What does the word “minority” mean? Well, in four U.S. states, the answer is…nothing. Though the term is commonly used in reference to any racial or ethnic group numerically less than half the general population, this word is displeasing to many people and often used incorrectly. This is particularly true if you are selling real estate in California, Hawaii, New Mexico, or Texas, where there is NO majority population.
2010 U.S. Census
And…by 2050 “minorities” will be the majority in the United States. That’s only 37 years away, folks. The fastest growing ethnic groups in the U.S. are the Asian and Hispanic populations (each increased 43 percent since the last census, four times faster than the general population).
The real estate market is changing. If you assume that most of the people buying homes in the next two decades are now under the age of 44, then more than one in four will be Hispanic or Asian.
They aren’t just moving to the typical “melting pot” cities and states, either. Between 2000 and 2010, the foreign-born population increased by more than 50 percent in nine states, including more “unlikely” states like South Carolina, Kentucky, Montana, North Carolina, and Wisconsin.
So – as the “minority” population grows into the majority – are you ready to serve them? Consider the following:
- Do you know what to do with a client who refuses to take on a mortgage due to their cultural beliefs, and what institutions can help?
- Do you know how to help them find homes in neighborhoods where they will feel most comfortable, without violating fair housing laws?
- Do you know how to identify which demographics are most prevalent in your local market?
To help make sure you don’t “blow the deal” next time an international buyer client comes calling, take NAR’s At Home With Diversity® Certification Course. It is 15% off throughout the month of August, and there is no application fee (for a limited time)…so there is no better time to take it! It also counts as CE in most states, and as elective credits to the CIPS designation and several others. If you have questions, feel free to call me at 312.329.8393.