STATES WITH THE FASTEST GROWING CONSTRUCTION EMPLOYMENT

The National Association of Home Builders (NAHB) analysis of July regional employment data from the Bureau of Labor Statistics (BLS) shows that states with the highest annual growth rates of total construction employment are Iowa (16.52 percent), Hawaii (12.89 percent), Idaho (12.63 percent), and Colorado (10.88 percent), compared to the national average growth rate of 4.55 percent.

Thirty-nine states and District of Columbia experienced positive year-over-year changes in construction employment in July. On a month-over-month basis, around 50 percent of states reported gains in construction employment in July, with the largest increases registered by Idaho (4.65 percent). Eleven states lost construction jobs since a year ago. The largest construction job losses were recorded by the energy producing states, which are deeply affected by low oil prices, such as North Dakota, Wyoming, and Kansas.

The number of new residential housing starts depends on both supply and demand considerations. Housing supply is dependent, in part, on the ability of builders to obtain and contract with workers.

Regional employment is an important element of determining housing demand. The BLS state level data suggest that all but six states reported an annual gain in payroll employment, with the exception of West Virginia, Kansas, Oklahoma, Louisiana, Wyoming, and North Dakota. The top three states with the largest gains were all in the West and include Idaho (3.37 percent), Oregon (3.27 percent), and Florida (3.09 percent).

This post was originally published on NAHBs blog, Eye on Housing.

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FAVORABLE LENDING STANDARDS, LOW RATES TO LIFT HOUSING THROUGH 2016

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A recently released forecast expects the economy to regain ground through the remainder of the year, boding well for the housing market in the months to come. According to Fannie Mae's Economic & Strategic Research Group's recent 2016 Economic and Housing Outlook, the economy is on track to grow 1.8 percent this year, boosted by an improving employment landscape and higher levels of consumer spending-both of which will give lift to housing.

"Housing market fundamentals remain a mixed bag," Doug Duncan, Fannie Mae's chief economist, explained in a statement about the Outlook. "During the second quarter of 2016, both new- and existing-home sales rose to expansion highs, while single-family starts pulled back, remaining historically low for an expansion.

"Tight housing inventory from a lack of new construction continues to create affordability challenges, particularly at the lower end of the market," Duncan continued. "Robust rental demand during the second quarter of the year has created the lowest rental vacancy rate in decades. In addition, the homeownership rate dropped to below 63 percent in the second quarter, but we are seeing some tentative signs of older millennials moving toward homeownership.

"We expect homebuyers will benefit from improving job and wage growth, more favorable lending standards, and continued low mortgage rates through the rest of the year, with the 30-year fixed-rate mortgage rate projected to average 3.4 percent during the fourth quarter."

Source: Fannie Mae

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HOME LOANS FOR VETERANS: EVERYTHING YOU NEED TO KNOW

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(TNS)-If you or your spouse has served in the military or the National Guard, chances are you're eligible for a loan guaranty from the U.S. Department of Veterans Affairs. "VA loans are a low-risk for lenders and a great benefit for veterans," says Patrick Cunningham, vice president and partner at a mortgage company in Fairfax, Va.

The Department of Veterans Affairs reports that more than 631,000 loans for veterans were approved in 2015.

The VA loan guaranty program, part of the 1944 GI Bill of Rights, was designed to ease the transition of veterans into civilian life while also spurring the U.S. economy, says Louise Thaxton, branch manager of a mortgage firm in Leesville, La.

Who Can Finance a Home with a VA Loan 

Many veterans pay attention to their education and medical benefits but are unaware that they may qualify for this homeownership benefit, says Joseph J. Murin of a VA mortgage lender based in Fulton, Md.

Members of the military are eligible for a VA loan guaranty after they have actively served for 90 days during wartime or 180 days during peacetime. Murin says members of the National Guard and reservists are eligible after six years or, if they have been called for active service during wartime, 90 days. Surviving spouses of someone who died during active duty or due to a service-related disability are also eligible.

Criteria for VA financing also includes meeting loan guidelines for credit and income eligibility.

