Last year, single women bought homes twice as often as single men. It's exciting, but there can be pitfalls that could prevent a sale from going through.
Sherri Rodgers wasn't sold on going solo when it came to looking for a new home.
"I would say it was kind of scary, yet fun time for me," Rodgers said. Realtor Patti Gabrielse says a lot more single women are buying their own homes. She calls it a mindset shift of the American woman. "Women have become much more independent thinking nowadays."
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However, in some cases not everyone is ready for this. "If you are on your own and you don't have the guide and council of the experts, you really can get very taken advantage of," Gabrielse explained.
Some of the pitfalls that may crop up for first time buyers are contract legalities, qualifying for a loan on just one income, lack of cash, time sensitive items, negotiations, and mechanics of the home. "They're emotional buyers so it's more about how [they] feel in a home than the quality of the home," Gabrielse said.
Buyers should have another set of eyes with them while looking for a new home.
"If you're just going into this on your own and don't know what to be looking for, you can miss a lot of things."
However, with the pitfalls comes perks. "I have become very independent and don't really want to ask somebody whether or not this is okay," Rodgers said. "I like making up my own mind and being the only one that counts right now."
Gabrielse says most single women look for maintenance-free homes. She says Generation-Y is the highest educated and are good money managers, so they are typically a good risk for lenders.