Singles Take Up 32 Percent of the Market

Real Estate studies are finding that more and more singles are buying in today’s market. Single women take up 20% of the market and single men take up 12% of the market. More single women buy homes on their own because they look at a house as more than just a place to live, but as a home. Now is the time for singles to buy and make that first big purchase. Interest rates are at an all-time low, experts expect it to stay that way for a while. Some things singles should keep in the back of their minds while they are shopping for a home is price, location, and what is in their future.

When buying a home, the buyer needs to take in to consideration the price of the home, don’t let your eyes trick you into buying a home bigger than your budget. A buyer should not buy a home if the monthly payments will be more than 28% of their gross income before taxes are taken out. Also, when a buyer is approved for a loan, don’t buy a house for the maximum amount you are approved for, you never know if unexpected bills might come up, your car breaks down and needs a new alternator or the washing machine goes out and needs to be fixed. Always take into consideration the unexpected, if you do, you will be more prepared for those random expenses and still be able to make your house payments on time.

Location can be considered the deal breaker for some single buyers. When buying your first home by yourself, it is important to buy a home in a neighborhood that makes you feel safe. You want to be able to come home at night and feel safe when you walk in the door. Your home is the place you should feel the safest. Before buying a home, drive around the neighborhood at different times of the day, doing so will allow you to get a better feel of what the neighborhood is really like. Some places are open and inviting during the day, but at night they can give you the creeps and make you feel unsafe. It is a good idea to also take into consideration how far away your work is and your favorite places to hang out. If you are in to the night life it would be a good idea to live in an area close to the clubs and night scene, or if you prefer the country, the suburbs might be a better fit for you.

A home is a big commitment. When you buy a home you can’t just live in the moment and think of what would be the coolest house to buy. Before buying a home, take a step back and think, “Where do I plan to be in 5, 10, 15 years?” If you plan to be a bachelor/bachelorette for the next 5-10 years, buy the crazy funky condo that will be the party spot of all your friends. When you close your eyes, does the picture of a kid running in the yard with the dog chasing them appear before you? If that is the image you see for yourself, go with a home that can easily be transferred from young single life to a young family of three.
For more information about buying your first home, homes for sale in Pensacola, FL, or the Pensacola MLS give our agents a call (850) 995-3222. We would be honored to assist you with all your real estate needs. From everyone at Grand Realty, thanks for your business “You’re Almost Home.”