“America has a proud heritage of diversity, and the notion that our client base will continue to change and evolve should be apparent to everyone in the real estate industry,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “It’s important that we understand all that we can about our consumers to best serve them and that includes understanding them not only from an cultural standpoint, but with regard for their individual values, aspirations and needs.”
John Featherston, CEO and Publisher of RISMedia, agreed, adding, “There’s little doubt the real estate sector is experiencing a tremendous comeback but the world has changed and so has the home-buying and -selling consumer. Real estate professionals all around the United States are now busy meeting the needs of an incredible culturally diverse client base, all interested in the American Dream—homeownership. Looking at the findings of this Better Homes and Gardens Survey illustrates the fact that the dream of homeownership crosses all divides and moving forward, real estate professionals will have to improve and develop their reach and value in order to best serve this growing market sector.”
Key findings from the Better Homes and Gardens Real Estate survey include:
We’ve Got High Hopes: All groups surveyed are optimistic about the next generation of homeowners, and furthermore, a majority believe their children or future children will have a home of their own before the age they did (Hispanic 78 percent; African American 74 percent; Caucasian 56 percent) and homeowners believe that their children’s homes will be the same size or bigger than theirs (Hispanic 90 percent; African American 83 percent; Caucasian 73 percent). Each group surveyed views homeownership as an overarching lifelong goal. In fact, homeownership is considered to be the biggest indicator of status by all groups: African Americans (78 percent), Hispanics (78 percent) and Caucasians (65 percent).
Each of the groups surveyed believe that a home is not simply an indicator of success; it is a long-term investment and a wise one at that. More than any other group, Hispanics are planning ahead for homeownership and prioritizing this dream over retirement. More than half of the Hispanics (52 percent) surveyed, who do not currently own their own home, say they are focused on saving for a down payment as compared to 46 percent of African Americans and 44 percent of Caucasians who do not own their own home.
In fact, a report earlier this year released by the National Association of Hispanic Real Estate Professionals cited Hispanics as the fastest growing group of first-time homebuyers with enough purchase power to push the U.S. housing recovery into high gear now if inventory shortages and investor-favored regulations didn’t challenge them.