December 4, 2024 • 25 mins
In this episode, we explore the surge in Hispanic homeownership across Massachusetts and its transformative impact on the real estate market. Drawing insights from the 2024 Hispanic Wealth Report, real estate experts Jennifer and Moises Coa from Coa Realty Group, along with Don Campbell from Guild Mortgage, delve into the cultural and financial shifts driving this trend. Together, they unpack the unique factors influencing Hispanic buying patterns, the challenges new buyers face, and the opportunities reshaping the housing landscape. Whether you're a potential homeowner, real estate professional, or simply curious about market dynamics, this conversation offers valuable perspectives on the evolving role of the Hispanic community in homeownership.
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Episode Transcript
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Speaker 1 (00:00):
Let's move to Massachusetts. We have sort of uh uh
the Avengers of real estate and financing assembled here today,
we have Jennifer and Moses coa from the coa realty
group and we have Don Campbell from Guild Mortgage. Hello, everybody.
And thank you for joining us. Thank you for having us.
We're talking in particular about the Hispanic Wealth report, which
(00:21):
was recently released and Hispanic home ownership is on the rise.
Uh Jennifer Moses, do you want to talk a little
bit about that?
Speaker 2 (00:29):
Yes, absolutely. So definitely the, the, the wealth report showed
that the Hispanic community is definitely on the rise here.
We as local realtors in mass in New Hampshire have
seen that rise for many, many years. We have the
privilege of seeing how the Hispanic community continues to evolve
and to take an interest
(00:49):
in investing in their future through home ownership. Uh But
it's nice to see it reflected on the national level
and that, that movement is getting national recognition because the
Hispanic community is definitely having an incredibly positive impact on
the housing market. I feel that on a national level,
uh there is a higher demand for housing. Uh from
(01:10):
the Latino community. Uh There is a diverse for housing preferences,
increase in investments. And you know, there's a
Speaker 1 (01:16):
lot of cultural inference on the
market.
Talk a little bit about that cultural influence if you
would Moses.
Speaker 2 (01:23):
Well, I mean, I, what I'm seeing is that Hispanic
buyers often see communities with strong cultural lies and ties,
influencing the development of neighborhoods that, that reflect share values, traditions, amenities. Yeah.
And I think on a cultural influence also, one of
the things that's very uh unique, I guess about the
Hispanic community is that they tend to buy as multigenerational households.
(01:47):
And we're seeing that these uh this is definitely something
that's impacting the way the market is um behaving right.
So because they're buying it as multicultural uh entities, we,
we're having to see a, a change in the way
properties are being constructed. We're also seeing a difference in
the way they're, they're buying homes. And so we as
(02:08):
realtors working with this particular demographic have to be very
um you know, sensitive to the way this market moves
uh in in the housing purchasing process.
Speaker 1 (02:20):
One of the things that came out in the 2024
Hispanic Wealth Report is there are probably more than most
folks would think a lot of million dollar income households
uh that are part of this uh report. So let's
let's talk to Don Campbell at Guild mortgage, talk about
financing for the Hispanic community. I think everybody across the
board is feeling that increase in what is required to
(02:43):
buy a home. They're shocked to see how much
income is required to buy a house as compared to
just two or three years ago. And so it is
no shock that these households out of necessity have had
to increase their income. I'm, I'm seeing a lot more
mobility in, in employment because of that. I think for
anybody these days, regardless of, of
(03:05):
income and, and regardless of any other conditions, there, there's
a lot of sticker shock going on, uh, on buying
a home and it's a little bit tougher these days
for everybody and the interest rates aren't exactly helping. Are
they don, they are not. Uh, we did experience a
very helpful dip when they, when the fed announced their
first rate cut, but that is all but evaporated at
(03:26):
this point. Um, and the slowdown in the in, in
cuts also made it so that banks are not as
eager to jump on a new tip. And so this
last announcement to reduce the rate almost didn't even have
an effect on lowering the interest rate at all. In fact,
I've always seen an increase in announcement, Jennifer and Moses,
let's talk a little bit about the market itself. Are
(03:49):
there some particularly good places these days for the Hispanic
community to be looking at for homeownership,
Speaker 2 (03:55):
I think, definitely, especially in the New Hampshire area. Uh
We're seeing a lot of our Massachusetts uh residents going
into the New Hampshire area, specifically into the cities like
Manchester and Nashville, New Hampshire. These cities offer a lot
of first time home buyer benefits education and um resources
(04:16):
that
allow these first time home buyers who are typically buying
entry level homes access to these properties in Massachusetts. We
also have cities like Lawrence, Methuen Haverhill and Lowell that
offer benefits and first time Homebuyer opportunities and resources that
give them those opportunities to buy. We're also seeing in
(04:36):
the Worcester County area that there are also some first
time Homebuyer programs and so there is a lot of
opportunity for the Hispanic community to make
their home buying process of reality. And I think that
our country and our states are doing a really good
job about supporting them. Certainly there's always room for improvement.
I think we need to create more inventory that caters
(04:58):
to their specific needs. But I certainly think that we're
doing a good job at at least granting some of
these opportunities on a financial level.
Speaker 1 (05:06):
Are
any of these programs at a state level for either
New Hampshire or Massachusetts? Or is it individual to, to
cities and communities?