While Thaxton says that typically with a VA loan a co-borrower's income can be considered only if the borrowers are married, two veterans who aren't married can get a VA loan together. A veteran who wants to buy with a non-spouse, non-veteran co-borrower must make a down payment of at least 12.5 percent.

Loans for veterans are generally available for primary residences only.

Why Choose VA? 

Borrowers can finance 100 percent of their home purchase.

"Not only is there no down payment requirement, but eligible borrowers don't pay mortgage insurance as they would with any (Federal Housing Administration) loan or with a conventional mortgage with a down payment of less than 20 percent," says Cunningham.

Loans for veterans typically have interest rates comparable to the best conventional loan rates, he says.

"There's no rate adjustment for a lower credit score, so for someone with a low score that could mean as much as a 1 percent difference on a conventional loan," says Cunningham. "The funding fee for the program pays for a government guarantee to protect lenders in case of a default."

Funding fees range from 1.25 percent to 2.4 percent for first-time VA loan borrowers.

"VA loans are underwritten specifically for veterans and rely on more than just a credit score," says Murin. "We focus mostly on the disposable income of the borrowers since that's the biggest indicator of whether someone will default."

When Should You Use a VA Loan?

You can use your eligibility multiple times, says Thaxton.

You can even have more than one VA loan at a time, depending on how much of your eligibility you used the first time.

"The funding fee will be higher when you take out a second VA loan, sometimes as high as 3.3 percent," says Thaxton.

"Most of our borrowers are refinancing a VA loan with a cash-out refinance to consolidate their debt," says Murin. "Our older borrowers benefit from this opportunity to clean up their finances."

But the 3.3 percent funding fee can be cost-prohibitive for veterans refinancing from an FHA or conventional loan into a VA loan, says Cunningham.

A VA loan expert can help you compare other loan options and decide whether the funding fee is costlier than paying mortgage insurance, says Thaxton.

Where Can You Use a VA Loan? 

While loans for veterans are available throughout the U.S. for properties with one to four units, the limits on the loans vary according to housing costs in your county. The VA loan limits conform to the limits for conventional financing established by the Federal Housing Finance Agency. The limit is $417,000 in most areas and up to $625,500 in high-cost housing markets.

"The ability to buy a house for as much as $625,500 in the D.C. area without a down payment is a great benefit for vets," says Cunningham. "In addition, if you want to use a jumbo VA loan and buy a more expensive property, you just have to make a down payment of 25 percent of the difference between the home price and the loan limit."

For example, buyers of a $700,000 home would need to pay 25 percent of $74,500 (the difference between $700,000 and $625,500), or $18,625, a significant savings compared with a traditional jumbo loan. A 5 percent down payment on a $700,000 loan would be $35,000.

How to Apply

The first step for borrowers is to obtain a certificate of eligibility for a VA loan through the VA office or a lender. Next, borrowers need to find a lender experienced with VA loans.

"It's important to find a lender experienced with VA loans who can also be an advocate for the veteran," says Murin.

Borrowers can work with a lender to decide how to pay the funding fee, which varies depending on your service and the amount of the down payment, if any.

Some disabled veterans can get the fee waived, says Cunningham.

Once borrowers have a loan pre-approval, they can begin looking for a home to buy and make an offer. Loans for veterans require a VA appraisal and a VA home inspection to make sure the property is priced appropriately and is habitable.

Up to 4 percent of closing costs can be paid by the seller, says Cunningham.

(C)2016 Bankrate.com

Distributed by Tribune Content Agency, LLC​​

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HUD AND VA WORK TO FIND PERMANENT HOMES FOR HOMELESS VETERANS

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The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) recently announced a second round of funding to help provide permanent homes to an estimated 108 veterans experiencing homelessness in seven states.

The rental assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) Program which combines rental assistance from HUD with case management and clinical services provided by VA (see attached list of HUD's voucher awards).

Recently, HUD, VA and the U.S. Interagency Council on Homelessness (USICH) announced the number of veterans experiencing homelessness in the United States has been cut nearly in half since 2010. The data revealed a 17 percent decrease in veteran homelessness between January 2015 and January 2016-quadruple the previous years annual decline-and a 47 percent decrease since 2010. Additionally, while answering the Obama administration'sMayor's Challenge to End Veteran's Homelessness, several mayors have declared their cities have officially ended it.

