Women are ‘driving force’ in home buying

This year, the National Women’s History Project, a nonprofit organization that recognizes and celebrates the diverse and historic accomplishments of women, focused around a theme that seemed uncannily apropos — “Women: Builders of Communities and Dreams.” In fact, 47 percent of privately held U.S. firms are owned by women, with the greatest growth occurring in construction. And since 1997, women-owned businesses in the building industry have grown by 30 percent.

According to a 2004 Harvard Joint Center for Housing Studies report, “women play a larger role in housing markets today than ever before.” The stereotypical male-dominated industry image is changing, with women working in all areas of housing including building, developing, remodeling, sales and marketing, financial services and others. With women’s leadership and perspective increasing in so many aspects of housing, and their overwhelming purchasing power — women purchasers of consumer products represent at least 80 percent of all buyers, according to one study — women homeowners are being courted in new and innovative ways.

“Women are the driving force behind home buying, both historically and today,” said Roberta Colmer, vice president of Colmer Construction in Calabasas, Calif. “The more astute builders have been recognizing women’s influence on home purchasing for years. We are the nesters and our homes are the center of our family life, even if we work full time outside the home. Builders are realizing that and focusing more and more on women’s interests in the home.”

Colmer Construction is a family business, run by Roberta and her husband Wayne, and Roberta said she has been reviewing plans from day one. “Women have a different perspective. The first things guys look at in a house is where the big-screen TV is going or where the work room is. Women want security, lots of storage and proximity to great schools.”

Colmer said built-in security systems are in huge demand by women homeowners. She’s seen a recent increase in pre-retiree homeowners, women in their early to late 50s whose husbands have five to eight years of work left. Typically, the women work at home, work part time or have already retired and are living in their second home, the home they plan to one day retire in. Their partner continues to commute and lives at the home two to four days a week. It’s an interesting trend and one that contributes to the increase in security system demand.

Another interest of women homeowners is better lighting in the master bath. Skylights, extra vanity lighting and overhead lighting help women apply makeup in more natural, well-lit environments. Other desired features include designer kitchens, bright colors, high quality finishes and more counter space.

One growing population of women that is having enormous impact on home buying is single women. According to the National Association of REALTORS®, single women — a group that includes divorcees, single moms, widows and never-married women — have become the second largest segment of home buyers in the country, exceeded only by married couples. Colmer said that in a recent development of 30 homes that her company built, half of the homes purchased were by single women, the other half by couples. No single men purchased homes. According to Fannie Mae, by 2010 some 31 million single women will own homes, an astounding 28 percent of all U.S. households.

Single women tend to prefer smaller homes than married couples and enjoy the amenities available in urban locations. They value quality, and are very conscientious of design trends. There are differences in the single women market, of course. Older women prefer upscale, expensive appliances. They generally have money to spend and want top-of-the-line materials. Women in their 30s and 40s view housing more as an investment and typically look for homes that have great resale value. Single moms look for space for their money, with lots of storage and family areas. In any market segment, women are continuing to drive home trends and purchasing in new directions.

If you plan to purchase or construct a new home, we encourage you to contact the Spokane Home Builders Association (SHBA) at (509) 532-4990. We have proudly served the housing needs of our region for over 60 years, and the 1,000-plus professional businesses that are members of SHBA are poised to assist you with whatever project you have in mind.