10/29/07-So I’m thinking about buying my place. Yeah, it’s going up for sale….I’ve been renting here in DC for 3 years, and we’re being given the option to take a buyout for tens of thousands, or buy at a reduced rate.
I’m leaning towards the “buy” angle – I know, I know it’s a down market – but it’s more than the money, I really like my place.
So here’s where the story begins…(I'll get back to me in a minute)...I started doing some reading up on Hispanics and real estate. There are some pretty startling facts on Hispanic home buyers…
And if I was a real estate agent---in this current spiraling-headfirst-to-the-ground market---- I’d be turning my attention to attracting Hispanic consumers.
According to a Texas A&M study- over the next 15 years:
Hispanics will account for 40% of home purchases.
THAT’s a big market. If I was a real estate looking for some new customers – I’d be studying up on how to do some Hispanic marketing.
A few interesting items from the study:
· Unlike Anglo customers – Hispanics are much more likely to consult a family member/friend vs. reach out and make an initial contact with a realtor they don’t know.
· Hispanics consider the homebuying process a difficult one
· Hispanics “want the agent to manage the closing process in its entirety” along with keeping them well-informed throughout the process
These were just a few items in the study, and I’m not a real estate marketer – but even so, it plays true to form with a lot of items from my experience marketing to Hispanics:
Hispanics value family and friends’ advice over untargeted advertising. Also, it’s typical that for Hispanics: personal service and friendships go a long way towards winning business, a customer, and a sale.
So back to me :)
Any thoughts on the buy or sell thing? I live in a Washington DC, in a hot area. I'm surrounded by hotels like the Ritz Carlton, the Fairmount, Park Hyatt...plus there's some new boutiquey "green" hotel going up across the corner. Across from me there's 1-bedrooms going for like 4 times what I'd be buying this place for.
It's a down market though, and buying well- it's a hassle.
What do I do? Thoughts?
-La Marketer