Purchasing a Home
There is a forecasts
that 2.2 million Hispanics will buy homes by 2010. The
U.S. Hispanic Market is the the most promising sector to
deliver growth the the real estate market. The Latino
community could potentially become a majority in the first
time home buyer sector.
Recent studies suggest
that the Hispanic homeownership rate will rise 20
percentage points over the next five years as the next
generation of Hispanic homebuyers enters its peak
home-buying years. Modest gains in the Hispanic
homeownership rate suggest that the array of programs and
initiatives from the industry are having an impact. Most
certain is the continued trend of marketing campaigns,
bilingual services and Hispanic-centric products from the
industry as it braces to handle the wave of Latino
homebuyers in the future.
Recent studies
suggest that the Hispanic homeownership rate will rise 20%
over the next 5 years as the next generation of Hispanic
homebuyers enters its peak home-buying years.
Modest gains in the Hispanic homeownership rate suggest
that the array of programs and initiatives from the
industry are having an impact. Most certain is the
continued trend of marketing campaigns, bilingual services
and Hispanic-centric products from the industry as it
braces to handle the wave of Latino homebuyers in the
future.
Today's 10
million-plus Hispanic households will soar to 13.5
million by 2010, up from less than 6 million in 1990.
These households will control $670 billion in personal
income six years from now, with Mexican American
households accounting for $409 billion of this total.
Households hailing from Central and South America will
earn $107 billion by 2010, with Puerto Rican households
controlling $65 billion.
The Cuban community will account for $32 billion, with the
remaining $56 billion being earned by Spanish, Dominican
and other Hispanic households. (The Conference Board study
defines "Hispanics" as people whose origin is in Mexico,
Puerto Rico, Cuba, South and Central America or other
Hispanic/Latino regions, including Spain and the Dominican
Republic, regardless of race).
Internet Home Buyers
and Sellers, only 17 percent of do-it-yourself home
sellers used the Internet to market their home; that’s at
a time when Internet use in home searches has risen
dramatically – in 2005, 77 percent of all home buyers used
the Internet to look for a home.
Finding an interested buyer is only the first step toward
a successful sale. The typical home sale today involves
more than 20 steps after the initial contract is accepted
to complete the transaction. Consumers can learn more
about potential post-contract pitfalls by visiting
REALTOR.org.
