We wrote about the Hispanic community in 2016 with this blog post: “Hispanics Fastest-Growing Group in Nebraska.” Neil Terc at INMAN said the “Hispanic community is a group of hard-working and law-abiding citizens looking for ways to live the American dream.”
The Hispanic CommunityIn March of 2022, Realty Biz News states, ”More than half of Hispanic home shoppers are first-time buyers. “Fifty-eight percent of Hispanic home shoppers are first-time buyers, significantly higher than the rest of the U.S. population (34%). survey conducted by realtor.com and the National Association for Hispanic Real Estate Professionals found an increasing presence of Hispanics in the housing market. The organizations predict that number will continue to grow.
It is predicted that Latinos will account for 70% of new homeowners over the next 20 years, the study shows. “Insights into Latino home-buying will be critical to understanding how to sustain growth in the housing market,” says Gary Acosta, co-founder, and CEO of NAHREP.
Homeownership is an essential tool for building generational wealth, and many Latinos want to pass a home on to their children. Seventy-three percent of survey respondents say they plan to pass a house on to their children someday. With home values increasing at staggering rates over the last few years, wealth gained from owning a home over the long term could be significant. The 2017 Census showed that homeowners’ median wealth was 89 times higher than renters’.
“Homeownership can be a way to build generational wealth for families, but there are secrets to buying a home.
Secret # 10: Keep your money where it is – “It is advisable to make no big purchases or move from one side to another three to six months before buying a new home.” We would say we don’t buy a new car before seeking approval to buy a house.
The Secret # 9: Get a Pre-Approval – “There is a big difference between a pre-qualified buyer and a buyer who has a pre-approved mortgage.” Pre-approval gives you valuable information on how much house you can buy and means you have a commitment in writing for a loan amount, and you may even have an interest rate locked.
Secret # 8: Avoid barriers dispute – “It is essential for a survey on your property, so you know exactly what you are buying.” We call barriers property lines, which may be more critical outside the U.S. Still a good idea.
Secret # 7: Do not guess Market – “Do not obsess over trying to calculate and find out the best time to buy on the market.” In other words, if you find your dream house in your price range, don’t entertain the idea that it would be a better price during the slow season. Don’t try to guess the direction of interest rates to buy a bigger house.
Secret # 6: Bigger is not always better – “Sometimes it is best to buy the worst house on the block because the worst house per square foot than ever negotiated by the larger house.” Translated, if you compare price based on square feet, you compare like properties. Maybe the house needs updating, and it will be worth as much as the other house.
Secret # 5: Avoid unanticipated costs – Most people just ctrate on the mortgage payment and need awareness of other expenses such as property taxes, utilities, HOA fees, repairs, maintenance.
Secret # 4: You are buying a house – “…not going out on dates with her. Buying a home based on emotion is only “gonna break your heart.”
Secret # 3: Give your home inspection – “Hire a home inspector. It will cost around $200 but could save thousands of dollars.” This inspector works for you, can often help you avoid big problems, and may help you negotiate a better price.
Secret # 2: The Secret Science of tenders – “Your initial offer should be based on what you can afford (because you do not want to make the best of yourself) and what they believe the property is worth. Make your initial bid on something fair and reasonable and not going to offend the seller.” This is interesting to us. We know that buyers would instead not make a low-ball offer for fear of offending the seller. Instead, they don’t make an offer at all.
Secret # 1: Describe the neighborhood before buying – Visitthe area- visit at noon, morning, and night. Many home buyers have become completely upset because they thought they had found the perfect home, only to find that the neighborhood was not for them.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and answer all of your questions. You can reach us at 402 999.0577.