What a new report from Compass and Better.Com Reveals
Homeownership is increasingly female, says a new joint report from real estate technology companies Better.com and Compass. The data suggests women are buying more homes and benefiting from a more digitized experience to meet their real estate goals. Here’s my top-line summary of the full report, “Homeown(H)er: How Technology is Reshaping How Women Buy, Sell and Finance Homes.”
More homebuyers are female
- 58% of surveyed Compass agents reported that a majority of their clients (primary or sole buyer/seller) were women.
- 83% of agents said that they have seen this number increase over the past five years.
- 71% of agents said that single women were entering the housing market earlier than their single male counterparts.
- The mortgage arm of Better.com reports 23% of its borrowers over the last year were female, with an average credit score of 770.
- Industry-wide, the number of single women buying homes has grown from 15 to 18 percent, or one in five homebuyers. This suggests the rise of digital information and processes in real estate is attracting well-educated and tech-savvy female borrowers.
Female homebuyers benefit from digital real estate technology
Despite the demand, women are often dissuaded from participating in the home purchasing process. Consider the experience of Sarah Pierce, Head of Sales at Better.com:
“When applying for a mortgage a few months ago, I had mortgage brokers asking me presumptuous questions about my job. I even had a few who didn’t believe me! These types of questions and others like it are as outdated as the phone book and make women feel like they are not welcome to participate in the home purchasing process.”
Like Sarah, I am thrilled to be a part of the real estate industry as it evolves. The rise of digital in real estate has empowered individuals to apply for a loan from the convenience of their mobile device.
How Compass Bridge Loans can help make your dreams come true
Once women have entered the housing market, they must be empowered to capitalize on their equity and propel their real estate journey forward. To unlock a new set of homebuyers across the country, Compass and Better.com, along with lender Freedom Mortgage, launched Compass Bridge Loan Services in October 2019.
Through the program, Compass clients gain access to and dedicated support from industry-leading lenders, as well as the option to apply for Bridge Loan Advance: a Compass exclusive that provides eligible clients with an advance of up to six months of out-of-pocket expenses on any approved bridge loan through Notable, an independent lender.
Ready to get started? Let’s talk about your real estate goals before you start shopping so we can ensure you’re positioned to make a move when you find the perfect property. I look forward to helping you find your place in the world!