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,” says Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty.
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,” says Geffen.
“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.”
Geffen says that there are several 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,” says Geffen.
“Women may no longer be the homemaker who foregoes a career and stays at home to welcome her husband at the door with his slippers and a drink every evening, but they are still the heart of the home and, as nurturers, will often view a property they are buying as a home rather than an investment, a little differently.”
Understanding the preferences and priorities of women in the home-buying process is therefore essential for sellers looking to appeal to this influential group.
“Men and women often look at different factors when viewing a home,” says Geffen, “with men generally prioritising factors like the garden, the garage and structural aspects like the roof and pool and they will also look for potential issues like mould and faulty plumbing.
“Women tend to view a home from a more functional, family-oriented perspective and look for features like a modern kitchen with a practical layout, good sized bedrooms, plenty of cupboard space and a well-equipped laundry. They also wanted to envisage the lifestyle they would be able to create in the home with their children.”
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 will 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 a key as it allows buyers to really imagine their own items in the space. And 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 build 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 have become a formidable force in the home-buying market, often driving decisions in joint purchases and also making giant strides in the investment sector,” says Geffen, “and by understanding and addressing the specific preferences and priorities of women buyers, sellers can enhance their appeal and influence in this dynamic market.”
The importance of financial planning as a first-time home buyer can never be overlooked. Below are our tips to start out on the right footing:
- Plan for future interest rate hikes: Consider potential interest rate hikes by setting aside at least 1% or R100 for every R100,000 borrowed. This buffer helps ensure financial stability.
- Determine your affordability: Use online affordability calculators or consult bond originators for a precise assessment. Improve creditworthiness by reducing debt, maintaining a clean credit record, and reevaluating insurance policies.
- Prioritise location and property features: Choose a location with amenities like shopping malls, schools, and medical facilities. Consider north-facing properties, room for improvements, and features like pre-paid electricity meters and solar installations for energy savings.
- Thorough property inspection: Inspect for major defects such as roof issues, structural cracks, sagging floors, and damp walls. Ensure repairs are manageable within your budget.
- Additional costs to consider: Account for bond costs, transfer fees, attorney fees, and monthly expenses such as rates, water, and electricity.
- Take your time and make informed decisions: Buying a property is a long-term investment. By planning for interest rate hikes, assessing affordability, prioritizing location, inspecting properties thoroughly, and considering additional costs, you'll be better prepared for homeownership.
