Many cities in our country enjoy an amazing diversity among its citizens. With the Hispanic and Asian populations expected to triple in size by 2050, we can expect to see our cities become even more diverse in a rather short time.
What is more profound is the buying power that each of these ethnic groups are now yielding. Consumer-buying power in these segments will triple what it was in 1990, indicating major economic strides among Asians, African-Americans and Hispanics.
According to the University of Georgia Selig Center, African-American buying power will rise from $316.5 billion in 1990 to $965 billion in 2009. Asian buying power will rise from $117.6 billion in 1990 to $528 billion in 2009, and Hispanic buying power will rise from $223 billion in 1990 to $992 billion in 2009…..a 347% increase.
But buying power towards a person’s most significant investment can be stifled if equal access to housing is stifled. There are still challenges and obstacles to overcome in ensuring that the opportunity to share in the American dream of homeownership is presented to everyone in the same way.
What does this mean to the real estate community? It means that there is a new type of homebuyer that possesses explosive economic opportunities. These new homebuyers present themselves in a different form; that form being someone who speaks a different language and comes with a different point of reference to the home buying process and who is unclear about the role of the REALTOR and the entire real estate transaction.
It is easy to dismiss someone that appears to be a challenged home buyer or that doesn’t fit the traditional home buyer profile. The industry has conditioned us to be somewhat ethnocentric and to accept certain profiles as gospel. To deviate from them may mean wasting time on homebuyers that you would prefer go somewhere else.
However, in your rush to get to the next transaction, you may inadvertently be violating the law. The Title VIII of the Civil Rights Act of 1968 (Fair Housing Act), prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).
More importantly you may be missing out on a very lucrative client base that culturally would more than likely remain very loyal to you and your company for years to come.
