Hispanic Population is Growing Rapidly in Iowa
According to CityLab, “There are more than 58 million Hispanics in the United States, and their influence in the American real estate market is becoming increasingly significant. During 2017, the number of Hispanic homeowners reached 7,472,000. This figure is an increase of 167,000 homes owned since 2016. The increase largely has been driven by the purchase of new properties in areas where the Hispanic population is growing rapidly in Iowa, Kansas, and Utah.”
The rising Latino population in Iowa has revived a lot of communities,” said Jeff Schott, director of the Institute of Public Affairs at the University of Iowa. “But the first few years are tough. A lot of them don’t have much ethnic diversity of any kind.”
The authors note that today, 46.2 percent of Hispanic households own their properties, returning to the levels registered in 2012 but not yet reaching the highs of 2005-2007.
The Hispanic Population is Growing Rapidly in Iowa and requires some knowledge by realtors of Latino needs.
10 Home Buying Secrets for Hispanics
The 10 Home Buying Secrets for Hispanics sound a lot like our advice, only with some different shadings. Maybe, it is the translation.
Keep your money where it is – “It is advisable to make no big purchases or move from one side to another three to six months before buying a new home.” We would say don’t make any major financial moves before seeking approval to buy a house.
Get a Pre-Approval – “There is a big difference between a pre-qualified buyer and a buyer who has a pre-approved mortgage.” Pre-approval gives you valuable information on how much house you can buy
Avoid barriers dispute – “It is absolutely essential for a survey on your property, so you know exactly what you are buying.” We call barriers property lines, and this may be more critical outside the U.S. Still a good idea.
Do not guess Market – “Do not obsess over trying to calculate and find out the best time to buy on the market.” In other words, if you find your dream house in your price range, don’t entertain the idea that it would be a better price during the slow season.
Bigger is not always better – “Sometimes it is best to buy the worst house on the block because the worst house per square foot always negotiates for more than the largest house.” Translated this means if you compare price based on square feet, you are comparing like properties. Maybe the house just needs updating, and it will be worth as much as the other house.
More 10 Home Buying Secrets for Hispanics
Avoid unanticipated costs – Most people just concentrate on your mortgage payment but also need to be aware of other expenses such as property taxes, utilities, HOA fees, repairs, maintenance.
You are buying a house – “…not going out on dates with her. Buying a home based on emotion only gonna break your heart.” We agree.
Give your home inspection – “Hire a home inspector. It will cost around $200, but could end up saving thousands of dollars.” This inspector works for you and can often help you avoid big problems and may help you negotiate a better price.
The Secret Science of tenders – “You should base your initial offer on two things: what you can afford (because you do not want to make the best of yourself), and what they believe the property is worth. Make your initial bid on something that is fair and reasonable and not going to offend the seller.” We know that buyers don’t like to make low-ball offers. They do not make a low-ball offer for fear of offending the seller. Instead, they don’t make an offer at all.
“Also, see if the neighbors have plans to put on a new addition or add a basketball or tennis court, which could decrease property values along the way.” Nothing worse than hearing a basketball bouncing on the pavement when you are trying to sleep.
“Today, many vendors are behind on their property taxes if you have valuable information that gives a great card to negotiate a good deal. To find out, you can go to the county clerk’s office.” Nothing wrong with getting an advantage in negotiations.
Finally:
Describe the neighborhood before buying – Visit the neighborhood – visit at noon, morning and night. Many home buyers have become completely upset because they thought they had found the perfect home, only to find that the neighborhood was not for them.
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