Happy International Women’s Day Canada!
I was inspired to write this post because of two things. One, a recent article I read by The Washington Post with the headline “Single women account for more real estate purchases than single men”, and secondly because two of my Buyers this year (so far) are single women and I’m currently working on closing a deal with another female client.
It was not that long ago when men were considered the “breadwinner” and made all the household decisions especially when it came to finances and real estate. Please don’t think this article is about man-bashing, absolutely not! This is about how times are changing and I want more women to feel confident they could step out on their own and become property owners.
Single Women Account For More Real Estate Purchases Than Single Men
According to the National Association of Realtors, for 2018 the statistic showed that 18% of homes purchased were by single women and only 8% by single men.
One of my female clients who purchased this year was Brenda, a single mom, and first home buyer. I remember meeting her and thinking, “With her determination and love for her son, I want to be a part of her real estate journey”.
I recently met up with Brenda (who has now become more than a client but a great friend) and wanted her to share her thoughts and feelings about purchasing her first home. My goal is to encourage women to take the leap of faith and remember you’re not alone in this process. Here is what Brenda had to say:
Interview with single mom and first-time buyer
What made you make the decision to buy?
I didn’t have any intention of buying. However, when I was asked to leave my very affordable apartment, I knew it was going to be difficult to find something reasonably priced. I did look at basement apartments, but the prices were quite high for what one would get. Since I had been saving my money, I decided to investigate buying instead of renting.
How did you feel before the purchase?
There was a moment when I felt like throwing in the towel, that I would never find a home. Then I remembered I had to find shelter for my son and so I called you back and said, let’s get back on the road. After we did find my home which, funny enough, was the first house we actually looked at together, I felt like I was on the right track. The purchase was within my budget and I didn’t feel like I needed to stretch myself financially. I was elated and felt like I was doing something for myself and my son… stability and security.
How did you feel after the purchase?
I tried to remain as calm as I could throughout the process. When I was walking to the lawyers to pick up my key, I was walking on air for sure!
What would you tell single women considering buying property on their own?
My advice would be… Go ahead and take the leap! No one can really tell you what is right or wrong, but somehow we all know in our hearts. I would strongly suggest crunching the numbers over and over again. Do not purchase above your means. Ideally, you still want to have some money left over each month to treat yourself to a plant, a wall hanging, or gardening equipment.
Take the leap and jump into real estate
Brenda’s store is relatable to so many women out there and this is why I wanted to share her advice. Thank you, Brenda!
Remember… Get advice from the experts about your finances, you are not alone and you do need to take that leap of faith.
I would love to hear your comments and experiences.