The growth of minority home ownership is creating new opportunities for real estate agents, but it is also forcing them to develop new skill sets. Recognition of different concerns and needs amongst non traditional home buyers is creating new niche opportunities for those who are willing to take the time to learn to fulfill these needs.
Nationally, Hispanics, Asian-Americans and black people made up more than one-third of all first-time home buyers in 2003, according to the Joint Center for Housing Studies at Harvard University.
“Just by surnames alone, I can tell you home ownership by Hispanics has soared and is a significant part of the current activity,” said RL Brown, a Phoenix housing analyst whose research includes looking at home sales data at the Maricopa County Recorder’s Office.
In the past, the philosophy of selling to various ethnic groups was not any different from selling to the general market, said Scott Abel, vice president of sales for Meritage Homes, which has headquarters in Texas and Arizona. But that approach has changed as agents and others have recognized the importance of making sure buyers are comfortable in their home-buying decisions.
At Meritage Homes, for example, Spanish-speaking sales agents and mortgage lenders are found at subdivisions with a significant number of Hispanic home-buying prospects.
“Buying a house is stressful,” Abel said. “So if you can have somebody that can speak their language, it makes them a lot more comfortable to buy.”
Another signal that minority home buying is ramping up is the number of real estate professionals taking the time to learn more about the customs and cultural nuances of various ethnic groups.
Margie O’Campo de Castillo, who owns her own realty firm in Phoenix and is a member of the board of directors for the National Association of Hispanic Real Estate Professionals, periodically teaches classes on cultural sensitivity when dealing with Hispanic buyers. Those classes are often filled with Anglo real estate agents. via Asbury Park Press Online.
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