75% of single homeowners say homeownership was important to them; Nearly half (45%) say it was ‘very important’ for them to become a homeowner
MADISON, N.J. (August 20, 2014) – CENTURY 21 Real Estate, the iconic brand and franchisor of the world’s largest residential real estate sales organization, today announced the results of the CENTURY 21® commissioned “Singles Homebuyer Survey.” Among the key findings was that for three-quarters (75%) of single homeowners aged 25-50, becoming a homeowner was at least fairly important with almost half (45%) of single homeowners saying it was “very important” for them to become a homeowner. Single homeowners said the top three factors that best described their motivation for purchasing a home were: they viewed it as an investment in their financial future; got tired of paying rent; and it felt like the right time. In addition, nearly two-thirds of single homeowners (64%) say they overcame a roadblock in order to purchase their home.Â
“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 homeownership is a major life decision for singles, and that it is just as important a part of the American Dream for singles as it is for married couples.”
“Real change, innovation and market growth stems from understanding consumers’ drive, motivation and sentiment, and how these can shift from person to person,” added Davidson. “Knowing this, CENTURY 21 affiliated sales professionals are able to build customizable action plans that better meet the needs of today’s buyers, sellers and investors.”
According to the CENTURY 21 survey, singles are finding ways to achieve homeownership, including making certain lifestyle sacrifices. Three in five (60%) of single homeowners say they would dine out less to purchase a home, while over half (would cut back on entertainment (54%) and spend less on vacations (51%). There are also gender differences, as single female homeowners are more likely than single male homeowners to say they would cut down on clothes (48 percent vs. 36 percent). Interestingly, one out of four (24%) single buyers indicated they wouldn’t make any lifestyle sacrifices to achieve homeownership, compared to one out of five married buyers (19%) who felt the same way.
Among the most important homebuying considerations for single homeowners were space and square meters (59%), the garden (57%) and proximity to work or school (47%).
Another theme that CENTURY 21 discovered in the survey is that many single homeowners found certain aspects of the homebuying process to be intimidating. Among the homebuying steps that singles say are very intimidating or extremely intimidating are: making an offer and negotiating a price (38%), obtaining a bond (36%), moving (31%), the closing (30%) and searching for and locating a home (25%).
Single homeowners aged 25-35 were also more likely than those aged 36-50 to say an important consideration when looking for a home was good cell service (28% vs. 11%) .
“With Century21.com and www.Century21global.com attracting more unique visitors than any other real estate franchise brand website, and cross-platform mobile apps, CENTURY 21 sales associates are positioned to meet the needs of these online and mobile consumers,” explained Davidson. “Simplicity and mobility are the keys, and we make the process of searching for a home clear, simple and convenient.”
The South African property market mirrors the USA and European markets albeit that it lags behind for between 6 to 18 months.
