In the Market: Men’s vs. women’s housing wants

Posted By Nneka Madus In Your Home | No Comments

This weekly feature is a real estate news and information roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure. Nneka Madus, an analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.

Couple looks at empty room of a home; man and woman looking at different things. [1]When it comes to real estate, men and women value different things. For me, a walk-in closet is at the top of my list of “wants” (somewhat stereotypical, perhaps?). Before reading Adam Bonislawski’s Wall Street Journal article [2], I thought a walk-in closet would be a pretty important feature that most women would look for. I was completely wrong — this article says single men actually value it more than single women. I also was pretty surprised at the other home features that men valued more than women. Adam’s article gives a rundown of what men and women are looking for in this real-estate battle of the sexes.

Six percent may be considered the “standard” commission for a real estate transaction — 3% to the seller’s agent and 3% to the buyer’s agent. However, as recently as 2013, the average commission was 5.38%, which most people don’t know. That might not seem like a lot to quibble about, but as Kenneth Harney explains in the LA Times [3] explains, buyers may want to know in advance how much their agent stands to make to try to negotiate that amount lower. One tip from the article: Before signing with a real estate agent, buyers may want to check out multiple agents and ask a lot of questions to negotiate a better deal.

What’s your idea of a million-dollar home? Before moving to San Francisco, I thought a million-dollar home meant a sprawling floor plan, chef’s kitchen, a large manicured backyard, and his-and-her bathrooms with large walk-in closets. You know: a mansion. Now that I know San Francisco, a million-dollar home can be a 2-bedroom, 800-square-foot condo in a nice neighborhood. A million dollars is a lot of money, but you might be surprised what a million dollars can get you in different parts of the country. Sally French from Marketwatch [4] has put together a fun list illustrating what a million-dollar home looks like in different markets.


Article printed from Bank of the West: https://changematters.bankofthewest.com

URL to article: https://changematters.bankofthewest.com/2015/03/10/market-mens-vs-womens-housing-wants/

URLs in this post:

[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2015/03/couple_openhouse_look_crop.jpg

[2] Adam Bonislawski’s Wall Street Journal article: http://www.wsj.com/articles/a-gender-gap-in-real-estate-1423677017

[3] Kenneth Harney explains in the LA Times: http://www.latimes.com/business/realestate/la-fi-harney-20150301-story.html

[4] Sally French from Marketwatch: http://www.marketwatch.com/story/what-a-1-million-home-looks-like-in-different-markets-2015-02-23

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