It's kind of both. There is the statewide for Massachusetts,
it would be mass housing and New Hampshire would be
New Hampshire Housing and these are different programs that are
state run
and they have the differences from state to state, but
(05:28):
depending on the community that you target, you can find
additional health per community. Gabriel has some. Lawrence has some,
a lot of the communities that, that have a lot
of lower income households will have different kinds of health.
Or I've seen historically like towns like Cambridge even have
some help to get people into affordable housing where income
(05:49):
is out of control. Like you've got millionaires and overwhelming
most of the population of a town like that.
But they do have down payment assistance for people trying
to get into condos and apartments in that area. So
what's your best advice for any first time home buyer? Well,
in this particular market today, I will be speaking, targeting
a particular area is difficult because inventory is so low.
(06:13):
So if you're trying to say, I want to find
an opportunity in this particular town because they're offering a
down payment assistance program that might restrict you too much.
And so it is sort of luck of a
uh and sometimes these city specific programs, they have very
restrictive requirements or even accessing what they have available. So
it is almost not recommended to be too specific on
(06:36):
towns or targeting towns that have down payments. This is
because a lot of times it may not even apply.
Speaker 2 (06:41):
Yeah. And I think from a real estate standpoint, it
it is important that the buyers seek to work with
professionals that can really guide them towards those resources.
Um It's important to sit down with a real estate
professional and really hash out your plan and, and run
it by them and, and connect with the professionals that
are going to help get you to your goal. I
(07:04):
think too often that was the case for a lot
of Hispanics, Hispanics just didn't have real estate professionals in
the industry that spoke their language that understood their culture
and that created a culturally sensitive experience. And I think
that now that we as real estate professionals, the Hispanic
community is right
in that department. And we are really providing uh the
(07:25):
services in their language. We're culturally sensitive, we understand what
their needs are and we're advocating for them, not just
within the transaction, but also, you know, with our local
policies and, and, and we're, we're, we're involved with the
ground roots of the developers and everybody that's involved with
creating these opportunities for our specific Hispanic community,
Speaker 1 (07:45):
Don Campbell. Same question. Your best advice for a first
time home buyer
aligning yourself with someone with experience is extremely important in
this market because when you're out there fighting with different
offers on a particular property, for instance, if you're not
tied to a real estate agent or a team of
real estate agents that really knows how to advocate on
(08:06):
your behalf, or a lender nimble enough or flexible enough
to change the program and make it work for a
particular product and have the experience to close on time.
Experience is really winning these offers in, in this particular
market today because I have a lot more conversations with
listing agent as a lender than I've ever had in
my career over the last year because they are more
(08:28):
interested than ever in making sure that they're with experienced
and talented uh professionals. Sometimes it even wins out price. Sometimes,
uh an, an outrageous price or an outrageous offer is
just outrageous and it's being interpreted that way. And if
it's not tied to somebody with experience
and professionalism, you're not in the right spot. And so
(08:48):
I think making sure you're with talented people, obviously, for
my Hispanic community, making sure you find somebody that can speak,
your language is super important. Our office being qualified to
speak in Spanish throughout from the top to the bottom
to process them down is very helpful. I would say overall,
I think Hispanics are also sensitive to just make their
decision based on whether you do speak Spanish or not.
(09:10):
There's a lot more education out there in the market
to make
sure that they're not tied to the wrong professional. The
language barrier is coming down slowly, especially where recent immigrant
families have second generation English speakers that can help translate,
they're not bound to just finding anybody that only speaks Spanish.
So that flexibility also helps my Hispanic communities find the
(09:31):
right place. But coincidentally when you're talking to the co
and you're talking to us, we can satisfy both of
those things as being professional, being experienced and also happened
to be,
you've all mentioned that now. So let's talk about that.
A real estate transaction and or a financial transaction in
any language is a very complicated process. And if you're
(09:53):
doing it in what is not a native language to you,
that's gotta make things much, much more difficult. So this
whole language thing really does come into play, doesn't it,
it certainly plays to the advantage of professional people who
speak the language. What's really good about the way that
the coens and I have established are
culturally, it's, it's very uh desirable for our people to
(10:15):
meet in person. We can write things out, we can
explain things, go through different scenarios, but being able to
explain detail and educate our buyers in great detail about
the mortgage process just goes way beyond just helping them
out understand something they didn't know. But it inspires that
confidence that they're dealing with people that know what they're
(10:36):
talking about in their language. And I think it's
important for our Hispanic community not to just assume that
they're understanding everything in a language they're not comfortable with.
I think it is a huge plus for those that
have that language ability to be able to retain that
that connection to their client. Plus culturally, there's just things
that are different when you're able to communicate in Spanish
(10:57):
with a Spanish native speaker. It just culturally connects in
a different
way.
Speaker 2 (11:01):
Right. I agree. And I think one of the things
that we as a partnership, we've become very close and,
and we're aligned in
that we believe education is huge for our clients. So
we at the core realty group um do home buyer
workshops for our clients. We do them on a quarterly
basis and we do them in English and in Spanish.
And we typically attract all kinds of people from all
(11:24):
walks of life, not just Hispanics. And we talk about
at these workshops, the home buying process from the financial
standpoint to the home
inspection process to the, you know, insurance process to the
actual placing an offer. We invite the attorneys, the inspectors,
everyone to these workshops to speak directly to
(11:45):
the consumer and answer all of their questions because we
believe that the education component is incredibly empowering. I feel
like yes, we can represent them within the transaction. But
before we get there, I think dispelling any fears or
misconceptions that they might have or home buyer workshops are
always full of people that actually do buy with our,
(12:05):
with our company 6 to 12 months after
taking our workshop. So uh the guild mortgage and the
core realty group believe very strongly that education is, is
the cornerstone to, to homeownership for sure, but not only education,
I feel that, you know, one of the things that
we do different and this is why we like to
collaborate with lenders like Guild mortgage is we, we believe
(12:27):
in building trust relationships, educating first time home buyers.
