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Multicultural Buyers Rule the Market


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Buying Rental Property
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Trends & Current Events

Multicultural Buyers are Growing in Number

 

While the real estate market continues to look toward the horizon for a recovery, one demographic in the U.S. is gradually gaining prominence – it is the multicultural buyers that will undoubtedly play an important role in helping the market get going. And as multicultural segments of the population continue to grow in size every year, their significance is only going to increase.


Real estate players note that while most first time buyers remain undecided about investing in the current market (whether it be a home or an investment property), multicultural buyers are less hesitant to take the plunge. Well heeled and with high buying power, Asian and Hispanic minorities in particular are the groups to watch out for.  In fact, the U.S. Census Bureau reports that populations of these ethnicities grew by 43% from the previous Census, while a Harvard University study reveals that their buying power has kept pace with this growth.


What does this mean for the average landlord or property investor?  Well, like any marketing campaign, whenever you’re trying to sell property you ought to cater the property’s features and aesthetics to these segments of the population.  Obviously these attributes should cater to all potential buyers, but my point is to keep these segments in mind as you prepare the property for sale.  It also might be a good idea to keep this in mind when you’re buying a property – for example, why not target areas that are known to appeal to these growing ethnicities?  Doing this wisely will clearly help you sell when the time comes.  And the good news is that these minorities are spread across the country and are investing in all 50 states.

No matter what, it’s important to do your research and due diligence when considering how to appeal to a variety of potential multicultural buyers when selling.  For more stats and trends on this subject, check out this informative article from RIS Media.  Good luck!



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