Right now, you’re probably missing out on the most significant opportunity in real estate. According to a recent report by the Urban Institute, Hispanic homebuyers are poised to become a leading force in the U.S. housing market. By 2040, it is expected that 70% of all new homebuyers will be Hispanic.
Understanding how the Hispanic market differs from other sectors is crucial. Hispanics are the fastest-growing U.S. demographic, accounting for 51.1% of total population growth between 2010 and 2020. Additionally, from 2017 to 2018, 11.1% of homebuyers were Hispanic, increasing to 12.1% between 2020 and 2021.
According to realtor.com®’s 2021 Hispanic Real Estate Profile, here’s what you should know about the Hispanic homebuyer:
- Hispanic buyers made up 12.1% of all homebuyers between July 2020 and June 2021.
- Between 1990 and 2019, Hispanic women increased their homeownership rate by 15.3 percentage points, while the homeownership rate for Hispanic men increased only 3.2 percentage points.
- Between July 2017 and June 2018, female buyers made up 30.3% of Hispanic homebuyers. The share jumped to 33% between July 2020 and June 2021.
- Among Hispanic homebuyers, millennials are the fastest-growing generation.
- Hispanic homebuyers seek to be near family, and the vast majority take the opinions of family and friends into account when evaluating homes.
- Hispanic potential sellers are more likely to live in urban areas, while recent Hispanic buyers tended to choose homes in suburban areas, indicating movement toward larger homes and more space to accommodate friends and family, as well as remote work.
To better serve this fast-growing demographic, Fathom has created a Hispanic division. Fathom will be investing in this amazing and dynamic community in several ways:
- Helping the community better understand how to buy, sell and invest in real estate through education as a foundational wealth and legacy strategy.
- Providing multiple scholarships each year to those in the Hispanic community seeking their real estate license and wishing to give back to their communities. According to the 2021 National Association of REALTORS®’ Member Profile, Hispanics/Latinos accounted for 9% of REALTORS®. That number needs to increase.
- Developing our Spanish-speaking operations to better support this initiative through our real estate, mortgage, title, insurance and technology companies.
- Creating print and digital resources and technology tools in Spanish to help members of this vital community better understand the process and remove many of the barriers they currently experience.
To learn more about our Hispanic division, visit https://fathomcareers.com/espanol.
Flavio Jimenez, Fathom Realty’s vice president for business development, Hispanic Markets, has over 20 years of experience as a managing broker and mortgage professional serving the Las Vegas market. Jimenez hosts live seminars for Hispanic real estate investors and The Flavio Jimenez Show on 1460 AM Deportes Vegas.
