selling Your Home

In the 1950s and 1960s, single professional women had a hard time even getting a mortgage, says Richard Gaylord, first vice president of the National Association of Realtors. His mentor in the business — a woman — had to fight to get mortgages for her clients. And while it seems unthinkable now, he remembers her telling him that even with an independent, high-dollar income, banks worried, “what if she becomes pregnant and can’t work?” he says.

That is no longer the case. Single women are now driving the real estate market. As a matter of fact during the past ten years, single women have represented a whopping 30% of the growth in homeownership! Since 1999, the number of single women buying homes has doubled, and the number of single men buying homes is half of what it once was.

1999: Twenty-seven percent of all U.S. home buyers were single.

2000: Twice as many single women as men purchased homes. Single women purchased 10% of all ‘second’ homes or vacation homes.

2001: Single women accounted for 15% of all home buyers; single men accounted for 7%.

2002: Single women bought one in every seven properties and accounted for 17% of mortgages lent.

2003: Single women accounted for 21% of all homes purchased and three-quarters of them did not have children.

2010: Women-owned households are expected to be 31 million, which makes up more than one-quarter of all home buyers in the U.S.

Source: National Association of Realtors® profile of home buyers

What are the drivers behind this? The Joint Center of Housing Studies at Harvard University reports the following reasons for the trend:

• Women’s incomes have increased.

• A growing desire for financial independence.

• More women are graduating from college.

• Women are living longer than men.

• Women are marrying at a later age, if at all.

• Mortgages over the past ten years have been available to single women.

In addition, all women have a biological, maternal instinct to “nest”. She enjoys having a sanctuary to return home to, her own space to make hers and owning her own space allows for this creativity.

The single female buying trends are specific according to the Joint Center for Housing:

• She wants to spend (on average) less than $200,000.

• She prefers more than 2 bedrooms.

• She prefers to live in the city rather than the suburbs, in close proximity to shops & dining.

• Security is of paramount concern.

• She will absolutely not compromise on location or quality of neighborhood.

“There is a ripple effect,” says Rachel Drew, research analyst with the Joint Center for Housing Studies at Harvard University. “As more women are buying homes on their own, their friends are seeing that happen and saying, ‘Maybe I could buy a home.’”

There are terrific opportunities in the market now, as stated in Martin Brown’s “Why First Home Buyers Should Purchase Now”, so where to begin? A relatively new resource is http://womenhomeowners.com a site dedicated to helping the independent woman connect with a team of local professionals in her community.

Join the ranks of single women homeowners, and gain the financial and emotional benefits of owning your own space.

Ginny Mees has been a REALTOR for the past eleven years in the San Francisco Bay area, and she is the Founder of the Independent Women Homeowner network: WomenHomeowners.com.

Other SMW Articles on Real Estate:

The Grass May Be Greener a Thousand Miles Away

Quick Fixes Before Selling Your Home

Why First Time Home Buyers Should Purchase Now