Single homeowners are a part of the market many real estate professionals in fargo overlook. Just a fact of life, the industry seems to market to the families and fail to see this lucrative niche.
Modern Market came out with a great study of the buying habits of singles who are buying homes and found some significant nuggets.
• 68 percent of single homeowners purchased a home that was below their price range, rather than the most expensive home they could afford.
• Of the 13 percent of single homeowners who own their home jointly with another person, almost half (49 percent) made the purchase with their parents.
• Fifty-five percent have less than a 30-minute commute to their office or work from home, and 40 percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. In fact, an additional 12 percent live with at least one family member.
• Singles don’t shy away from foreclosures — especially single men. Thirty-eight percent would currently consider purchasing a foreclosed / short sale home, compared to 29 percent of single women.
The numbers that jump out of me is the location and pricing of the buying decisions. If I was an agent looking to grow my business I would target a couple of the larger employers in the area and then market to the new single employees.
Jim Christl
Modern Market Realtors
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