According to the National Association of REALTORS®’ (NAR) 2022 Snapshot of Race and Home Buying in America, the homeownership rate for Hispanic Americans has increased to 51.1%, its highest level in history. As we move into Hispanic Heritage Month (September 15 – October 15), it’s an opportune time to reflect on how agents can better serve the needs of this growing homebuyer segment. Here are some suggestions to get you started.
Become familiar with the preferences of Hispanic homebuyers. Consult the latest research and reports to get a clear picture of the Hispanic consumer and what they typically look for in a home. Start with these resources:
- U.S. Census data
- NAR’s 2022 Snapshot of Race and Home Buying in America
- The National Association of Hispanic Real Estate Professionals’ (NAHREP) annual State of Hispanic Homeownership Report®
- The 2021 Hispanic Homebuyer Profile on realtor.com®
Research their unique challenges. While the Hispanic homeownership rate is projected to increase, there are several challenges that may impact these numbers. The most pressing issue is the lack of affordable inventory—particularly in the areas where most Latinos live. Additionally, higher price points, increasing interest rates and the current market’s hostility toward first-time buyers using low down-payment loan products disproportionately impact Hispanic homebuyers. Understanding these challenges will help agents guide clients through the process.
Learn about financing options. Research shows that Latinos may have a harder time qualifying for traditional mortgages. Expanding your knowledge of financing options and down-payment assistance programs will help you add value to your services. Consider CRD’s new Home Finance Resource (HFR) certification course at https://crd.realtor/hfr.
Create an inclusive environment for diverse clients. Making consumer resources available in multiple languages and using ethnically diverse imagery in your marketing and educational materials will help create a welcoming, inclusive environment. NAR’s collaboration with Photofy allows REALTORS® to customize and share consumer-focused “That’s Who We R” social media graphics in seven languages, including Spanish. Learn more at https://nar.realtor/photofy. ABR® designees also have access to a selection of consumer one-sheets in Spanish. Additionally, two new Spanish language step-by-step guides to home buying and selling have been added to https://nar.realtor/nar-en-espanol.
Resources for Latino REALTORS®
The NAR en Español website and Facebook page serve as resource hubs for Spanish-speaking REALTORS® and provide access to information, education and tools. They include links to translated reference books in NAR’s digital library, consumer handouts and guides in Spanish, webinars and more. Additionally, .realtor™ domain templates are now available in Spanish. Several Spanish educational sessions will be offered at NAR NXT, and the live ABR® designation course will be offered in Spanish periodically throughout the year. Finally, keep your eyes peeled for a new episode of the CRD podcast featuring Gonzalo Mejia.
Learn more about CRD at https://crd.realtor.