According to data from the National Association of REALTORSÂ®, individual homebuyers accounted for a quarter of all homes purchases in 2012. When comparing single men and single women buyers, single women doubled the rate of single men purchasing a home.
However, single homebuyers may face more challenges when buying a home compared to their coupled counterparts. Since the mortgage crisis, banks tightened their underwriting standards, making it more difficult for buyers without dual incomes to qualify for a loan.
From 2010 to 2012, home purchases made by singles declined 7 percent, which was an unprecedented number according to NAR. Ultra-low mortgage rates and high home affordability have drawn more singles back to home buying.
Jennifer De Vivo, a real estate professional in Orlando, Fla., stated that home buying is often a means of self-expression for singles, telling MSN Real Estate. "It's a way for singles to express their lifestyles and values,â€ De Vivo says. â€œThey are able to focus on the exact communities, home styles, and features that cater to their individuality with much less compromise."
To learn why now is a good time to purchase a home, please visit: http://www.californiarealestatedirect.com/Why-Buying-a-Home-is-a-Good-Idea
For more on single homebuyers, please go to: http://www.thedickinsonpress.com/event/article/id/67967/