Cristina Piccirillo on Single Ladies Buying Homes

It’s becoming increasingly apparent that a greater number of women are now taking the reigns when it comes to home purchases. There’s a growing trend among single women — and, more precisely, professional single women — who are becoming independent homeowners. While many of them may be putting off marriage, they’re not waiting around for Mr. Right before taking the plunge into home ownership. It’s believed that close to 20% of homebuyers in North America are single women, based on a 2011 report released by the American National Association of Realtors. Harvard University’s Joint Center for Housing Studies has also released a report that confirms single women are buying in record numbers.

There’s no equivalent data for Canada, but an abundance of anecdotal information has led to the creation of shows like HGTV’s Buy Herself, which follows single women making their first real estate purchases. Women are looking for ways to become financially independent, and investing in real estate and building equity for themselves are ways to invest in their future and their financial security.Women are taking advantage of historically low interest rates and recognizing home ownership is often more affordable than renting.

Seeking Expert Advice
One of the amazing things about women looking to invest in real estate is that they’re getting more advice before they make the decision to enter the market. They’re seeking out mortgage experts and real estate agents, and they’re building a plan for the perfect entry into the market. They’re making lists of areas where they would like to purchase and itemizing amenities they would need in their ideal neighbourhoods. They’re also making sure they have all the facts around closing costs and fees associated with making the purchase and securing a mortgage.
Buying a home is likely one of the largest purchases you’ll ever make in your lifetime, and it can feel overwhelming. That’s why working with a professional mortgage agent, real estate agent, home inspector and so on is essential. You’ll be working with these professionals closely — possibly for months — so interactions should feel comfortable, and they should be knowledgeable and responsive even to the smallest question.
The more prepared you are, the smoother the experience will be, so do a little research on your own to get a good idea of what types of properties are available in those areas that are of interest to you. Make a list of questions to ask your mortgage agent or realtor — and keep it on hand so you can add to it as more questions arise.
Interest rates are the lowest they’ve been in history, and they have nowhere to go but up. Industry professionals believe that as rates do begin to rise, they’ll continue to do so for some time. There has never been a better opportunity for women to invest in the real estate market and find the perfect place to call home.

Visit Cristina Piccirillo at
Dominion Lending Centre’s new location:
281 Woodbridge Ave., Unit 28, Woodbridge, Ont. 905.605.LEND / cpiccirillo@dominionlending.ca

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