"There is momentum across the nation as community after community effectively ends veteran homelessness," says Secretary Juli?n Castro. "Today's funding will help more cities reach this important goal and ensure that we serve the brave men and women who have served and sacrificed for us. HUD and its local partners are determined to give every veteran the opportunity to secure a safe, stable place to call home."

"The dramatic reduction in Veteran homelessness in recent years would not have been possible without the pairing of housing choice vouchers with case management and supportive services under the HUD-VASH program to help the most vulnerable Veterans become and remain stably housed," says VA Secretary Robert A. McDonald. "The HUD-VASH awards announced today will support the ongoing and important work underway to ensure that homelessness among Veterans is rare and non-recurring."
In June, HUD awarded nearly $38 million to help more than 5,200 homeless veterans find homes. That funding ensured that communities could provide the critically needed housing assistance and case management services to those veterans and their families experiencing homelessness.

In 2010, President Obama and 19 federal agencies and offices that form the U.S. Interagency Council on Homelessness (USICH) launched the nation's first comprehensive strategy to prevent and end homelessness.Opening Doors: Federal Strategic Plan to Prevent and End Homelessness serves as a roadmap for how the federal government will work with state and local communities to confront the root causes of homelessness, especially among former servicemen and women. To support communities as they progress towards the goal of ending veteran homelessness, USICH has identified strategies that increase collaboration and coordination among programs serving veterans experiencing homelessness.

Since 2008, more than 79,000 vouchers have been awarded and approximately 111,000 homeless veterans have been served through the HUD-VASH program. Rental assistance and supportive services provided through HUD-VASH are a critical resource for local communities in ending homelessness among our nations Veterans.

In the HUD-VASH program, VA Medical Centers (VAMCs) assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are based on a variety of factors, most importantly the duration of homelessness and the need for longer term, more intensive support in obtaining and maintaining permanent housing. The HUD-VASH program includes both the rental assistance the voucher provides and the comprehensive case management that VAMC staff offers.

Veterans participating in the HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent. VA offers eligible homeless veterans clinical and supportive services through its medical centers across the U.S., Guam, Puerto Rico and the Virgin Islands.

For more information, visit www.hud.gov.

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WHAT SHOULD HOMEOWNERS KNOW ABOUT ENERGY EFFICIENCY?

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Q: What are the top five things new homeowners need to know about energy efficiency?

A: First-time homebuyers have many questions, ranging in scope from a home's square footage, what the neighborhood is like, whether the asking price is negotiable, and more. Typically, it's not until they receive the first electricity bill that they begin to think about energy efficiency.

As many REALTORS(R) know, new homeowners are one of a kind. They're excited about their purchase, but perhaps nervous about the costs ahead. At Reliant in Texas and NRG Home in the Northeast, we want the electricity bill to be one less thing that causes concern. That's why it's helpful to understand what drives energy use, and how to be more efficient. Naturally, new homeowners consider their REALTOR(R) the go-to source for all things home-related, so here are five energy efficiency tips you can share with first-time homebuyers.

1. Insulation is tops.
For re-sale homes, it's important to make sure the home is well insulated. The most cost-effective improvement any new homeowner can make is adding insulation. Without proper insulation, a home can lose up to 40 percent of cooled or heated air.

2. Heating and cooling account for most energy use.
Did you know that heating and cooling your home can account for up to half of its energy use? Save energy by following these simple tips:

• Follow the 4x4 principle. Setting your thermostat four degrees higher when away from home for more than four hours can help reduce electricity costs.
• Rotate ceiling fans. Turning your fan counter-clockwise during the summer helps create a wind chill effect for a more comfortable living environment. In the winter, set your fan clockwise to move hot air downward.
• Always use the automatic A/C fan setting. Keep your A/C fan on the "auto" position. Turning it to the "on" position can increase energy costs and make it harder for your A/C to maintain the desired temperature.

