7
EZTHE
WASHINGTON
POST
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SATURDAY,MAY
7, 2022
of the sharpestrises in homeownershiprates in decades.
Home salessurged to a15-year high in 2021,as low interest
rates andaprotracted pandemichelped fuelhigher demand,
accordingto data fromthe NationalAssociation of Realtors. Home
pricesalso grewatarecordpace acrossthe countrylastyearas
buyers in manymarketscontendedwith dwindling inventory and
afasterpace of sales.
Themedian salespriceofsingle-familyexistinghomeshit
$368,200 in thefirstquarter of this year,up15.7percent fromthe
same 2021 period,accordingto the realty group.Makingthe connection
RedfinbrokerLilianaPerez spentyearsinthe Dallasmarket
before recently relocating to Birmingham,Ala. She catered to the
expanding Latinopopulations in bothlocationsby offering clients
bilingualservicesand walking first-timehome buyers through
everyaspectofthe purchasing process,fromapplyingfor a
mortgage to financial advice onsavingfor adown payment.
“Navigating the language barrierisreallyjustthe start,”says
Perez, who estimated that2021 was among her busiest yearsever
workingwithHispanic clients. “Some of them cometo me alittle
nervous about the processbecause it’s theirfirsttime buying,”
Perez says. “SoItry to helpthemunderstand everystep of the
process so they feel more comfortable about it and see
home-buying as an investment.”
CarlosGarciaworked withPerezwhen he and his wife, Alama,
begansearching for ahomein Dallas lastsummer.Hesaysshe
guidedhimthroughtheentireprocess, helpinghim understand
the fine print ofthe loanapplication process and credit checks.
Andbecausehis wife didn’t speakmuch English,Perez helped
navigate the open housesand home viewingswithherinSpanish.
Thecouple purchasedathree-bedroomhome in the Green
Meadowsneighborhood of Irving,Tex., listed for $250,000last
August.
“Shereally understoodwherewe neededhelp in the process,”
says Garcia,30, who emigrated to the United States fromMexico
16 years agoand worksfor acellphone companyinDallas. “We
werealittlenervous about it all, to be honest, so shereallymade
the differencefor us.”
Tighteningcredit standards and poorEnglish skillscan also
makethe processmore complicated, says Sara Rodriguez, chief
executive at Titan Title in Annandale, Va., which servicesVirginia,
Marylandand D.C.And becausesomecustomers lack permanent
legalstatus, it shrinksthe number of lenderstheycan use,she
said.
“The market for Hispanicbuyers isthereand it’sgrowing,” says
Rodriguez,aformerpresidentof NAHREP NorthernVirginia.
“The keyfor us as an industryismaking aconnection and helping
themwithevery aspectofthe process.”
Hispanic homeownersare alsoseeing the value of their
propertiesrisingat agreater ratethanother ethnicgroups,
according to aRedfinreport.
Using owner-occupied household race data fromthe census, the
brokerage found thatHispanicssaw ayear-over-yearincrease of
19 percent in the valueoftheir homes. That’s compared withan18
percent risefor Blacks and 17 percentfor Whites.
ForLuiz Araujo, the opportunity to have aplace near histwo
20-somethingkids in NewYork fueledhis decision to buy a
Manhattan apartmentlastyear. Buthe alsoviewedowning
property in thecityasasolid investment.
Anative of Brazil, he movedto theUnitedStates in 1998and
nowworks for achemical companyinSchenectady,N.Y.But he
and hiswife,Selma, wantedaplacein the citythatwouldallow
themtovisittheir kids more often.
Thecouple eventually worked withKeganBurgess ,arealestate
salespersonatSerhantbrokerage, andclosed on atwo-bedroom
apartmentfor $835,000 at Huxley, anew development by Wonder
Works Construction on Manhattan’s UpperEastSide.
“Weunderstood that buying realestateinacitylikeNew York
wasanimportant investmentfor us,” says Araujo, 63.“But it was
also away to have our family cometogether alot more often.”
Fernando Gomezsays buyinghis newhomeinStaffordwas
about more thanjustacquiringmore space. He alsoviews the
purchaseasaway to buildgenerationalwealth, acrucial pillar of
advancementfor many Hispanicfamilies,hesays.
“Myparents boughtour firsthomewhen Iwas ateenager so I
wasfortunate to understandfroman early agethe financial
benefits of homeownership,”saysGomez, aNorthern Virginia
native whoseparents emigrated fromChile in the 1980s. “That’s
really the lesson I’ve carried withmeas an adultand Iwant to pass
JESÚSESCUDERO/ILLUSTRATIONFOR THE WASHINGTONPOST onto my son.”