Maximizing Opportunity in a
Challenging Housing Market
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Women are fast becoming a force to be reckoned with in the housing market. Approximately one in five, or 22%, of homes were purchased by single women in 2006, up from 15% in 2001, according to the National Association of Realtors. And, according to a study conducted by the Joint Center for Housing Studies at Harvard University, even among married couples, more women are identifying themselves as the homeowner.
Women see renting as “a waste of their hard earned money,” says Pamela Popat, a realtor with Re/Max Properties Unlimited in Morristown, NJ. “Home ownership is equated with independence, security, and equality.”
While recognizing the value of home ownership, many women feel intimidated by the process of selecting a home and obtaining a mortgage. Fortunately, this is changing as realtors and loan officers become aware that women represent an important segment of their customer base. In some cases, they have created programs specifically tailored to the needs of women buyers.
One such program is the SWAT team created by Jeanie Douthitt, a realtor with Coldwell Banker Apex based in Plano, Texas. Douthitt was inspired by a friend of hers, a single woman who “went on her mission to buy a house and it was a horrible experience from the get-go. ‘You’ve got to help single women’,” her friend implored her.
The SWAT team, an acronym standing for Single Women as a Team, consists of Douthitt, a loan officer, and an escrow officer. All three are single women who smooth the way for female clients through the entire home buying process.
The program has been a smashing success. Douthitt says that it has increased her business by about 22 percent. She encouraged her parent company, Coldwell Banker, to begin a program nationwide to attract and inform women buyers.
 The company has responded by creating a marketing program to target single women featuring a brochure, “Wise Women: Buying a Home of Your Own” that Coldwell Banker offices can dispense to their clients. The guide takes women step-by-step through the process of buying a home, from information about types of mortgages and the pre-approval process to closing costs and the final walk-through.
Without a partner’s income, it may be hard for single women to get approved for a mortgage. But with the increased availability of financing options, the real estate market is more attractive and accessible to single-income women than ever before. “Today, if a buyer has a credit rating of 650 plus and can put 5% or more down, there is a product for them,” says Pat Hoferkamp, President and CEO of New Jersey based Burgdorff ERA. Popat concurs. “The bottom line is that anyone with good credit can obtain financing with a variety of terms and conditions from which to choose.”
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And the turbulent market of the last several months is very much to the buyers’ advantage. With a large inventory available, they are able to pick and choose. For sellers, the market is less advantageous, making it vitally important to price homes realistically. Drawing on her 29 years in the business, Hoferkamp describes the current market as “normal and stable. Prices and mortgages are in alignment now,” she asserts. “The market always seeks a balance, and takes care of itself over time.”
Many women look to real estate as a career opportunity. While real estate offers flexibility and the chance to take charge of your own destiny, there is also a lot of hard work, long hours and no paid benefits. For Hoferkamp, the benefits far outweigh the negatives. “There is no glass ceiling in real estate for women,” she says. “It is a wonderful career, very fulfilling. We don’t sell homes, we sell the American dream.”SPW
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