3. Air filters and vents should not go unnoticed.
Homeowners often overlook replacing air filters, but it's important to change filters regularly to keep your system working efficiently. Also, ensure return air vents are free from obstructions. If air flow is hindered, the system can't operate properly, and your energy bill will suffer.

4. Energy-efficient appliances matter.
If appliances are more than 10 years old, it may be time to invest in new, energy-efficient models, from refrigerators and dishwashers to washers and dryers. Look for the ENERGY STAR(R) label when upgrading.

5. Small actions add up.
Turning lights off when leaving a room and shutting blinds to block summer heat are just a couple simple ways to decrease energy costs and make your home more comfortable and efficient.

For more information, visit www.nrghomepower.com.

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VISUAL STORYTELLING: TIPS FOR MASTERING THE ART OF INSTAGRAM

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Creating and implementing a consistent social media strategy is vital for REALTORS(R) looking to cultivate online leads while maintaining current relationships. Social media has re-shaped the way business is conducted, both nationally and globally, across all industries. For real estate agents wanting to reach every type of buyer possible, social media is a resource you can't go without, or else money will be left on the table and marketshare will surely decrease.

For agents merely tolerating social media or for newbies wanting to dip their toe into the pool, Facebook is probably still the number one place to start. But if you want to target a younger, savvy audience, one with an itchy trigger finger, Instagram should be your new best friend. Instagram can help you connect with the millennials and first-time buyers that your business may be lacking. Though trite, the ol' saying still rings true: "A picture is worth 1,000 words." With Instagram's photo and video sharing capabilities, you can easily share the unique amenities your listings have to offer, while also displaying snapshots of your own life to help buyers and sellers get to know you, building trust.

Keep in mind that out of its 500 million users, 70 percent check Instagram at least once a day?, with half of those checking multiple times per day. Get in front of these prospective leads with these tips:

#Hashtags
Sure, we cringe when people use hashtags in spoken dialogue (#worst, right?), but don't let the informal culture of hashtags turn you off from their intended purpose: to organize, draw attention and promote. Using hashtags on your Instagram posts will help your target audience find you, and may even double your click-through rates, according to research from Buddy Media. Use hashtags on every Instagram post, if possible, such as #luxury, #kitchenremodel, #losangeles (insert your market here), #realestate, and #openhouse to help pinpoint your message and connect your post with other similar posts and the users browsing that topic. If you don't use hashtags on Instagram, you might as well not use it at all (but spoiler alert: you should!).

Get in the Grid
Using your phone's grid feature will help you take much more attractive photos. Go into your smartphone's camera settings and turn on the Grid feature. This splits your camera view into nine blocks (aka, into thirds). You can now abide by photography's Rule of Thirds by aligning the subject of your photo with the four guidelines and their intersection points. These intersecting points are the areas where the eye is naturally drawn to. The grid will help you get the perfect off-center shot of that waterfall feature tucked away in your new listing's backyard. You may not be a professional photographer, but you can still post heaps of quality photos that will really wow your followers.

http://blog.rismedia.com/2016/mastering-instagram/

Edit Before Filtering
Ideally, you want to be aware of natural light when taking photos of homes. With the right natural lighting, a photo will need very little editing and filtering, hence, the #nofilter hashtag (go ahead and brag a little!) Also, be aware of how different artificial lights affect a photo. Some may give off a yellow-y glow.

If you want to improve a photo without drastically changing it, click "Edit" and adjust things like contrast, warmth, brightness and saturation first. Once your colors are popping just the way you want, click on "Filter" and fiddle around with different looks. Always opt for natural light first, if possible; otherwise, Instagram's sharp editing and filtering features can help you polish your masterpiece.

Be Consistent with How Often You Post...
As with other social media platforms, consistency is key. According to studies by Union Metrics, most major brands post an average of 1.5 times a day to Instagram. To start, try posting once a day. Once your routine is set, try expanding to twice a day. Reports also indicate that some popular brands that post as much as 10 times per day did not notice a sizable loss in engagement as long as quality was still present.