Um we are resources to all of our clients. So
we are constantly connecting them with, you know, what comes next.
So it's not just connecting you with your dream home
and giving you the key, but it's also being there
to support them throughout giving them fin uh financial literacy and,
(12:48):
you know, just kind of advocating for them and their,
their generation so that they can
Speaker 1 (12:52):
continue to grow and teach their young ones, right? Uh
Speaker 2 (12:55):
the the new ways and, and build um generational wealth. Absolutely.
Speaker 1 (13:02):
And I hate to use COVID and the pandemic as,
as sort of a time frame, but a lot of
things in the world paused. So I, I will ask
you Jennifer and Moses from COVID the end of COVID
to now, are you seeing an increase in Hispanic first
time home buyers?
Speaker 2 (13:18):
I
think so, I honestly, I think COVID was the best
thing that happened to the Hispanic community
as well as it is concerned because the interest rates
went down so much that a lot of the folks
that were not able to afford with the higher interest
rates were able to afford during those years during COVID
or post COVID, uh immediately post COVID. So I think
(13:38):
COVID had a positive impact on the Hispanic community as
far as homeownership and interest rates were concerned.
I think that certainly as the interest rates started to
go up. People were a little bit hesitant, people were
pumping their brakes. They were like, wait a minute, the
rental pricing in these areas is continuing to increase. And
so they're saying, well, why am I going to pay
(13:59):
a $2500 rental fee when I can just pay
$2900 for my own house? And so I think that
the rental market has driven a lot of people to
the realization that homeownership is still the better path to
generational wealth. And I think that, you know, the Hispanic
community has enough people around them, enough examples of people
(14:20):
who are having success with real estate
that they are deciding to continue to do it. And yes,
now it's a little different. Now we're looking into multigenerational,
you have 234 people on a loan to make it happen.
But we're resilient. The Hispanic community is resilient. We know
that there is value in homeownership. We realize that our
parents and our grandparents didn't have the same opportunities that
(14:41):
we have in today's market and we are taking full
advantage and we will continue to grow the real estate market.
We will continue to change the dynamics of the communities
that we get to be part of
and we're going to improve them for the better 100%.
Speaker 1 (14:54):
Don Campbell, I will ask you and I'm pretty sure
I already know the answer, but it's not very likely
we're ever going to see interest rates as low as
we saw during COVID. And uh Jennifer mentioned that the
those interest rates were actually a boon to uh some
segments of the community, but we're not going back that
low again anytime soon. Are we, if smart
(15:16):
leaders of our country remain, it found and at different
places that are directly affecting the economy? I don't think
so because I think our economy suffered because of that
as available as those interest rates were, it did cause
a problem when we did hit COVID and there wasn't
a recovery rate to go down to. I think the
(15:37):
new
forever and ever will be no more than five, maybe
in the high fours at some point. I do suspect
that at some point we will see that. But no,
I don't, I do, I do agree that we're not
going to see two and 3% interest rates anytime soon.
Jennifer and Moses. Let's look forward now, what do you
see for the Hispanic housing market in the next year
(15:57):
to 18 months?
I want to dive into this. I want to say
that there is a drive in housing demand for the
coming years. There is a
Speaker 2 (16:05):
population growth shifting in housing preferences, you know, the economic
impact too. Um You know, it's the challenges and opportunities.
So we're always going to be faced with those particular items.
And as long as we stay savvy, as long as
we stay ahead. As long
as we continue to see the education, I think we're
(16:25):
going to see a resilience in homeownership growth. Yeah, I
think definitely the future is bright. I mean, the wealth
report clearly shows that the Hispanic community is committed to
homeownership and they're also committed to long other long term investments,
which is, what to me is exciting as a real
estate professional
and as a company guild and the co realty group,
(16:47):
we talk a lot about this. We talk about all
right guys, we have a bunch of successful homeowners, what's next,
what's next? And you know, what's next? We want to
make sure that they're using their assets and that they're
using whatever money comes from these assets to either open businesses,
to invest in stocks, to do other things, to diversify
their assets so that they can
bridge that wealth gap that we have with non-hispanic Ame
(17:10):
uh whites. We want to make sure that we are
competing in, in trade. We want to make sure that
we're competing in household. We want to take our people
from the urban to the suburban. We want them to,
to own million dollar homes. We want them to be in,
in elite schools. We want them to have the same
advantages that, that other, you know, ethnicities have had in
(17:31):
this amazing country that we live in. And we know
that that is possible and we know that the commitment
is there
and we the real estate professionals that are, you know,
stewards of this movement, we are committed 1000% to make
sure that we get our people there.
Speaker 1 (17:44):
I do
share in that optimism too because I think as the
second generation Hispanic from immigrant families, that generation is stronger
than it's ever been before, more of them are going
to college, more of them are owning homes younger that
was also very evident in the report that there was
a younger second
Hispanic community that is getting into homes way younger than
(18:06):
even their caucasian counterparts. I see that anecdotally. I see
a lot of young people, I've helped this 18 year
olds buy houses, maybe they started working at mcdonald's at
16 and I'm able to justify a twoyear workers spree.
