Nearly one-third of all real estate purchases in 2013 were made by single homebuyers, according to data from the National Association of Realtors.
The top three reasons single homeowners say they decided to buy: They viewed home ownership as an investment in their financial future; they were tired of paying rent, and they thought it was the right time to purchase a home
“We are in the midst of a shift in the home-buying population,” said Rick Davidson, president and chief executive officer of Century 21 Real Estate LLC. “This survey shows that home ownership is a major life decision for singles and that it is just as important for them as it is for married couples.”
But single homebuyers say it wasn’t easy to achieve home ownership because many were intimidated by the home-buying process, and they had to make several sacrifices in order to buy a home.
Nearly two-thirds of single homeowners say they overcame a roadblock to buy their home. The most intimidating parts of the home-buying process, they say, included making an offer and negotiating a price (38 percent); obtaining a mortgage (36 percent); moving (31 percent); closing (30 percent); and searching for and locating a home (25 percent).
Singles also say they had to make several lifestyle sacrifices: 60 percent say they had to dine out less to purchase a home, and half say they had to cut back on entertainment. Fifty-one percent say they had to spend less on vacations.