...and Also with What You Post
Whether you're a part of a large real estate franchise or a small boutique firm, consider what your own personal brand is. Are you known for luxury listings? Certain neighborhoods? Working with first-time buyers? Move-up buyers? Your Instagram feed should represent both who you are and how you operate. Prospective buyers and sellers should be able to get to know you (albeit, virtually) via social media. Instagram photos are a huge component to that.

Sharing Is Caring
Instagram should be one element of a larger social media plan. A cog in the wheel. Using Instagram's Share feature, you can post your beautifully edited and filtered photos to Facebook, Twitter, Tumblr or Flickr. You can also email them or quickly copy a link. Connect your social worlds by posting photos on your other pages. This will widen your reach by helping your Facebook friends, Twitter followers, etc., find your page on Instagram, which in turn will fuel engagement across the board. In the end, it's all about engagement.

Instagram is a unique and wildly addictive social media platform that allows agents to promote themselves in a creative way. With a little bit of time invested, agents can make new connections and start turning leads into dollar signs.

This post was originally published on RISMedias blog, Housecall. Check the blog daily for top real estate tips and trends.

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PRICING A HOME? STUDY REVEALS BEST TECHNIQUE

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The best technique for pricing a home when listing it for sale is setting the asking price just below a round number, according to recent research published by the Journal of Housing Research, an official publication of the American Real Estate Society (ARES). 

The best technique for pricing a home when listing it for sale is setting the asking price just below a round number, according to recent research published by the Journal of Housing Research, an official publication of the American Real Estate Society (ARES).

"These findings will help real estate professionals and sellers of homes develop more informed listing and marketing strategies to better suit sellers needs," says Ken Johnson, Ph.D., ARES publication director, real estate economist at Florida Atlantic Universitys College of Business and co-developer of the Beracha, Hardin and Johnson Buy vs. Rent Index. "The results of this study take a lot of guess work out of the marketing of homes for real estate professionals."

The study looked at 1,000 buyers in Virginia considering a pool of more than 370,000 listings. The researchers were able to determine the impact of "rounded pricing" listing strategies versus "just below pricing" listing strategies.

"Our study suggests that by using the just below pricing strategy sellers can price their home slightly higher without driving away potential buyers," says Eli Beracha, Ph.D., of Florida International University, who conducted the study with Michael J. Seiler, Ph.D., of The College of William & Mary. "As a result, they end up selling their house for more."

How does dropping your asking price ever so slightly impact the final outcome?

"On average, buyers are more attracted to a house priced at $199,000 than to a house priced at $200,000 and it appears that just below pricing works out favorably for sellers in terms of their bottom line," Beracha explains. "Based on our research, the just below pricing strategy yields a selling price that is, on average, roughly 2.5 to 3 percent higher, $5,000 to $6,000 on a $200,000 house, compared with a rounded pricing listing strategy."

While residential real estate agents widely disagree on the appropriate pricing strategy to use when listing residential real estate for sale, the researchers found that homebuyers more often prefer homes priced using a "just below" pricing strategy. This preference allows sellers to list their home for a higher initial listing price.

On the other hand, due to the demand effect, rounded priced homes typically have shorter time on the market and a lower discount relative to listing price. Their findings suggest that sellers ability to set higher listing prices for properties using a "just below" pricing strategy outweighs the lower discount and shorter time on the market associated with similar rounded priced strategy homes.

"We tested the age-old debate concerning the best technique to price a home when listing it for sale," Seiler says. "We find that using a price just below a round number works best, particularly in connection to the left-most digit in the price. So, $199,000 works better than $200,000."

For more information, visit www.fau.edu.

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HOMEOWNER SAFETY: TIPS TO PREVENT GRILLING FIRES

Close to 10,000 home fires involving barbecues, grills or hibachis happen every year, according to the National Fire Protection Association (NFPA)-and most start on a balcony or porch outside the home. Lack of maintenance is one of the primary causes of fires, says Lorraine Carli, vice president of Outreach and Advocacy for the NFPA. Grillers should remove grease and other build-up from the grill grates and trays often.

"It's good practice to check for damage before using the grill for the first time each year, and to check the entire grill regularly," Carli said in a statement.

