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Sign into your accountWAKE UP BROKERS! Hablas Espanol?
October 30 2015
Today, 85% of homebuyers are white, but that is changing rapidly in America. The new and growing homebuyer population is Hispanic or Latino, and most do not speak English well enough to have confidence in a real estate transaction written in a foreign language with an agent who is not bilingual. Yikes or Opportunity? We think opportunity.
From 2010 to 2012, the number of Hispanic homebuyers increased 38%. Today, only 20,000 of the nations' 1.2 million members of the National Association of REALTORS® is Hispanic. By the way – all of the stats quoted here look at data collected in 2010 and 2012. You can figure that the growth rates have gone up significantly. From 2010 to 2012, the number of Hispanic households grew from 4.25 million to 6.69 million – a 58% increase. The number is likely well over 10 million in 2015.
A Simmons Market Research survey recorded that 19% of Hispanic American origin speak only Spanish. Ergo, 1 in 5. Only 17% of Hispanics are fully bilingual, and 55% have limited English proficiency. The United States has more Spanish speakers than Spain. Does anyone have a truly end-to-end, bilingual brokerage?
In the 2010 census, 17% of Americans were Hispanic. If you are a broker in New Mexico, 44% of your population is Hispanic. Texas is 31% Hispanic, followed by California at 30%, Arizona at 25%, Nevada at 20%, Colorado at 15%, and Illinois at 12%. Total US Hispanic population is now is nearly 35 million people and growing. If you do not operate a fully bilingual brokerage, you are missing a huge opportunity. California has 14 million Hispanics with housing needs and more than half of them are not proficient enough in English to contemplate a real estate transaction.