December 31, 1998
(NAPSA)-According to the U.S. Immigration and Naturalization Service and Ernst & Young's Kenneth Leventhal Real Estate Group, by the year 2000 the total number of immigrants will reach a projected 10 million for the decade.
As a result, real estate firms nationwide are increasing efforts and changing their techniques to service specific ethnic and immigrant consumers.
In 1996, more immigrants came from Mexico than from any other country. Other prominent immigrant groups included those from the Philippines, India, Vietnam, China, Dominican Republic and Cuba.
Many Century 21¨ brokers have been quick to respond to the growing needs of these populations, with offices now capable of communicating in as many as 20 different languages. Adam Karp, Director of New Products for Century 21 Real Estate Corporation, said "The combination of low interest rates, an overall healthy economy and efforts by banks and mortgage companies to increase minority home ownership is fueling an incredible home-buying boom nationally. Those residential real estate organizations which focus on the growing demand from all types of new homebuyers will be at the forefront of this evolving trend as more immigrants begin to buy and sell homes."
Fannie Mae, the nation's biggest provider of home mortgage funds, reports the number of immigrant homeowners, which grew 47 percent between 1980 and 1995, is expected to grow another 45 percent to 6.8 million by 2010. A recent Fannie Mae survey found that immigrants who rent are three times more likely than all adult renters to consider buying a home their "number one priority." In fact, on the whole, immigrants are more likely than all other adult demographic groups to buy a home in the next three years, the survey reports.
Hispanics, many of whom immigrated to the U.S. more than ten years ago, are having the biggest impact on the real estate industry. For example, in Southern California half of all Hispanics own their own homes.
Century 21 Real Estate Corporation is the only national real estate organization with a national marketing communications campaign to reach this fastest-growing ethnic group. Launched this past year, the campaign includes national television and radio advertising in Hispanic media and during broadcasts of popular sports events such as World Cup Soccer and Major League Baseball. In addition, the Century 21 System provides its brokers with marketing tools in Spanish.
You can learn more from the company's Web site at www. century21.com.