Historically, men were perceived as the primary decision-makers and movers and shakers in real estate transactions, however, in recent years there has been a notable shift, with women emerging as key influencers and purchasers in the housing market.
It used to be that women couldn’t even purchase property without their husband or father’s co-signature, but a lot has changed in recent years with women now very active in all aspects of property purchasing and investment and sellers and it would be extremely counterintuitive for property professionals and sellers to ignore this factor.
According to Lightstone data, women now own almost 60% of South Africa’s residential housing stock, either on their own or with partners, and women first-time buyers now also outnumber their male counterparts, with most of them being single or divorced.
This highlights the value that women are now placing on their financial independence and security which is imperative as South African women now live five and a half years longer than men and, with almost half of all marriages ending in divorce, women need to take charge of their financial futures.
Furthermore, this welcome shift reflects broader trends in economic empowerment and changing societal norms where we are seeing women not only as home buyers but as investors, leveraging real estate as a means to build wealth and secure financial independence. They are increasingly participating in property development, rental property investments, and house flipping.
Factors that have contributed to this shift
Women’s increasing financial independence, higher educational attainment, career advancements and societal shifts towards gender equality have bolstered their confidence and empowered them to make significant financial decisions about the key issues in their lives, with a crucial one being property ownership.
It’s not only as single buyers and investors that women have come to the fore; when couples buy a home together, women are no longer merely participants, they are often the primary decision-makers. When one considers that buying a house is more about purchasing an opportunity to create a lifestyle and a home in which to raise a family than merely deciding on bricks and mortar, it makes sense that women play a key role in deciding on property purchases and influencing how a home is presented and marketed for sale.
Women may no longer conform to the traditional role of the homemaker, but they still play a crucial role in the home. As nurturers, they often see a property as a home rather than just an investment. Understanding the preferences of women in the home-buying process is crucial for sellers looking to appeal to this influential group. Men and women typically prioritize different factors when viewing a home.
Men tend to focus on aspects like the garden, garage, structural integrity, and potential issues like mold and plumbing. On the other hand, women tend to prioritize a modern kitchen with a practical layout, good-sized bedrooms, ample cupboard space, a well-equipped laundry, and the potential lifestyle they could create for their family in the home.
Given the significant role women play in home buying, sellers and agents need to adopt strategies that resonate with their priorities:
Enhance Safety Features
Highlighting safety features such as secure locks, alarm systems, and well-lit exteriors can add appeal as well providing information about the safety of the neighbourhood, including crime rates and community policing efforts.
Promote Community Amenities
Sellers should emphasise the proximity of desirable amenities such as schools, parks, healthcare facilities, and shopping centres, and providing information about community events and organisations will also help to create a positive impression.
Focus on Functional and Aesthetic Upgrades
Investing in home improvements that enhance functionality and aesthetic appeal can make a property more attractive to women buyers. Modernising kitchens and bathrooms, improving storage solutions, and ensuring the home is in good repair are likely to be the most effective strategies.
Staging for Success
When it comes to presentation, decluttering is key as it allows buyers to imagine their items in the space. Staging is important for highlighting a home’s best features, creating a warm and inviting atmosphere, and demonstrating the potential lifestyle it offers. Start with decluttering and if you don’t have the time to stage, it might be worthwhile hiring a professional.
Transparent Communication
Women buyers appreciate transparency and honesty so providing detailed information about the home’s condition, recent upgrades, and the neighbourhood can go a long way to building trust and confidence. Sellers should be prepared to answer questions thoroughly and provide comprehensive documentation.
Marketing with Women in Mind
The influence women now have over purchasing property hasn’t impacted housing trends so much as it’s shaped the marketing messages with the lifestyle a property can provide and location always being key. And with many recent surveys showing that the majority of people searching for homes are women, it becomes more important. Using high-quality images, virtual tours, and detailed descriptions that emphasise the home’s strengths and community benefits will also attract more interest.
Women are becoming a formidable force in the home-buying market, often driving decisions in joint purchases and also making giant strides in the investment sector by understanding and addressing the specific preferences and priorities of women buyers, sellers can enhance their appeal and influence in this dynamic market.
For more information, please visit https://www.sothebysrealty.co.za/
