Not surprisingly, women are statistically more likely to end up with a subprime product than men. This is due to the fact that many women are single parents and head of household. They still make significantly less than men do, and typically shoulder the lion's share of the burden of raising the children alone, both economically and emotionally. This of course, makes them more of a lending risk.
However, in the big picture, if a subprime loan is all a woman can secure due to her economic factors, that I believe she is still better off purchasing her own home than continuing to rent. It is more expensive, but still worth the investment in the aggregate. This should be done only with good counsel from her REALTOR and Mortgage Professional such that she doesn't get in over her head. The best strategy in my opinion is to buy a home that is a solid investment with a strong likelihood of appreciation. Even if this ends up to be a tiny cottage, most of the time it's still a better option than continuing to rent.
I heard just recently that the majority of American woman are now single. I guess some folks are figuring out what many of us have known for a long time - Independence, both financial and time wise, is a lovely joy. Not that marriage isn't, mind you. I did that for 20 years. I just happen to like Independence better. Much better.And apparently I am not alone. Many women over 40 are relishing the "me" years. Not so much because they have become selfish (can a mom really ever do that?) but because they feel as though they are closer to accomplishing what they think is important in life. The kids are grown and there are no ties to bind. For me, it is a blissful world where I feel totally in control of every interesting and wonderful decision I make.And speaking of decisions, did you know that American women make 83% of consumer decisions? I read this recently in a REALTOR Magazine Article. This article points out the 10 top items women want in a home:1. De-stressing areas. Women want options in the master bath.
2. Rear foyers are important. Don’t call it a mudroom and do include lots of storage.
3. Don’t forget that people gather in the kitchen, and size matters.
4. Consider unique needs of blended families who don’t want to share bathrooms.
5. Busy women demand closet organization systems.
6. Women crave kitchen storage. They are cooking less, not eating less.
7. Natural light makes her happy: in the master suite, over the bath tub, and in the shower.
8. Outdoor maintenance is a burden to women, so use things like maintenance-free decking.
9. Women like change, so incorporate flexibility into designs.
10. Home-based businesses are female dream jobs, so include home offices where it can happen.
I can't say that I disagree! I see this in my clients and in myself. Home builders and REALTORS - take note!
Jennifer Bunker, CRS, GRI
Utah Real Estate Broker
Not surprisingly, women are statistically more likely to end up with a subprime product than men. This is due to the fact that many women are single parents and head of household. They still make significantly less than men do, and typically shoulder the lion's share of the burden of raising the children alone, both economically and emotionally. This of course, makes them more of a lending risk.