They got a solid job out of high school, maybe
in the trades. It's wonderful. I've helped a lot of
twentysomethings get their first home. Sometimes they're cosigning with their parents.
(18:28):
The these 18 and
20 year olds are part of the statistics too because
they're helping their parents cosign. This community is very tight
knit and very willing to honor the sacrifices that their
parents made to provide the opportunities. And this is one
small way, but as they, as they cosign for their parents,
it's a very, very uh impactful way they can give
back to their, to their families. Thank you, Dawn. You
(18:50):
got a little ahead of me there because I, I
was gonna ask Jennifer, she touched on it briefly, but
I was gonna ask
Jennifer without using any names. Do you have like, like
Don just mentioned any particular success stories? Uh over the
past couple of years, something that stands out in your
mind is, wow. I was really proud to be part
of this.
Speaker 2 (19:09):
Absolutely. I, there are so many of them. I feel
like one that stood out to us was a deal
that actually we brokered with mcdonald and it was an
itin deal. These are folks who are running their business
here
in the United States who file taxes, but who are
not yet citizens of the United States. And there is
a program that allows them with a 20% down to
(19:31):
buy a single family home. And can you imagine being
an immigrant in this country that is not yet, you know,
fully part of the, you know, a resident or a
citizen of the United States to have that opportunity to,
because you've worked hard because you've established your business because
you've done everything right
that you still have a right to, to homeownership that
(19:52):
you can have that opportunity in this great country. And,
and that one really stands out to me because I mean, it,
it's not an easy program to qualify for. You have
to put a lot of work into it, but you
have that opportunity in this country. And so I love that,
I love that we
get to work with people from all walks of life
that either come together or that have really great income
(20:13):
and they can do it on their own or that
have just had to work much harder than most people
to get to where they are. And to be a
part of that journey and to be able to hand
over that key and look at their faces and see
the pride and the just the, the love that they
have for that accomplishment is, is truly wonderful to be
a part of. And, and this is why Moses and
I do what we do. We, we love helping our community.
Speaker 1 (20:35):
So let me ask what may be a silly question
to you, but you just mentioned it here when someone
is in the process of, of home ownership, whether it's
the first time or not for the Hispanic community, do
immigration laws and rules play into the transaction in the
(20:55):
paperwork it can when Trump was president the first time
there was a, a temporary moratorium on DACA recipients for the,
which was very detrimental for a little while because these
were things that were established by the previous administration as
pathways to citizenship pathways to homeownership that were temporarily shut down.
I don't anticipate that happening this time around, but you know,
(21:18):
he hasn't even taken the office yet. So yes, the
president and the administration currently in office can have a
direct effect on the availability of certain products thankfully, currently
DACA recipients and that was resolved during his presidency can
receive FH a loans.
A lot more banks now interested in the Itin. Itin
represents a customer. Like Jennifer said, that is not a
(21:39):
permanent resident or a citizen but is working hard buying
their taxes with a tax ID number. And if they're
doing it right, they could buy houses as well. So
there's a lot more opportunity than ever before for people
of all different statuses to be able to get into homeownership.
So we hope that the current administration recognizes the strengths
(21:59):
that immigrants bring to the community and don't
necessarily change those laws. I don't anticipate anything pending. I'm
not here to be a fear monger either, but we
do want to make sure we advocate for the the
open doors that are available now for all of our client.
The term it 10 has come up a couple of
times in this conversation now and I'm going to just
assume that it's a government acronym for, for something. What
(22:21):
does that stand for? Great question it. 10 is the
acronym is for individual taxpayer identification number. It's a tax
processing number only available
non-resident and resident aliens, their spouse, independence who cannot get
a social security number. So specifically, these are numbers given
for people that do not have a an active social
security number. Understood. Thank you for clarification on that. So
(22:45):
Jennifer and Moses as, as we wrap things up here.
For a member of the Hispanic community that is maybe
a first time home buyer in general terms. What's your
very best advice?
Speaker 2 (22:57):
My very best advice is to call the Collo Group.
I would say that, you know, we, we are the
stewards of this process for a lot of our Hispanic communities.
We take our job very seriously. We want to understand
your goals. We want to connect you with the right
resources that will get you to your goal faster and
we are 1000% committed to this process. Moses and I,
(23:20):
this is what we do. This is our livelihood. Uh
We care deeply about the future of our community and
the future and how we are
going to be impacting the communities that we get to
be part of. And so I'm very excited, I love
the idea of helping people break barriers and, and stretch and,
and move into areas that they didn't think were possible.
(23:42):
And I know that homeownership does that for a lot
of families, it breaks barriers and it gives them an
opportunity to explore life in a different place from a
different perspective. And so I am excited to be a
part of this. If you are looking to buy a home,
buy a condo, sell a home. If
looking into investments, we are happy to help. We at
the core realty group are, you know, one stop shop
(24:04):
for you. So definitely reach out to
us
Speaker 1 (24:06):
and how's the best way to get in touch with
the core realty
group.
Speaker 2 (24:10):
So we have our direct line which is 6175455505. You
can also reach us at info at core realty group.com
or you can visit our website ww.co realty group dot
com
Speaker 1 (24:24):
and coa is CO A, it is CO A
and Don Campbell Guild Mortgage. What's the contact information for you?
