The Latino Community is proving that there are riches in the niches.
According to Tomas Rivera Policy Institute of the University of Southern California, in a survey of 1,400 Mexican Americans in Atlanta, Houston, and Los Angeles showed that at least 1.5 million Latino households will buy homes by 2010.
Here is the Giant scream for help from an underserved populatuion:
More than half of Latino homebuyers report that one of their chief barriers to homeownership is finding a trustworthy adviser who can guide them through the homebuying process.
The survey showed that the lack of trusted sources of information is a key barrier to homeownership facing Mexican American families. Other obstacles include unfamiliarity with the mortgage process, saving for a downpayment, and finding a trustworthy adviser.
According to NAR who announced the study, REALTORS® who help buyers overcome such obstacles will stand to gain in the coming years as minority populations and their buying power increase rapidly.
In another sudy released at the NAR convention, indicated that the combined buying power of the total minority group—including African Americans, Natives Americans, Hispanics, and Asian Americans—would exceed $1.5 trillion by 2009, constituting the fifth largest economy in the world.
More data from the article:
Asian Americans are the fastest growing ethnic population, numbering more than 12 million or approximately 4.5 percent of the total U.S. population, expected to triple in size by the year 2050.
If you would like to explore ways to capture market share of the Latino, Asian , African American real estate market, contact Spiderworkz.com
More references:
more resources on hispanic buyers, Pew Hispanic Center, How The Wealth Gap Impacts Real Estate,National Association of Hispanic Real Estate Professionals (NAHREP)
