The Hispanic community’s growing impact on homeownership in Massachusetts is driving significant change in the real estate market. This trend, highlighted in the recently released 2024 Hispanic Wealth Report, reflects both the increasing economic power of the Hispanic population and the unique cultural factors influencing their buying patterns. Real estate experts Jennifer and Moises Coa from Coa Realty Group, alongside Don Campbell from Guild Mortgage, recently discussed these developments in a comprehensive interview that emphasized the challenges and opportunities shaping the market.
Hispanic Homeownership on the Rise
According to Jennifer Coa, Hispanic homeownership has been steadily increasing for years, a trend now gaining national recognition. “The Hispanic community is having an incredibly positive impact on the housing market,” she noted. This sentiment was echoed by Moises Coa, who emphasized the role of cultural values in shaping home-buying decisions. "Hispanic buyers often seek out multigenerational homes in communities with strong cultural ties," he explained.
This preference is reshaping how homes are constructed and marketed, with more demand for properties that can accommodate extended families. Jennifer also highlighted the importance of the report, which revealed an increasing number of Hispanic million-dollar income households, underscoring the community’s financial growth.
Financing Challenges and Opportunities
Don Campbell of Guild Mortgage addressed the financial hurdles Hispanic homebuyers face, including rising interest rates and the high income required to purchase homes. He emphasized the importance of working with experienced professionals who can navigate these challenges. “Experience is winning offers in this market,” Campbell said, adding that the ability to speak the client’s language and understand cultural nuances can be a deciding factor in successful transactions.
While interest rates are unlikely to return to the historic lows seen during the COVID-19 pandemic, Campbell expressed optimism about future rate stability, predicting they would likely remain in the 4% to 5% range.
Expanding Opportunities in Massachusetts and Beyond
Hispanic homebuyers in Massachusetts are finding opportunities in cities like Lawrence, Methuen, Haverhill, and Lowell, where first-time homebuyer programs provide critical support. Neighboring New Hampshire is also attracting buyers, particularly in cities like Manchester and Nashua, which offer similar incentives.
Jennifer and Moises Coa emphasized the need for more inventory catering to the specific needs of the Hispanic community. “We need to create more inventory that caters to multigenerational households and first-time buyers,” Jennifer said. Despite these challenges, she commended the efforts of state and local programs aimed at supporting homeownership.
Building Trust Through Education
Coa Realty Group and Guild Mortgage conduct quarterly homebuyer workshops in English and Spanish, educating potential buyers about everything from financing to home inspections. “Education is incredibly empowering,” Jennifer explained. “We believe in building trust through education, ensuring that buyers understand the process and feel confident.”
The workshops often lead to successful home purchases within six to 12 months, demonstrating the value of accessible information for first-time buyers. Don Campbell stressed the importance of aligning with experienced professionals who can advocate effectively, particularly in competitive markets.
Looking Ahead: A Bright Future
Both Jennifer and Moses Coa are optimistic about the future of Hispanic homeownership in Massachusetts. They highlighted the community’s commitment not only to homeownership but also to broader wealth-building strategies, such as investing in businesses and education. “The Hispanic community is younger, more educated, and increasingly investing in their future,” Moses noted, pointing to the growing number of young homeowners as evidence of this trend.
One standout success story involved helping an undocumented immigrant purchase a home through a specialized program requiring a 20% down payment. “To be part of that journey and hand over the keys is truly rewarding,” Jennifer said, emphasizing the importance of opportunity and hard work.
The rise in Hispanic homeownership is reshaping the real estate landscape in Massachusetts. Through cultural sensitivity, education, and advocacy, professionals like the Coas and Campbell are ensuring that Hispanic buyers have the resources they need to achieve the dream of homeownership. As Moses Coa put it, “We are committed 1,000% to ensuring that our community continues to thrive.”
About Jennifer Coa
Jennifer Coa is a licensed Realtor in MA & NH and CEO of the Coa Realty Group. She is the Buyer agent, Team leader, and Leasing specialist. Jennifer holds an Accredited Residential Managers designation through the Institute of Real Estate Management, is a Notary Public in the state of NH and serves on the board of the NAHREP Boston Chapter. She has over 13 years in property management and is fluent in English and Spanish.
About Moises Coa
Moises Coa is a highly accomplished real estate professional known for his unwavering work ethic, charismatic personality, and genuine passion for real estate. He has earned the trust of his community and industry peers. Moises specializes in assisting homeowners in selling their properties for top dollar. Leveraging his in-depth knowledge of the local market, he designs compelling pricing strategies and executes professional marketing campaigns that set his listings apart from the rest. Moises's exceptional negotiation skills ensure that his clients always secure fair and lucrative deals. He and his team are dedicated to delivering swift, top-notch results that not only meet but exceed their client's expectations, fostering enduring relationships beyond real estate.
About Don Campbell
As a Loan Officer for Guild Mortgage, Don Campbell is committed to providing a home for those in the process of shopping for a loan. Whether it's choosing between Conventional or FHA financing, how the rates are doing, should you refinance, you are concerned with your credit history, whether you qualify or not, or just looking for someone to trust.