“The hand that rocks the cradle rules the world,” goes an old adage.
Over the last few years, there has been a paradigm shift in home buying patterns. Gone are the days when it was largely a man’s domain to buy a property.
We no longer live in an era when women waited to get married to buy a home, today’s independent and strong women want to create their own wealth and widen their investment portfolio.
Cashing on this, real estate developers are also actively targeting women home buyers by offering special offers or in some cases, exclusive towers in a project.
48% Women Begin their Home Buying Journey Online
From word of mouth to newspaper advertisements to online portals, the transformation in the home search journey is nothing short of remarkable. Today, we live in a digital age where from shopping groceries to medicines, everything is done at a click of a button. And real estate is no different. With an array of online portals available at buyers’ disposal, a good percentage of people embark on their home buying journey on the internet.
A closer look at RoofandFloor’s proprietary data model suggests that out of the total prospective home buyers searching for properties on the portal, there is a good mix of men and women. While men lead the show, interestingly, women are equally active in searching for properties online.
• The growing popularity of online portals can be largely attributed to the ease and comfort that one gets along with a jackpot of usable information. For instance, RoofandFloor’s TruePrice® feature can help one estimate the actual costs involved in buying a home, which is usually higher than the advertised price.
• These portals also come decked with options to compare properties that save both time and effort. Few of these even have a provision of virtual tours.
Majority are Buying Property for Self-Use
While the numbers may slightly vary for Bangalore and Chennai, the conclusion is almost similar. Majority of them are looking to buy a property for self-use.
Certainly, today’s progressive women have ventured beyond their domestic roles. From attaining high levels of education to securing high-paying jobs, the growth trajectory has been much more pronounced.
This could be majorly attributed to the special benefits that are reserved for women home buyers. These include lower home loan interest rates, lower stamp duty (in some states), and tax benefits. To encourage women ownership of property among the lower strata of the society, Narendra Modi’s cherished Housing for All Mission has made it mandatory for women to be either co-owners or sole owners of the affordable homes.
Interestingly, a small percentage are also investing in real estate for diversified investment portfolio. This number is also expected to rise in the times to come.
Women of 25-35 Age-Group are More Tech-Savvy
A study in 2013 by search giant Google stated that more than half of the real estate purchase decisions in India were influenced by Internet research.
While this number would have definitely climbed the ladder, the inferences stand true even today.
This can also be correlated with the average age of prospective buyers looking for homes online.
The graph clearly indicates that nearly 40% fall in the age bracket of 25-34, followed by women in 35-44 years.
Maximum Online Search for Homes happen between 1-3PM
Majority of prospective home buyers browse between 1-3 PM, followed by 6-8 PM and 4-5 PM.
1-3PM: It has been observed that the sessions on several e-commerce sites witness sharp surge post-lunch.
Several studies have also revealed that a larger share of women use public transport to commute to their workplace.
To be more precise, this number stands at about 30%.
This is why 6-8PM records more sessions as women usually travel back from their work.
Majority Women Buyers Belong to IT/ITeS Sector
Interestingly, majority women home buyers in both Bangalore and Chennai belong to the Information Technology (IT) Sector, followed by women who are self-employed.
Why Now Is The Right Time To Buy A Home?
What Women Want?
Move over Men, Women Investors are here to Stay!
A study by catalyst.org in 2016 revealed that about 24% women in urban India are in the pipeline for senior executive posts. And 30% of such women are equal earning members or breadwinners in a nuclear family. This is why women with higher disposable incomes comprise about a fifth of the home buying population in India.
While this number would have definitely increased by now, it is only expected to grow in the times to come. Taking a cue from this, real estate developers in India have also started to cash on this by launching projects that are targeted particularly for this segment.
So, if you have decided to take that bold step in high heels, here are a few tips that might come handy:
- Plan your budget wisely keeping the current and upcoming expenditure in mind. Taking a stock of your finances is imperative.
- Research is the key to grab a great deal on your dream home. Multiple rounds of due diligence will help you shortlist a credible developer as well as a good lender.
- Don’t forget to negotiate. Remember, negotiate not bargain!
- And if you are new in this game, expert advice is always recommended