As the Hispanic population in the U.S. reaches 58.9 million and continues to grow, so does its rate of home purchasing: At 47.1%, Hispanics are the only ethnic demographic to grow their rate of homeownership in each of the past four years.
As part of its effort to support the growing Hispanic market, RE/MAX recently partnered with NAHREP to create the NAHREP Glossary of Real Estate Industry terms, which was also released during the conference. The glossary – which includes RE/MAX branding and a RE/MAX intro letter – is an ideal resource for agents to use and share.
Below are five useful terms from the glossary for agents to have in their arsenal.
Appraisal – tasación
A home appraisal is required.
Se require una tasación de la vivienda.
avalúo – valuation
Contract – contrato
The contract of sale was signed at the real estate agency.
El contrato de compraventa se firmó en la agencia
de bienes raíces.
Under contract – Bajo contrato
Contract of sale – contrato de compraventa
Listing agent – agente del vendedor
The listing agent and the buyer’s agent
receive commissions from the sale.
El agente del vendedor y el agente del comprador reciben comisiones de la venta.
Real estate agent who represents the seller – agente de bienes raíces
que representa al vendedor
Owner – dueño
Buyer's agent – agente del comprador
Closing – cierre
The sale is final at closing. La venta es final al cierre.
Closing costs – costos de cierre
Closing date – fecha de cierre
Mortgage – hipoteca
We got a 30-year mortgage at a 4% interest rate. Conseguimos una hipoteca de 30 años con una tasa de interés de 4%.
debt-to-income ratio – relación deuda-ingreso
mortgage broker – especialista en hipotecas
mortgage payment – pago de la hipoteca
To find valuable translations of real estate terms, download the NAHREP Glossary of Real Estate Terms!
During the conference, NAHREP Released the 2018 State of Hispanic Home Ownership report, full of powerful numbers on the influence of the Hispanic population in the U.S., including:
- 88% of Hispanics agreed that owning a home is the best investment plan.
- Over the past decade, Hispanics have accounted for 62.7% of net U.S. homeownership gains.
- At 58.9 million, the Hispanic population represents 18% of the U.S. population.