Carli and the NFPA also recommend only grilling on propone or charcoal barbecues outdoors, away from the home and any other structures or materials that may catch fire, including tree branches. Children and pets should be kept at least three feet away from the grill at all times, and preferably out of the pathway to the home or hose.

Never leave the grill unattended, the NFPA advises. Often, fires begin when no one is looking.

For more fire safety tips, visit www.nfpa.org.

Source: National Fire Protection Association (NFPA)

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55+ HOUSING MARKET REMAINS IN POSITIVE TERRITORY

Builder confidence in the single-family 55+ housing market remains in positive territory in the second quarter with a reading of 57, up one point from the previous quarter, according to the National Association of Home Builders (NAHB) 55+ Housing Market Index (HMI) released today. This is the ninth consecutive quarter with a reading above 50.

"Builders and developers for the 55+ housing sector continue to report steady demand," says Jim Chapman, chairman of NAHBs 55+ Housing Industry Council and president of Jim Chapman Homes LLC in Atlanta. "However, there are many places around the country facing labor and lot shortages, which are hindering production."

There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic). An index number above 50 indicates that more builders view conditions as good than poor.

One of the three index components of the 55+ single-family HMI posted an increase from the previous quarter: traffic of prospective buyers increased four points to 42. Present sales held steady at 61 while expected sales for the next six months dropped two points to 69. 

The 55+ multifamily condo HMI dipped one point to 47. The index component for expected sales for the next six months rose three points to 54, while present sales remained even at 49 and traffic of prospective buyers fell seven points to 38.

 Three of the four indices tracking production and demand of 55+ multifamily rentals decreased in the fourth quarter. Present production fell nine points to 51-from a record-high reading in the previous quarter-while current and future demand for existing units both dipped one point to 68 and 67, respectively, and expected future production rose three points to 56.

"Much like the overall housing market, this quarter's 55+ HMI results show that this segment continues its gradual, steady recovery," says NAHB Chief Economist Robert Dietz. "A solid labor market combined with historically low mortgage rates, are enabling 55+ consumers to be able to sell their homes at a favorable price and buy or rent a home in a 55+ community."

 For the full 55+ HMI tables, visit www.nahb.org/55hmi.

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HUD OFFERS $2 MILLION TO HELP STUDENTS IN ASSISTED HOUSING AFFORD EDUCATION

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​The U.S. Department of Housing and Urban Development (HUD) recently announced the agency is making $2 million in grants available to help low-income families and young people apply for federal aid for college and other post-secondary educational opportunities.  The funding is being offered through HUD's longstanding Resident Opportunities and Self Sufficiency (ROSS) Program.  The available funding will support 'Education Navigators' in up to six Public Housing Agencies (PHAs) across the country.

Increased access to higher education can significantly improve life outcomes. The Department of Education estimates that those who earn a bachelor's degree earn two-thirds more than those with only a high school diploma or an average of $1 million more in lifetime earnings.  In addition, college graduates are far less likely to face unemployment.  It's also estimated that within the next four years, two-thirds of all new full-time jobs will require a college education.

HUD Secretary Juli?n Castro says, "Many families find the cost of higher education prohibitive, but know that a degree or training beyond high school is essential to be competitive in today's 21st century global economy. By helping students access federal financial aid, HUD is lifting up students to overcome financial challenges and reach their full potential."

HUD's ROSS Program encourages local, innovative strategies that link public housing assistance with public and private resources to enable participating families to increase earned income, reduce or eliminate the need for welfare assistance, and make progress toward achieving economic independence and housing self-sufficiency.  The ROSS for Education Program, also known as Project SOAR (Students + Opportunities + Achievements = Results), will support hundreds of young people between the ages of 15-20 to apply for U.S. Department of Education's Free Application for Federal Student Aid (FAFSA).

Lourdes Castro Ram?rez, HUD's Principal Deputy Assistant Secretary for Public and Indian Housing, adds, "By investing in our youth and communities, we're helping to unlock the promise of higher education for all. Project SOAR will help students in HUD-assisted households to access opportunity and achieve their dreams."

