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Survey: Hispanic women key homebuyers

MADISON, N.J. – Sept. 23, 2015 – The Hispanic population has become a catalyst for the U.S. housing market, and new data released by Better Homes and Gardens Real Estate and the National Association of Hispanic Real Estate Professionals (NAHREP) finds that Hispanic women are key to unlocking this buying power.
The national study of more than 1,000 Latin American/Hispanic women ages 25 to 60 finds that 91 percent of respondents think buying a home is the best financial investment they can make – and 61 percent believe they will play a larger role than their partner in their next home purchase. Specifically, the following percentages expect to play a key role in:
researching homes to visit (59%)
researching communities or neighborhoods (58%)
deciding which home to eventually purchase (54%)
researching finances, such as mortgage options (43%)
On average, the women surveyed believe they’re currently responsible for 69 percent of household purchase decisions over $100; one-third say they’re in charge of all such decisions.
Sherry Chris, Better Homes and Gardens president and CEO, says the housing market is already aware of the impact a growing number of Hispanic homebuyers will have on the market. “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 home-buying transaction process,” says Chris. “It’s our responsibility to educate the industry on the primary roles these women have taken on as primary decision makers.”
According to the survey, the Hispanic population will drive a significant amount of real estate activity in the near future. Nearly half believe they’ll live in their current home for five years or less, and they see homeownership as an investment opportunity. More than half would consider renting out their former home for an additional source of income.
The majority (66 percent) of those surveyed who never owned a home and 84 percent of non-homeowner millennial respondents are confident they’ll be able to buy a property at some point in their lifetime – and more than half believe it will be within the next three years.
Teresa Palacios Smith, 2015 NAHREP national president, says the study will “help the industry better understand the nuances surrounding the modern Hispanic woman as a consumer and how she’s impacting her family’s lifestyle within the home.”
Other survey insights
61% of respondents don’t think their real estate professional needs to speak Spanish
39%, however, value Spanish to help them feel at ease with the process (26 percent), feel the sales associate understands their culture (26 percent) and help them connect with extended family members active role in the transaction process (22 percent)
73% of Latina respondents prefer to work with a female agent
87% would like their home to be the main gathering place for family celebrations – their top reason for purchasing a home today
62% would buy a home with room for more people than their current home
63% expect to have parents, grandparents or other extended family members living with them at some point
34% would prefer a less desirable home closer to family than their dream home, no matter the location
The top desires are an in-ground pool (50%), gourmet chef’s kitchen (50%), spa-like bathroom (47%), “smart” home (31%), outdoor kitchen (29%) and built-in home theater system (29%)
© 2015 Florida Realtors®  
Source: Florida Realtors Feed

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