Thanks to a collaboration between members of the DuPage and Rockford chapters of the National Association of Hispanic Real Estate Professionals (NAHREP), more than 60 real estate professionals gained a better understanding of a growing market segment, Hispanic Americans, at a NorthWest Illinois Alliance of REALTORS®’ event.
The “State of Hispanic Homeownership” event included an educational seminar and a panel discussion in celebration of Hispanic American Heritage Month, Sept. 15-Oct. 15. Panelists included NAHREP DuPage County President Jose Macias and NAHREP DuPage County Vice President Jason Gaetz. According to Local Governmental Affairs Director Neeley Erickson, the panelists gave REALTOR® attendees several key takeaways:
- Consumers of Hispanic heritage often prefer documents written in their native language.
- Adult children may buy single-family homes or multifamily units on behalf of Hispanic parents who do not have credit, leading to multiple generations living together.
- To chase the American Dream of homeownership, Hispanic consumers do everything that’s needed, including completing necessary documents, taking classes, making larger down payments or taking out Individual Tax Identification Number loans if they are ineligible for Social Security numbers.
NorthWest helped defer expenses for the Hispanic homeownership event by securing a diversity grant through the National Association of REALTORS®.
“This initiative not only increased awareness of NAHREP’s local goals but also identified homeownership obstacles that some Hispanic Americans face and laid the groundwork for future collaborations between the associations,” said Erickson.
