The Hispanic population should drive a significant amount of single-family activity in the coming years, as nearly half of Hispanic homeowners believe they will live in their current home for five years or less.
Recent information released by Better Homes and Gardens Real Estate and the National Association of Hispanic Real Estate Professionals (NAHREP) shows that Hispanic women will play a significant role in the homeselling/buying arena.
“Historically, we’ve been able to broadly project the influence the Hispanic demographic would have on our industry by the sheer population growth alone,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. “However, it’s vital to understand that Latina women in particular are a driving force behind decisions related not only to the home, but the actual homebuying transaction process.”
Sixty-one percent of Hispanic women surveyed believe they will play a larger role than their partner in their next home purchase. This includes being more involved when it comes to researching homes to visit and mortgage options, along with deciding which home to eventually purchase.
Additionally, more than half view their next move as an investment opportunity, with plans to rent out their former home rather than selling.
Of those Latinas who are currently looking to purchase a home, 48 percent feel it’s important for an agent to speak Spanish.
Sixty-six percent of Hispanic women surveyed who have never owned a home are confident they will be able to buy at some point. On average, the belief is homeownership will occur within the next three years.
Overall, Hispanic women value certain luxury amenities when eyeing a purchase. The top desires are an in-ground pool (50 percent), a gourmet chef’s kitchen (50 percent) and a “spa-like” bathroom (47 percent).