My discussion of who's buying what, where, when and why would be incomplete if a review of the housing market didn't touch on single people. Many marriage unencumbered folks also yearn to breathe the air from within the confines of their own home.
As interest rates continue to remain low and the supply of available housing is in short supply, however, single buyers are facing stiff competition from dual-income households.
Single buyers were a smaller portion of the housing market in 2001, with single women purchasing 15 percent of homes and single men purchasing 7 percent -- down from a total of 27 percent market share in 1999.
According to surveys compiled by the National Association of Realtors (NAR), the decrease was a byproduct of last year's mild recession. The studies concluded that first time homebuyers constituted 42 percent of all home purchases, with 50/50 split between single men and women.
As with others, the biggest factors for the unattached homebuyer is location price and proximity to work, school, family and friends. Many single buyers are concerned about the economy, and with the housing supply running thin as prices continue to soar it's a challenge to all homebuyers.
To a single first-time homebuyer, the market place will always present challenges. The obstacles to purchasing a home can seem to be formidable, perhaps overwhelming, at first. But if you organize and plan your course ahead of time, you'll increase your odds for success.
To begin with, you'll want to decide what you want, how many rooms, how many bedrooms and what neighborhoods you prefer. In other words, do your homework.
Give some thought to condominiums and townhouses. There's a good possibility other singles will be close by, and you might have access to a variety of community services like a pool and workout room.
Condos often are more affordable since there's less upkeep. But remember that you won't have as much privacy outdoors and probably a small back yard, if any. You'll also need to figure in your budget the cost of the homeowner association fees.
Compare mortgages. Spend some time learning what's the most advantageous plan that agrees with your financial situation.
Get pre-qualified for a mortgage. This should be the first item on the agenda before you start looking for a home. Find out first what your price range is before you go and look at that cute little house at the end of the cul-de-sac so that you're not disappointed when you find that that, while it's cute, it's too little and too expensive. Keep in mind that pre-qualification will greatly add to the strength of your offer to buy.
Stay in close contact with your agent. In a market where inventory is low, be sure you've clearly identified and communicated what you're looking for so your agent can quickly notify you when properties come on the market.
Remember your first car. There's a good chance the car you have today has more panache than the tassel-holding boom-box-on-wheels you drove in high school. It served its purpose, and when your needs changed and you could afford more you traded up.
So it is when purchasing a home, especially if you're a first-time buyer. Perfect homes are wonderful exercises for those interested in futility as opposed to finding a home. You're better off defining what you need by setting priorities and determining what you're willing to sacrifice, especially in a tight market.
Finally, once you've decided to buy and have found the home that moves you, make your move quickly before someone else does, leaving you to regret not having acted sooner/quicker/faster.
This Week's Tip
You might not know that landscaping in general can be one of your best property-related investments. Those $20 seedlings mature into trees and plants worth hundreds of dollars. Some studies indicate landscaping might return as much as 120 percent of your investment.
One way to improve on that outdoor investment at the same time you reduce the care and maintenance it requires is to cut down on the size of your lawn. By widening your landscaping border, for instance, you could cut lawn care time and expense.
STEVEN J. LOWENSTEIN, a native of Cincinnati, is a Realtor with Coletta & Associates Realtors. He's a graduate of the University of Cincinnati and holds a Master's degree from North Texas State University.
