By Scott Maben
Sunday, January 15, 2006
Getting ready to move to Eugene from Arizona last summer, Jesus Ochoa and his family knew one thing for sure: They wanted a real estate agent who speaks Spanish to help them find their new home.
The family of six speaks English. But Ochoa and his wife, Laura, both originally from Mexico, feel more comfortable communicating in their native language - especially important for understanding all the paperwork involved in buying a house, he said.
"Other real estate agents, when they do not speak Spanish, sometimes they just jump to the end of the page," said Ochoa, who previously owned homes in Arizona and California. He wanted to work with a Spanish-speaking real estate agent, Ochoa said, to make sure he "understood every little thing."
Bilingual real estate agents are in high demand among Hispanics, the fastest-growing segment of the area's real estate market, local agents say.
The Ochoas, who recently purchased a three-bedroom home in west Eugene, worked with Chris Suarez at Re/Max Integrity in Eugene, following recommendations from people at their church.
After a few months of looking, Suarez found the family a nice house in their price range and in a desirable location, Ochoa said.
Suarez estimates 40 percent of the buyers he represents are Hispanic, and they find him largely by word of mouth.
"It started just with people seeing my last name," he said. "I do some volunteer work in the Spanish community, and people recognized I do real estate. They started calling me."
As the calls picked up, he added a Spanish greeting to his voice mail, although he still advertises only in English.
David Rodarte, a real estate agent with Prudential in Eugene, figures about 85 percent of his clients hail from Spanish-speaking countries, including Mexico, Peru and El Salvador. Like Suarez, Rodarte didn't have to go searching for his niche.
"I was hoping to work with everybody," he said. "It looks like the Latino people, they look for Latinos to help them out, people who can speak their own language."
More than 15,000 Hispanics lived in Lane County in 2000, according to census figures, and their numbers grew by 17 percent between 1990 and 2000. The population today is estimated between 17,000 and 18,000.
Hispanics are streaming into Oregon and looking to buy homes in part because of the super-heated housing market in states such as California, where nearly one in three residents are of Hispanic or Latino origin.
Suarez said that from what he has seen, most Hispanics buying in the Eugene-Springfield market are moving here from California.
"There's such a concentration of Spanish-speaking people in California," he said. "Once they move up, they want all their friends to move up, too."
Home values have risen so much in California that owners are able to sell, relocate to the Northwest and buy more house for less money. Many Latinos buying in Oregon are already on their second or third homes, using their equity to upgrade to larger, nicer houses."Even though they may be first-generation here, they bought and sold a home in California and then buy here," Suarez said.
Others are just looking for an investment, he said.
"I'm working with some investors who just want to buy fourplexes or duplexes," he said. "They do not even live here. They come up and buy because real estate is so good now in Eugene."
Patty Rappa, a Eugene marketing consultant specializing in helping real estate agents and lenders work with Hispanics around the Northwest, said the difference in housings prices between the California and Oregon markets is a major factor in the growth here.
"They cashed in on the sale of their homes in California," Rappa said. "They have money and they want to purchase something. Most of the time they are cash buyers. Realtors are starting to see the benefits of working with them."
Rappa, whose mother is from Uruguay and father is from Argentina, brings in leads for mortgage brokers at The Lending Team Inc. of Eugene and real estate agents affiliated with those brokers.
She began connecting with prospective home buyers at places such as Gateway Mall in Springfield. In just six weeks she found 25 to 30 people looking to qualify for a home loan, buy a house or just talk with someone about the process, Rappa said.
"There's such a big need now. It's just astronomical," she said. "People are looking for answers, for help."
Understanding trends and cultural norms within Hispanic cultures helps real estate agents serve this segment of the market, Suarez said. It's common, for example, for Hispanics to invite parents or siblings to move in with them, he said. So many Hispanics are in the market for larger homes or ones they can expand.
Others look for homes in rural areas, especially if they originally are from smaller towns in Mexico, he said.
"They are used to having property - a lot of them have grown up with horses and in a farm setting. They tend to gravitate toward that."
