Friday, December 7, 2007

What women want...

Recently, during several of the condo conversion projects we have been representing, I have taken note that most of the purchasers happen to be women. Why, you ask? Well, after going through an about.com article this morning, there is much more logic behind the mentality of the female mind (not that I cant disagree). Surprisingly, Elizabeth Weintraub, the home purchasing and selling expert for About.com, has been able to eloquently summarize where our local market is and what to focus on if you are considering selling your home to target the majority of the market (THIS MEANS YOU DEVELOPERS).

Based on the stats on the site,
* More than one in five home buyers is a single woman.
* Twice as many unmarried women are buying homes than single men.
* Single women make up more than one-third of the growth in real estate ownership since 1994.

Trends for Single Women Home Buyers

* 3 out of 4 women spend less than $200,000.
* Prefer 2 bedrooms or more.
* Less likely to choose new construction.
* Buy in city over suburban areas.
* Will compromise size & cost to get other amenities.
* Will not compromise on location or quality of neighborhood.
* Prefer condominiums with well run homeowner associations over single family homes.
* Smaller spaces are acceptable.
* Desire security and / or gated access.
* Like to engage in social interaction with neighbors.
* Want close proximity to stores, shopping and fitness centers

Want more?

According to the 2006 Census, Washington, DC has the higest female to male population in the entire country, ranked 51 out of 51. The current ratio is 88 males to every 100 females. Take these statistics into account, target the sale of your home, condo or development towards the tastes of females (I have yet to meet a woman who dislikes a jacuzzi tub) and chances are you home will sell faster.

No comments: