Hispanic Homeownership Influence Exceeds National Statistics

Hispanics have a strong influence in homeownership, exceeding national statistics as they purchase homes at an increased rate for the second consecutive year. 

According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, in spite of a decreasing overall rate of homeownership across the nation.  The Hispanic homeownership rate was 45.6 percent for 2015 and 45.4 percent in 2014.  Over 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added – 38 percent of all households formed.

The drivers that are compelling Hispanics to purchase a home are the pursuit of the American Dream and the fact that the majority of Hispanics view homeownership as a viable investment vehicle for building wealth, as well as the ideal for raising children. “The significance of a strong desire for homeownership cannot be overstated,” the report states.  “Where there is a will, there is generally a way.” 

More members of the real estate industry are also working to meet the unique needs of Hispanic homebuyers, particularly in terms of obtaining financing.  “While the Hispanic market has outgrown the ‘niche’ segment designation, the housing industry is just beginning to fully recognize its significance to the vitality of the overall market and is responding with products and services that are more relevant to the needs of Hispanic consumers,” states the report, citing recent initiatives spear-headed by Bank of America, Fannie Mae and Freddie Mac, and Wells Fargo. 

Some hurdles to Hispanic homeownership, such as financing and a lack of knowledge regarding Hispanic cultural norms amongst members of the housing industry, still exist.  “Hispanics tend to reside in a multigenerational household of a typical nuclear family and include additional family members like grandparents or other adult relatives, all of whom contribute to household expenses,” the report states.  “These influencing factors are interconnected with their culture and affect how they bank…Access to culturally competent real estate and mortgage professionals who speak Spanish and can recommend appropriate solutions to meet their needs creates a level playing field.”

For real estate professionals, Hispanics signify a sustainable and massive opportunity.  Ninety percent of Hispanics favor owning a home over renting one in the future, and 62 percent are more likely to purchase a home than rent one upon their next move.  In 2016, Hispanics had a purchasing power of $1.4 trillion – a number that will continue to grow as incomes and Hispanic-owned businesses increase and expand.

UF Survey Results Show Sharp Increase in Florida Consumer Sentiment

 

Consumer sentiment among Florida residents increased in March to the highest level in 15 years, according to the most recent University of Florida (UF) consumer survey. 

University of Florida’s most recent consumer survey results indicate a consumer sentiment reading of 99, the highest rate since March 2002 and the second-highest rate since November 2000.  The lowest index possible is a 2, while the highest possible is 150.  All components that the index is based on showed an increase.

The current outlook that Floridians have regarding their financial situation increased from 88.1 to 88.5.  The perception of Floridians regarding whether it is a good time to buy a major household item such as an appliance increased from 99.7 to 103.5.  Hector H. Sandoval, Director of the Economic Analysis Program at University of Florida’s Bureau of Economic and Business Research says, “The increase in these two components shows that current economic conditions improved among Floridians in March.”  “In particular, women and those under age 60 displayed more optimistic perceptions.” 

The rating measuring what Floridians expect regarding the standing of their personal finances a year from now increased from 99.5 to 107.3 and participants’ viewpoints regarding the economic conditions of the United States over the next year increased from 92.0 to 99.2.  Participant viewpoints of the United States economic conditions over the next five years also increased from 89.5 to 96.7.

“Overall, Floridians are far more optimistic in March than the previous month.  The gain in March’s index came mainly from consumers’ future expectations about the economy.  Importantly, these views are shared by all Floridians, independent of their demographic characteristics and socioeconomic status,” says Sandoval.  “These expectations are particularly strong among women and those with an income under $50,000.”

Encouraging economic news has likely boosted consumer sentiment in Florida.  The labor market statewide continues to expand, with more jobs added on a monthly basis for over six years.  The unemployment rate in Florida remained at five percent in February.  According to the U.S. Bureau of Economic Analysis, Florida ranked third out of all states in the nation as far as personal income growth, with a rate of growth of 4.9 percent in personal income from 2015 to 2016. 

The Home Hopper Shopper Tour

Welcome to the Treasure My Home, Hudson Warren Team, and Michael Jackson Team Home Hopper Shopper Tour.  Visiting our Open Houses this Sunday can give you a chance to win a $50, a $100, or a $500 Gift Card!

Rule 1 – Simply visit any of the Open Houses that are listed on our list below on Sunday, April 23 from 1pm – 4pm EST and receive an Open House Registration Form.

Rule 2 – At each Open House you visit, from the addresses listed, have the Realtor/Host on duty stamp your Registration Form.  You will automatically receive a stamp at the first home you visit, when you receive the form.  One stamp per person, per form, per Open House visited.

Rule 3 – Simply submit your stamped form, with completed contact information, to any of the agents at the participating Open Houses prior to 4pm EST.  If you cannot submit your form to a participating Open House agent by 4pm EST, then snap a photo of your form with your camera phone, and text it to 954-464-9998 NO LATER THAN 5pm EST.  In order to successfully submit, all entries, including photos must include your completed form, with correct contact information, and the stamps received.

** No Purchase Necessary and Must Be 21 or Older to Participate **

All entries will be categorized and submitted for a random drawing to win 1 of 3 Gift Cards.

A completed registration form with 1 (one) stamp will be included in a random drawing to win a $50 Gift Card.

A completed registration form with 2 (two) to 4 (four) stamps will be included in a random drawing to win a $100 Gift Card.

A completed registration form with 5 (five) or more stamps will be included in a random drawing to win a $500 Gift Card.

All random drawings will take place on Monday, April 24, 2017.  Winners will be contacted by phone and email, and instructed on where to claim their prize.  Must present a valid photo ID if you are selected as the winner.

The Home Hopper Shopper Tour

The following addresses will be holding Open House Events, for Sunday, April 23 from 1pm to 4pm, and are participating in the “Home Hopper Shopper Tour”.  Be sure to have your Registration Form stamped by the REALTOR/Host on duty.  Also, be sure to leave you registration at the final home on your stop by 4pm EST.  All registration forms must be complete to qualify for entry.

Fort Myers

15192 Riverbend Blvd.

North Ft. Myers, FL  33917

8849 Paseo De Valencia St.

Ft. Myers FL  33908

12945 Kingsmill Way

Ft. Myers, FL  33913

10930 Stonington Ave.

Ft. Myers, FL  33913

Cape Coral

612 SW 21^st Lane

Cape Coral, FL  33991

Naples

321 Steerforth Ct.

Naples, FL  34110

213 Charleston Ct.

Naples, FL  34110

15480 Cortona Way

Naples, FL  34120

130 29^th St NW

Naples, FL  34120

Estero

21163 Bella Terra Blvd

Estero, FL  33928

21874 Bella Terra Blvd

Estero, FL  33928

21592 Belvedere Lane

Estero, FL  33928

21591 Belvedere Lane

Estero, FL  33928

21043 Butchers Holler

Estero, FL  33928

20091 Markward Crossing

Estero, FL  33928

Bonita Springs

3581 Lakemont Dr.

Bonita Springs, FL  34134

10155 Avonleigh Dr.

Bonita Springs, FL  34135

23184 Sanabria Loop

Bonita Springs, FL  34135

27079 Matheson Ave #107

Bonita Springs, FL  34135

Majority of Millennials Plan to Buy a Home in the Next Few Years

Over 80 percent of millennials in the United States who do not already own a home, plan to buy a home within the next five years, according to a recent HSBC Group research.

HSBC Group’s Beyond the Bricks, which is an independent consumer research survey of 9,000 in nine countries across the world, including 1,009 respondents within the United States, found that the dream of owning a home is very much still front and center for millennials around the world.

Millennials, who have credited slow wage growth and housing price inflation as obstacles in purchasing a home in the past, still see the goal of owning a home as an important personal aim.

The HSBC report also revealed that millennials have a need for better financial planning.  Among non-owners intending to buy a home in the next two years, 32 percent have no overall budget and 54 percent have only set an approximate budget.  More than half of millennials who bought a home within the last two years said they wound up spending beyond their initial budget. 

David Gates, U.S. Head of Mortgage Origination and Sales for HSBC, says, “This study highlights that young people strongly value homeownership, yet there are significant challenges to making the dream a reality for millennials around the world.  The perfect storm of stagnating salaries and rising house prices, paired with the need for improved financial planning can make buying a home a deferred reality.”

Close to three-quarters (71 percent) of millennials are saving more money for a deposit and waiting to earn a higher salary before purchasing a property, the report finds.

Millennials face some challenges when it comes to housing affordability, with a projected 1.9 percent increase in salary growth expected for 2017 and average property prices rising by 4.8 percent last year.

HSBC research pointed out four actions that millennials can take to help them in accomplishing their goal of owning a home:

·      Please early and consider the importance of having a deposit

·      Include extra costs beyond the purchase price within your budget

·      Consider sacrifices, such as spending less on leisure and going out, to help save more money and at a faster pace

·      Look at the big picture of your finances and shop for a home loan that best serves your needs.

Survey Points to Significant Increase in Florida Consumer Sentiment

Consumer sentiment among Florida residents increased in March to the highest level in 15 years, according to the most recent University of Florida (UF) consumer survey. 

University of Florida’s most recent consumer survey results indicate a consumer sentiment reading of 99, the highest rate since March 2002 and the second-highest rate since November 2000.  The lowest index possible is a 2, while the highest possible is 150.  All components that the index is based on showed an increase.

The current outlook that Floridians have regarding their financial situation increased from 88.1 to 88.5.  The perception of Floridians regarding whether it is a good time to buy a major household item such as an appliance increased from 99.7 to 103.5.  Hector H. Sandoval, Director of the Economic Analysis Program at University of Florida’s Bureau of Economic and Business Research says, “The increase in these two components shows that current economic conditions improved among Floridians in March.”  “In particular, women and those under age 60 displayed more optimistic perceptions.” 

The rating measuring what Floridians expect regarding the standing of their personal finances a year from now increased from 99.5 to 107.3 and participants’ viewpoints regarding the economic conditions of the United States over the next year increased from 92.0 to 99.2.  Participant viewpoints of the United States economic conditions over the next five years also increased from 89.5 to 96.7.

“Overall, Floridians are far more optimistic in March than the previous month.  The gain in March’s index came mainly from consumers’ future expectations about the economy.  Importantly, these views are shared by all Floridians, independent of their demographic characteristics and socioeconomic status,” says Sandoval.  “These expectations are particularly strong among women and those with an income under $50,000.”

Encouraging economic news has likely boosted consumer sentiment in Florida.  The labor market statewide continues to expand, with more jobs added on a monthly basis for over six years.  The unemployment rate in Florida remained at five percent in February.  According to the U.S. Bureau of Economic Analysis, Florida ranked third out of all states in the nation as far as personal income growth, with a rate of growth of 4.9 percent in personal income from 2015 to 2016.