You can reach us at 9786876969. Anybody there can answer
the phone in Spanish or in English and set up
an appointment and we can either do it virtually or
preferably
(24:44):
Jennifer and Moses coa with the coa realty group and
Don Campbell with Guild Mortgage. We thank you so much
for spending time with us today.
Speaker 2 (24:51):
Thank you guys so much for the opportunity.
Speaker 1 (24:54):
Thank you for the time. Likewise. Thank you for, let's
move to Massachusetts. I'm Mark Erickson.
Let's move to Massachusetts. We have sort of uh uh
the Avengers of real estate and financing assembled here today,
we have Jennifer and Moses coa from the coa realty
group and we have Don Campbell from Guild Mortgage. Hello, everybody.
And thank you for joining us. Thank you for having us.
We're talking in particular about the Hispanic Wealth report, which
(00:21):
was recently released and Hispanic home ownership is on the rise.
Uh Jennifer Moses, do you want to talk a little
bit about that?
Speaker 2 (00:29):
Yes, absolutely. So definitely the, the, the wealth report showed
that the Hispanic community is definitely on the rise here.
We as local realtors in mass in New Hampshire have
seen that rise for many, many years. We have the
privilege of seeing how the Hispanic community continues to evolve
and to take an interest
(00:49):
in investing in their future through home ownership. Uh But
it's nice to see it reflected on the national level
and that, that movement is getting national recognition because the
Hispanic community is definitely having an incredibly positive impact on
the housing market. I feel that on a national level,
uh there is a higher demand for housing. Uh from
(01:10):
the Latino community. Uh There is a diverse for housing preferences,
increase in investments. And you know, there's a
Speaker 1 (01:16):
lot of cultural inference on the
market.
Talk a little bit about that cultural influence if you
would Moses.
Speaker 2 (01:23):
Well, I mean, I, what I'm seeing is that Hispanic
buyers often see communities with strong cultural lies and ties,
influencing the development of neighborhoods that, that reflect share values, traditions, amenities. Yeah.
And I think on a cultural influence also, one of
the things that's very uh unique, I guess about the
Hispanic community is that they tend to buy as multigenerational households.
(01:47):
And we're seeing that these uh this is definitely something
that's impacting the way the market is um behaving right.
So because they're buying it as multicultural uh entities, we,
we're having to see a, a change in the way
properties are being constructed. We're also seeing a difference in
the way they're, they're buying homes. And so we as
(02:08):
realtors working with this particular demographic have to be very
um you know, sensitive to the way this market moves
uh in in the housing purchasing process.
Speaker 1 (02:20):
One of the things that came out in the 2024
Hispanic Wealth Report is there are probably more than most
folks would think a lot of million dollar income households
uh that are part of this uh report. So let's
let's talk to Don Campbell at Guild mortgage, talk about
financing for the Hispanic community. I think everybody across the
board is feeling that increase in what is required to
(02:43):
buy a home. They're shocked to see how much
income is required to buy a house as compared to
just two or three years ago. And so it is
no shock that these households out of necessity have had
to increase their income. I'm, I'm seeing a lot more
mobility in, in employment because of that. I think for
anybody these days, regardless of, of
(03:05):
income and, and regardless of any other conditions, there, there's
a lot of sticker shock going on, uh, on buying
a home and it's a little bit tougher these days
for everybody and the interest rates aren't exactly helping. Are
they don, they are not. Uh, we did experience a
very helpful dip when they, when the fed announced their
first rate cut, but that is all but evaporated at
(03:26):
this point. Um, and the slowdown in the in, in
cuts also made it so that banks are not as
eager to jump on a new tip. And so this
last announcement to reduce the rate almost didn't even have
an effect on lowering the interest rate at all. In fact,
I've always seen an increase in announcement, Jennifer and Moses,
let's talk a little bit about the market itself. Are
(03:49):
there some particularly good places these days for the Hispanic
community to be looking at for homeownership,
Speaker 2 (03:55):
I think, definitely, especially in the New Hampshire area. Uh
We're seeing a lot of our Massachusetts uh residents going
into the New Hampshire area, specifically into the cities like
Manchester and Nashville, New Hampshire. These cities offer a lot
of first time home buyer benefits education and um resources
(04:16):
that
allow these first time home buyers who are typically buying
entry level homes access to these properties in Massachusetts. We
also have cities like Lawrence, Methuen Haverhill and Lowell that
offer benefits and first time Homebuyer opportunities and resources that
give them those opportunities to buy. We're also seeing in
(04:36):
the Worcester County area that there are also some first
time Homebuyer programs and so there is a lot of
opportunity for the Hispanic community to make
their home buying process of reality. And I think that
our country and our states are doing a really good
job about supporting them. Certainly there's always room for improvement.
I think we need to create more inventory that caters
(04:58):
to their specific needs. But I certainly think that we're
doing a good job at at least granting some of
these opportunities on a financial level.
Speaker 1 (05:06):
Are
any of these programs at a state level for either
New Hampshire or Massachusetts? Or is it individual to, to
cities and communities?
It's kind of both. There is the statewide for Massachusetts,
it would be mass housing and New Hampshire would be
New Hampshire Housing and these are different programs that are
state run
and they have the differences from state to state, but
(05:28):
depending on the community that you target, you can find
additional health per community. Gabriel has some. Lawrence has some,
a lot of the communities that, that have a lot
of lower income households will have different kinds of health.
Or I've seen historically like towns like Cambridge even have
some help to get people into affordable housing where income
(05:49):
is out of control. Like you've got millionaires and overwhelming
most of the population of a town like that.