Project SOAR is one of several HUD initiatives to increase access to federal financial aid for HUD-assisted families and students:

-HUD is working with the Department of Education to better understand FASFA completion and educational attainment of HUD-assisted tenants through data sharing.
-Alongside the White House's Social and Behavioral Sciences Team, HUD is exploring whether behaviorally informed messages can increase completion of the FAFSA among students with housing assistance.

 For more information, visit www.hud.gov.

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5 THINGS TO KNOW WHEN WORKING WITH HISPANIC CLIENTS​

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​If there is any doubt on whether or not the Hispanic market is a solid business strategy to grow your market share, then you haven't heard these stats:

• 13 million of the 17 million projected new households between 2010-2025 will be diverse, of which 40 percent will be Hispanic
• Since 2000, Hispanics have accounted for 52 percent of the growth in U.S. homeownership NAHREP Consulting Services talks to a lot of lenders, real estate professionals and others that are part of the home buying experience. Most recognize that the Hispanic market is a solid business strategy but are still very hesitant to fully engage for a variety of reason. At the top of that list is the confusion around whether or how to use the Spanish language.

Let's be clear, over three-fourths of all U.S. Latinos speak English well or very well. The answer as to whether your company should invest in language really lies in how your customers' prefer to conduct business. There is, however, research from a recent NAHREP membership survey that showed half of respondents' clients require Spanish as a main language in the home purchase transaction. You may ask why, if so many people speak English?

It is a matter of preference not ability. Just as some clients prefer face-to-face versus online or vice versa doesn't mean that they cannot or won't do business other ways, they just will gravitate towards the companies that can serve them in the manner they prefer.

Language is a power tool in building trust. The Goethe Institute has interesting research on this very topic. "Those who speak the same language not only can make themselves understood to each other; the capacity of being able to make oneself understood also founds a feeling of belonging".

Having professionals speak the language, if asked, and having materials (especially educational in nature) will makes customers more comfortable. Let's face it, our industry is a confusing one! Customers need to feel as comfortable as possible in what is likely the biggest investment of their lives.

Many Hispanics live in extended family situations meaning relatives are likely to be in the same household. Because you have multiple generations in the home, the language spectrum is likely to be mixed.  Like most purchasing decisions, buying a home is a family affair and to be respectful to the culture would mean including the family in the process. Spanish would be a must for newer immigrant members or older generations.

Finally, somewhat similar to the concept of comfort, having professionals, collateral and other resources available in-Language provides transparency. A company that demonstrates they want their clients to understand the process and to be well informed every step of the way is a company that wants to be transparent. This will lead to a much happier client and one that will refer their friends and family again and again!

Language is one of many cultural elements but probably the most powerful one and the gateway to the other aspects of culture.  Hopefully you'll consider language as a way to build rapport with consumers and not a barrier between you and the consumer. What's your strategy?

For more information, visit nahrepconsulting.com.​

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ARE YOU GUILTY OF 'PHUBBING?'

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​​​"Phubbing," or choosing to interact with a smartphone instead of a person, is all but accepted. Millennials "phub" more often than most-though it may not be intentional.

"Compared to older generations, millennials feel much more pressure to respond immediately to text messages and instant messages," said Felice Gabriel Miller, founder and president of Delvv(R), a mobile app developer, in a release. "In the space between true smartphone addicts and regular users, there are probably a lot of people who use their smartphone excessively just to avoid the social consequences of disconnecting. This helps explain why people phub (i.e., phone snub) in social settings where they know they shouldnt."

Seventy-nine percent of millennials recently surveyed by Delvv respond to text messages within 15 minutes, compared to 56 percent of Gen X-ers and 46 percent of baby boomers. Forty-nine percent of the millennials surveyed respond to instant messages within 15 minutes-a contrast to baby boomers, 29 percent of whom respond to instant messages within 24 hours.

Most survey respondents (68 percent) believe that someone who is eating dinner with company should not look at a text message-"phub"-until after the meal.

The "phub" phenomenon speaks to the attachment most have to their smartphones-49 percent of those surveyed would rather give up sweets for one month than switch to a dumbphone.

When was the last time you "phubbed?"

Source: Delvv(R)

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