So the couple decided to upgrade and bought a four-bedroom, 4,000-square-foot home in the same city for $ 435,000 last August with a large garage and finished basement. They now have separate home offices, a guest room, and enough space for their children to walk around the garden.
“We have been blessed at Covid that this hasn’t affected our work,” said Gomez, 38, who works on a mortgage loan. “But we spent a lot more time at home, so it turned out we needed more space,” he says.
A common valuation puzzle for black homeowners
According to the data, Latin American home ownership in the United States is expanding at a record pace, with a sharp rise in young buyers. Growth is changing the real estate landscape in many parts of the country, transforming this demographic force into a rapidly growing real estate market.
The home ownership rate in Latin America increased from 47.5% in 2019 to 48.4% in 2021, the highest level since the mid-2000s, according to data released Wednesday by the National Association of Spanish Real Estate Professionals ( NAHREP). (Levels of land ownership increased from 42.1 percent in 2019 to 45.3 percent in 2020, according to the census.)
“They’re coming faster than any other band we’ve seen,” said real estate agent Tatiana Bush. Re / Max Gateway helped the Gomez family find a new property in Chantilly, Virginia. “We have seen an increase in Latin buyers in recent years, but it has accelerated during this pandemic and hasn’t really slowed down even in a tight market.”
Hosting the National Convention and Housing Policy Summit in Washington this week, NAHREP used data from the Census Bureau to compile the annual home ownership situation in Spain. This shows that Latinos added a total of 657,000 new hosts from 2019 to 2021, while the number of Hispanic hosts reached 8.8 million.
Riverside / San Bernardino Housing Markets, California; Great New York; According to NAHREP, and Orlando saw the largest increase in Spanish hosts in 2021, adding together over 230,000 new Spanish hosts.
Despite the increasing numbers, the trading group says market conditions are tough for Latin Americans, especially first-time buyers with housing availability and access difficulties, such as Arizona, Florida and Texas.
Growing Young, Mortgage Ready Latino Population Could Lead to Rise in Home Ownership This Year, Las Cruces, NM, According to NAHREP Report; Memphis; Cleveland; And some cities in southern Texas.
“Many Latins have already considered owning a home before the pandemic,” said Gary Acosta, CEO of NAHREP. He points to NAHREP data showing Latinos have added a total of 1.9 million new hosts since 2014.
“The numbers show that the wheels are already moving for this kind of growth, but now it’s just getting bigger,” Acosta said. He said.
And this expansion will continue.
A “heartbreaking” reduction in black home ownership
It is estimated that by 2040, 70 percent of the net worth of new homeowners in the United States will be Hispanic. The group expects black-and-white home ownership rates to decline over the same period. Although Hispanics make up about 18 percent of the country’s population, they accounted for more than half of domestic growth in the decade before the pandemic, according to a study by the Urban Institute.
Jun Zhu, a visiting assistant professor of finance at Indiana University-Bloomington and a non-resident of the Urban Institute, said the purchasing power of Latins is likely to increase because their populations are much younger than other racial groups and ethnic.
The median age of Hispanics in the United States in 2019 is 30, which is about 15 years younger than the median age of non-Hispanic white Americans. Pew Research.
“This demographic is already 30 years old, and these are the most typical years for many first-time buyers,” says Zhu. So we should expect the Spaniards to continue to have a strong influence on the real estate market in the years to come ”.
The growing reach of Spanish homebuyers comes in the midst of one of the sharpest increases in home ownership rates in decades.
Home sales hit a 15-year high in 2021 as low interest rates and a protracted pandemic helped boost demand. National Association of Real Estate Agents. Home prices rose at a record pace across the country last year as buyers in many markets struggled with stock cuts and fast selling. According to the real estate group, the average price of an existing home rose 15.4% to $ 350,000 in January over the same period in 2020.
Ginger Broker Liliana Perez spent years in the Dallas market before recently moving to Birmingham, Alla. She serves the growing Latino population in both locations by providing bilingual services to customers and first-time buyers in all aspects of the purchasing process, starting with the submission of the application. Mortgage advance in financial advice.
“Language barrier surfing is really just the beginning,” said Perez, describing 2021 as one of his busiest years working with Spanish clients. “Some find me a little nervous about the process because this is their first purchase,” says Perez. “Therefore, I try to help them understand each step of the process so that they feel more comfortable and consider buying an apartment as an investment.”
Carlos Garcia was working with Perez when he and his wife, Alama, began looking for homes in Dallas last summer. He says he guided him through the entire process, helping him understand the ins and outs of the loan application and credit check process. And since his wife didn’t speak English, Perez helped navigate the open houses and look at the house in Spanish.
Banking programs seek to pave the way for Black House ownership
The couple bought a three-bedroom home on Green Meadows in Irving, Texas for $ 250,000.
“He really understood where we needed help in this process,” said Garcia, 30, who immigrated to the United States from Mexico 16 years ago and worked for a cell phone company in Dallas. “To be honest, we were a little nervous about it, so he really made a difference for us.”
He says tightening credit standards and poor English skills can also complicate the process. Sarah Rodriguez, CEO of the titanium headline company that serves Virginia, Maryland and Washington in Anandale, Washington, and some clients don’t have permanent legal status, said she’s reducing the number of lenders they can use.
“The Spanish buyer market exists and is growing,” said Rodriguez, former president of NAHREP Northern Virginia. “The key for us as an industry is to connect and assist them in every aspect of the process.”
According to the Redfin report, Hispanic homeowners are also seeing an increase in property values relative to other ethnic groups.
Use of an owner-occupied home Racial data According to the census, the brokerage firm found that Spaniards see a 19 percent increase in the value of their homes each year. This compares with 18 percent of blacks and 17 percent of whites.
For Louise Ara უჯ o in New York, the opportunity to be with her two 30-year-old children reinforced her decision to buy an apartment in Manhattan last year. But she also saw owning a property in the city as a good investment.
She originally moved to the United States from Brazil in 1998 and now works for a chemical company in Schenectady, NY, but she and her husband Selma wanted a place in the city that would allow them to visit their children more often.
The couple eventually worked with Kegan Bourgeois, a real estate trader. Sergeant Brokerage has closed a two-bedroom apartment for $ 835,000 in Huxley. Wonder Works Construction new development on Manhattan’s Upper East Side.
“We have found that buying real estate in a city like New York is a major investment for us,” said Arajoo, 63. “But it was also a way for our family to get together more often.”
Fernando Gomez says buying his new home in Stafford, W. is more than buying more space. He also says he sees the acquisition as a crucial pillar for many Hispanic families to build on for generations to come.
“My parents bought our first home when I was young, so I was lucky to know about the financial benefits of owning a home at an early age,” said Gomez, of Northern Virginia, whose parents have immigrated from Chile over the years. ’80. “This is a lesson I learned as an adult and I want to pass it on to my child.”
Source: Washington Post
Jason Jack is an experienced technology journalist and author at The Nation View. With a background in computer science and engineering, he has a deep understanding of the latest technology trends and developments. He writes about a wide range of technology topics, including artificial intelligence, machine learning, software development, and cybersecurity.