Better Homes and Gardens Real Estate and The National Association of Hispanic Real Estate Professionals (NAHREP) released a survey that shows that Hispanic women are essential to unlocking their family’s buying power, based on their perceived roles within the household. Here are some of the results of this national study of more than 1,000 Latinas ages 25 to 60:
Why are the Latinas essential when making the decision to buy a home?
- 91% of the Latinas surveyed think buying a home is the best financial investment they can make and they are taking charge of this commitment.
- 61% of the Latinas surveyed believe they will play a larger role than their partner in their next home purchase.
- 59% research homes to visit
- 58% research communities and neighborhoods
- 54% decide which home to purchase
- 43% research financial options (mortgages)
What is the current situation of the Latinas surveyed?
- Nearly half believe they will live in their current home for only 5 years or less
- More than half would look to rent out their former home as an additional source of income versus selling
- 66% have never owned a home
- 84% of non-homeowner millennials responders are confident they will be able to buy one. On average, they believe this will be within the next 3 years.
What they are looking for in a house?
- The top reason for purchasing a home is to provide an ideal environment for their family
- 87% would like their home to be the main gathering place for family celebrations
- 62% would buy a home with room for more people that currently live with them (parents, grandparents)
- 50% desire an in-ground pool
- 50% desire a gourmet chef’s kitchen
- 29% an outdoor kitchen
Here are some interesting findings of the survey
While Latinas are increasingly bilingual and value the Spanish language as part of their culture, the survey sought to find out the importance of the Spanish language in a home transaction. Here is what they found:
- 61% of responders do not think it’s important that their real estate professional speaks Spanish.
- But don’t discount the desire of the remaining 39% who value this attribute.
- 26% said a Spanish speaking sales associate would make them feel more at ease with the steps of the transaction process
- 26% said it would make them feel the sales associate understands their culture and lifestyle
- 22% said it would help them better connect with extended family members who play an active role on the transaction process
Of the group of Latinas who are currently looking to purchase a home:
- 48% feel it’s important for an agent to speak Spanish
- 73% of the Latinas responders prefer to work with a female agent in lieu of a male.
Sherry Chris, President and CEO, Better Homes and Gardens Real Estate LLC. Said: “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”.