But they do have down payment assistance for people trying
to get into condos and apartments in that area. So
what's your best advice for any first time home buyer? Well,
in this particular market today, I will be speaking, targeting
a particular area is difficult because inventory is so low.
(06:13):
So if you're trying to say, I want to find
an opportunity in this particular town because they're offering a
down payment assistance program that might restrict you too much.
And so it is sort of luck of a
uh and sometimes these city specific programs, they have very
restrictive requirements or even accessing what they have available. So
it is almost not recommended to be too specific on
(06:36):
towns or targeting towns that have down payments. This is
because a lot of times it may not even apply.
Speaker 2 (06:41):
Yeah. And I think from a real estate standpoint, it
it is important that the buyers seek to work with
professionals that can really guide them towards those resources.
Um It's important to sit down with a real estate
professional and really hash out your plan and, and run
it by them and, and connect with the professionals that
are going to help get you to your goal. I
(07:04):
think too often that was the case for a lot
of Hispanics, Hispanics just didn't have real estate professionals in
the industry that spoke their language that understood their culture
and that created a culturally sensitive experience. And I think
that now that we as real estate professionals, the Hispanic
community is right
in that department. And we are really providing uh the
(07:25):
services in their language. We're culturally sensitive, we understand what
their needs are and we're advocating for them, not just
within the transaction, but also, you know, with our local
policies and, and, and we're, we're, we're involved with the
ground roots of the developers and everybody that's involved with
creating these opportunities for our specific Hispanic community,
Speaker 1 (07:45):
Don Campbell. Same question. Your best advice for a first
time home buyer
aligning yourself with someone with experience is extremely important in
this market because when you're out there fighting with different
offers on a particular property, for instance, if you're not
tied to a real estate agent or a team of
real estate agents that really knows how to advocate on
(08:06):
your behalf, or a lender nimble enough or flexible enough
to change the program and make it work for a
particular product and have the experience to close on time.
Experience is really winning these offers in, in this particular
market today because I have a lot more conversations with
listing agent as a lender than I've ever had in
my career over the last year because they are more
(08:28):
interested than ever in making sure that they're with experienced
and talented uh professionals. Sometimes it even wins out price. Sometimes,
uh an, an outrageous price or an outrageous offer is
just outrageous and it's being interpreted that way. And if
it's not tied to somebody with experience
and professionalism, you're not in the right spot. And so
(08:48):
I think making sure you're with talented people, obviously, for
my Hispanic community, making sure you find somebody that can speak,
your language is super important. Our office being qualified to
speak in Spanish throughout from the top to the bottom
to process them down is very helpful. I would say overall,
I think Hispanics are also sensitive to just make their
decision based on whether you do speak Spanish or not.
(09:10):
There's a lot more education out there in the market
to make
sure that they're not tied to the wrong professional. The
language barrier is coming down slowly, especially where recent immigrant
families have second generation English speakers that can help translate,
they're not bound to just finding anybody that only speaks Spanish.
So that flexibility also helps my Hispanic communities find the
(09:31):
right place. But coincidentally when you're talking to the co
and you're talking to us, we can satisfy both of
those things as being professional, being experienced and also happened
to be,
you've all mentioned that now. So let's talk about that.
A real estate transaction and or a financial transaction in
any language is a very complicated process. And if you're
(09:53):
doing it in what is not a native language to you,
that's gotta make things much, much more difficult. So this
whole language thing really does come into play, doesn't it,
it certainly plays to the advantage of professional people who
speak the language. What's really good about the way that
the coens and I have established are
culturally, it's, it's very uh desirable for our people to
(10:15):
meet in person. We can write things out, we can
explain things, go through different scenarios, but being able to
explain detail and educate our buyers in great detail about
the mortgage process just goes way beyond just helping them
out understand something they didn't know. But it inspires that
confidence that they're dealing with people that know what they're
(10:36):
talking about in their language. And I think it's
important for our Hispanic community not to just assume that
they're understanding everything in a language they're not comfortable with.
I think it is a huge plus for those that
have that language ability to be able to retain that
that connection to their client. Plus culturally, there's just things
that are different when you're able to communicate in Spanish
(10:57):
with a Spanish native speaker. It just culturally connects in
a different
way.
Speaker 2 (11:01):
Right. I agree. And I think one of the things
that we as a partnership, we've become very close and,
and we're aligned in
that we believe education is huge for our clients. So
we at the core realty group um do home buyer
workshops for our clients. We do them on a quarterly
basis and we do them in English and in Spanish.
And we typically attract all kinds of people from all
(11:24):
walks of life, not just Hispanics. And we talk about
at these workshops, the home buying process from the financial
standpoint to the home
inspection process to the, you know, insurance process to the
actual placing an offer. We invite the attorneys, the inspectors,
everyone to these workshops to speak directly to
(11:45):
the consumer and answer all of their questions because we
believe that the education component is incredibly empowering. I feel
like yes, we can represent them within the transaction. But
before we get there, I think dispelling any fears or
misconceptions that they might have or home buyer workshops are
always full of people that actually do buy with our,
(12:05):
with our company 6 to 12 months after
taking our workshop. So uh the guild mortgage and the
core realty group believe very strongly that education is, is
the cornerstone to, to homeownership for sure, but not only education,
I feel that, you know, one of the things that
we do different and this is why we like to
collaborate with lenders like Guild mortgage is we, we believe
(12:27):
in building trust relationships, educating first time home buyers.
