Investors Feasted on Hispanic Market's Affordable Housing
Hispanics accounted for an increase of over two and a a half million 2.6 million single family owned households from 2000 through 2013, or 47 % of all home ownership growth in the nation according to NAHREP's (the National Association of Hispanic Real Estate Professionals) 2013 State of Hispanic Home Ownership Report. Hispanics buyers have driven the majority of growth in home purchases in recent years, but now face an unmistakable shortage of available single family homes on the market, with a large slice of that pie having been gobbled up by institutional investors significantly. Despite the dramatic increase in home ownership in Hispanic markets have been slowed significantly as there just aren't enough affordable homes out there according (NAHREP).
"This is a story of potential," said Jason Madiedo, president of NAHREP. "Latinos are ready to buy homes now. Their biggest obstacle coming into today's market isn't credit — it's lack of available housing." Now, I agree with my colleague Juanita Limes about real estate investing is declining, and that it's a hot market for first time buyers with (as of yet) still historically low rates and reasonable pricing.
Now is the perfect time to buy an Ohio home.
Now, this is no ethnic specific circumstance either. I see this happening in many areas around SW Ohio; single family homes being snapped up by large investment groups for "rehab and rent out" and it seems the days of basement bargain shopping is over as the deals aren't as attractive for investors anymore. However, on a positive note it's an excellent time to buy or upgrade as single family real estate prices are still remarkably affordable. If you ever wanted to do it, now is the time.