However, the price of larger pieces of property drives some buyers back into cities, he said.
Home ownership long has been viewed as a big step toward realizing the American dream. And culturally, it's a priority for Latinos as well, said Sandy Halonen, executive director of the Neighborhood Economic Development Corporation in Eugene.
"I think it's a very natural trend," Halonen said. "People come here because they want to make things better for their family. Part of that is stability and part of that is home ownership."
And every member of the family makes sacrifices to reach that goal, she said.
"They really want it, and the whole family works toward it," she said. "I think it's a really strong cultural value. Because the home is about family; it's about roots."
NEDCO, which serves as a home-buying education and housing referral center for Lane County, also builds and finances some new homes for first-time buyers. Many of those homes are for Latino families, Halonen said.
"They're willing to do whatever it takes to do it. If it means they don't spend money on anything but put it in savings, they do it," she said.
Finding people in the lending and real estate fields they can trust is especially important for Spanish-speaking people, who have become the target of predatory lenders pushing high-risk loans and fraudulent schemes, Halonen said.
Hispanics are more vulnerable to deceptive practices in part because of the language barrier but also because of their cultural background, which can include a lack of knowledge of how American institutions work, Halonen said.
"They're at a disadvantage," she said.
That's why referrals are so critical, said Suarez, whose parents are from Spain and who learned Spanish as a child.
"The Spanish community is built on trust," he said. "If they find someone they can trust and have a good experience with, they refer all their family members and friends to you."
His wife, Mirel Marquez, is from Mexico. She's a mortgage broker with Precision Funding, which is affiliated with Re/Max Integrity. The two often work with the same clients.
"Even though my Spanish isn't perfect, they are comfortable with certain things being explained in Spanish. It helps, for sure," Suarez said.
Jesus Ochoa said having a Spanish-speaking real estate agent he could trust made all the difference, after a previous bad experience with a real estate agent in Arizona who seemed interested only in maximizing his own financial interest.
Suarez and Marquez "gave us some honest advice what to do," he said.
The family needed a house to rent for a few months until they could find the right home to buy, and Suarez helped them there, too.
It wasn't easy: Ochoa was not working when the family moved to Eugene, and they had three dogs. It took nearly three weeks to find a rental. They bought tents and camped at a Veneta campground last summer until they could move in.
Ochoa, his wife and their four children - Katie, 17; Jesus, 15; Jehonadab, 13; and Ashley, 11 - plan to move into their house on Cambon Street on Saturday.
Ochoa said he'll recommend Suarez to others, including his mother, two sisters and two brothers, all in California.
Rodarte, the Prudential agent, was born and raised in Mexico and has been in the United States for 15 years. He said most of his clients are younger than 40, and some are in their late teens and early 20s. Higher rents in recent years have persuaded some younger people to take the plunge into home ownership, he said.
"There's not much difference from paying rent and owning. You pay a little more," he said. "It's a good thing, a long-term investment."
He recently found a home in Springfield for a young Hispanic couple with a 4-year-old son. She works two restaurant jobs. He works for a stone and tile company and speaks no English.
"In order to do it the right way, we needed someone to speak Spanish," said Rodarte's 23-year-old client, Alyha, who declined to give her last name. "I am very happy, very satisfied with David's work."
The couple had been renting in Springfield. They moved into their new home in November.
"We know it's going to be a bigger bill," Alyha said. "But we're happy with the house."
Source: The Register-Guard
Our website was dedicated to motivate and inspire Latinos to purchase their home and achieve the American Dream of Homeownership - it turns out that it has become an excellent sales tool for Realtors - who can refer their shoppers to our site to answer questions!
Posted by: anita | January 30, 2006 at 09:48 PM
Great article! The statistics are out there and Hispanic homeownership has and continues to dramatically increase. Currently, one of the major obstacles for Latino homebuyers is the lack of information (in Spanish) available about the homebuying process. In order for realtors to cater to Latino homebuyers we have developed a bilingual realtor website designed specifically for agents that have Spanish speaking clients.
Posted by: Brian Requarth | February 12, 2006 at 02:36 PM