Um we are resources to all of our clients. So
we are constantly connecting them with, you know, what comes next.
So it's not just connecting you with your dream home
and giving you the key, but it's also being there
to support them throughout giving them fin uh financial literacy and,
(12:48):
you know, just kind of advocating for them and their,
their generation so that they can
Speaker 1 (12:52):
continue to grow and teach their young ones, right? Uh
Speaker 2 (12:55):
the the new ways and, and build um generational wealth. Absolutely.
Speaker 1 (13:02):
And I hate to use COVID and the pandemic as,
as sort of a time frame, but a lot of
things in the world paused. So I, I will ask
you Jennifer and Moses from COVID the end of COVID
to now, are you seeing an increase in Hispanic first
time home buyers?
Speaker 2 (13:18):
I
think so, I honestly, I think COVID was the best
thing that happened to the Hispanic community
as well as it is concerned because the interest rates
went down so much that a lot of the folks
that were not able to afford with the higher interest
rates were able to afford during those years during COVID
or post COVID, uh immediately post COVID. So I think
(13:38):
COVID had a positive impact on the Hispanic community as
far as homeownership and interest rates were concerned.
I think that certainly as the interest rates started to
go up. People were a little bit hesitant, people were
pumping their brakes. They were like, wait a minute, the
rental pricing in these areas is continuing to increase. And
so they're saying, well, why am I going to pay
(13:59):
a $2500 rental fee when I can just pay
$2900 for my own house? And so I think that
the rental market has driven a lot of people to
the realization that homeownership is still the better path to
generational wealth. And I think that, you know, the Hispanic
community has enough people around them, enough examples of people
(14:20):
who are having success with real estate
that they are deciding to continue to do it. And yes,
now it's a little different. Now we're looking into multigenerational,
you have 234 people on a loan to make it happen.
But we're resilient. The Hispanic community is resilient. We know
that there is value in homeownership. We realize that our
parents and our grandparents didn't have the same opportunities that
(14:41):
we have in today's market and we are taking full
advantage and we will continue to grow the real estate market.
We will continue to change the dynamics of the communities
that we get to be part of
and we're going to improve them for the better 100%.
Speaker 1 (14:54):
Don Campbell, I will ask you and I'm pretty sure
I already know the answer, but it's not very likely
we're ever going to see interest rates as low as
we saw during COVID. And uh Jennifer mentioned that the
those interest rates were actually a boon to uh some
segments of the community, but we're not going back that
low again anytime soon. Are we, if smart
(15:16):
leaders of our country remain, it found and at different
places that are directly affecting the economy? I don't think
so because I think our economy suffered because of that
as available as those interest rates were, it did cause
a problem when we did hit COVID and there wasn't
a recovery rate to go down to. I think the
(15:37):
new
forever and ever will be no more than five, maybe
in the high fours at some point. I do suspect
that at some point we will see that. But no,
I don't, I do, I do agree that we're not
going to see two and 3% interest rates anytime soon.
Jennifer and Moses. Let's look forward now, what do you
see for the Hispanic housing market in the next year
(15:57):
to 18 months?
I want to dive into this. I want to say
that there is a drive in housing demand for the
coming years. There is a
Speaker 2 (16:05):
population growth shifting in housing preferences, you know, the economic
impact too. Um You know, it's the challenges and opportunities.
So we're always going to be faced with those particular items.
And as long as we stay savvy, as long as
we stay ahead. As long
as we continue to see the education, I think we're
(16:25):
going to see a resilience in homeownership growth. Yeah, I
think definitely the future is bright. I mean, the wealth
report clearly shows that the Hispanic community is committed to
homeownership and they're also committed to long other long term investments,
which is, what to me is exciting as a real
estate professional
and as a company guild and the co realty group,
(16:47):
we talk a lot about this. We talk about all
right guys, we have a bunch of successful homeowners, what's next,
what's next? And you know, what's next? We want to
make sure that they're using their assets and that they're
using whatever money comes from these assets to either open businesses,
to invest in stocks, to do other things, to diversify
their assets so that they can
bridge that wealth gap that we have with non-hispanic Ame
(17:10):
uh whites. We want to make sure that we are
competing in, in trade. We want to make sure that
we're competing in household. We want to take our people
from the urban to the suburban. We want them to,
to own million dollar homes. We want them to be in,
in elite schools. We want them to have the same
advantages that, that other, you know, ethnicities have had in
(17:31):
this amazing country that we live in. And we know
that that is possible and we know that the commitment
is there
and we the real estate professionals that are, you know,
stewards of this movement, we are committed 1000% to make
sure that we get our people there.
Speaker 1 (17:44):
I do
share in that optimism too because I think as the
second generation Hispanic from immigrant families, that generation is stronger
than it's ever been before, more of them are going
to college, more of them are owning homes younger that
was also very evident in the report that there was
a younger second
Hispanic community that is getting into homes way younger than
(18:06):
even their caucasian counterparts. I see that anecdotally. I see
a lot of young people, I've helped this 18 year
olds buy houses, maybe they started working at mcdonald's at
16 and I'm able to justify a twoyear workers spree.
They got a solid job out of high school, maybe
in the trades. It's wonderful. I've helped a lot of
twentysomethings get their first home. Sometimes they're cosigning with their parents.
(18:28):
The these 18 and
20 year olds are part of the statistics too because
they're helping their parents cosign. This community is very tight
knit and very willing to honor the sacrifices that their
parents made to provide the opportunities. And this is one
small way, but as they, as they cosign for their parents,
it's a very, very uh impactful way they can give
back to their, to their families. Thank you, Dawn. You
(18:50):
got a little ahead of me there because I, I
was gonna ask Jennifer, she touched on it briefly, but
I was gonna ask
Jennifer without using any names. Do you have like, like
Don just mentioned any particular success stories? Uh over the
past couple of years, something that stands out in your
mind is, wow. I was really proud to be part
of this.
Speaker 2 (19:09):
Absolutely. I, there are so many of them. I feel
like one that stood out to us was a deal
that actually we brokered with mcdonald and it was an
itin deal. These are folks who are running their business
here
in the United States who file taxes, but who are
not yet citizens of the United States. And there is
a program that allows them with a 20% down to
(19:31):
buy a single family home. And can you imagine being
an immigrant in this country that is not yet, you know,
fully part of the, you know, a resident or a
citizen of the United States to have that opportunity to,
because you've worked hard because you've established your business because
you've done everything right
that you still have a right to, to homeownership that
(19:52):
you can have that opportunity in this great country. And,
and that one really stands out to me because I mean, it,
it's not an easy program to qualify for. You have
to put a lot of work into it, but you
have that opportunity in this country. And so I love that,
I love that we
get to work with people from all walks of life
that either come together or that have really great income
(20:13):
and they can do it on their own or that
have just had to work much harder than most people
to get to where they are. And to be a
part of that journey and to be able to hand
over that key and look at their faces and see
the pride and the just the, the love that they
have for that accomplishment is, is truly wonderful to be
a part of. And, and this is why Moses and
I do what we do. We, we love helping our community.
Speaker 1 (20:35):
So let me ask what may be a silly question
to you, but you just mentioned it here when someone
is in the process of, of home ownership, whether it's
the first time or not for the Hispanic community, do
immigration laws and rules play into the transaction in the
(20:55):
paperwork it can when Trump was president the first time
there was a, a temporary moratorium on DACA recipients for the,
which was very detrimental for a little while because these
were things that were established by the previous administration as
pathways to citizenship pathways to homeownership that were temporarily shut down.
I don't anticipate that happening this time around, but you know,
(21:18):
he hasn't even taken the office yet. So yes, the
president and the administration currently in office can have a
direct effect on the availability of certain products thankfully, currently
DACA recipients and that was resolved during his presidency can
receive FH a loans.
A lot more banks now interested in the Itin. Itin
represents a customer. Like Jennifer said, that is not a
(21:39):
permanent resident or a citizen but is working hard buying
their taxes with a tax ID number. And if they're
doing it right, they could buy houses as well. So
there's a lot more opportunity than ever before for people
of all different statuses to be able to get into homeownership.
So we hope that the current administration recognizes the strengths
(21:59):
that immigrants bring to the community and don't
necessarily change those laws. I don't anticipate anything pending. I'm
not here to be a fear monger either, but we
do want to make sure we advocate for the the
open doors that are available now for all of our client.
The term it 10 has come up a couple of
times in this conversation now and I'm going to just
assume that it's a government acronym for, for something. What
(22:21):
does that stand for? Great question it. 10 is the
acronym is for individual taxpayer identification number. It's a tax
processing number only available
non-resident and resident aliens, their spouse, independence who cannot get
a social security number. So specifically, these are numbers given
for people that do not have a an active social
security number. Understood. Thank you for clarification on that. So
(22:45):
Jennifer and Moses as, as we wrap things up here.
For a member of the Hispanic community that is maybe
a first time home buyer in general terms. What's your
very best advice?
Speaker 2 (22:57):
My very best advice is to call the Collo Group.
I would say that, you know, we, we are the
stewards of this process for a lot of our Hispanic communities.
We take our job very seriously. We want to understand
your goals. We want to connect you with the right
resources that will get you to your goal faster and
we are 1000% committed to this process. Moses and I,
(23:20):
this is what we do. This is our livelihood. Uh
We care deeply about the future of our community and
the future and how we are
going to be impacting the communities that we get to
be part of. And so I'm very excited, I love
the idea of helping people break barriers and, and stretch and,
and move into areas that they didn't think were possible.
(23:42):
And I know that homeownership does that for a lot
of families, it breaks barriers and it gives them an
opportunity to explore life in a different place from a
different perspective. And so I am excited to be a
part of this. If you are looking to buy a home,
buy a condo, sell a home. If
looking into investments, we are happy to help. We at
the core realty group are, you know, one stop shop
(24:04):
for you. So definitely reach out to
us
Speaker 1 (24:06):
and how's the best way to get in touch with
the core realty
group.
Speaker 2 (24:10):
So we have our direct line which is 6175455505. You
can also reach us at info at core realty group.com
or you can visit our website ww.co realty group dot
com
Speaker 1 (24:24):
and coa is CO A, it is CO A
and Don Campbell Guild Mortgage. What's the contact information for you?
You can reach us at 9786876969. Anybody there can answer
the phone in Spanish or in English and set up
an appointment and we can either do it virtually or
preferably
(24:44):
Jennifer and Moses coa with the coa realty group and
Don Campbell with Guild Mortgage. We thank you so much
for spending time with us today.
Speaker 2 (24:51):
Thank you guys so much for the opportunity.
Speaker 1 (24:54):
Thank you for the time. Likewise. Thank you for, let's
move to Massachusetts. I'm Mark Erickson.
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