The United States is one of the few countries in the world where individuals have the opportunity to invest in their long-term wealth by purchasing homes. Historically, communities of color have looked at purchasing homes as the primary and most preferred option to begin their financial growth. In addition, having your own home is a more stable and efficient method of living, plus, it’s convenient and so much more comfortable to have a home you can call your own.
The Latino community has taken full advantage of this strong opportunity because of many reasons. One, the above-mentioned wealth growth factor. But another reason is because of the family aspect of owning a home. Owning a home allows growth in family. It is well known that Latinos are the second largest minority community in the U.S., but one additional intriguing fact is that the Latino growth rate from 2000 to 2007 was over 28%, which is four times the rate of the nation’s total population. All this to say that Latino families were growing at fast rates and needed homes to build their lives in.
According to the Pew Research Center, Latino homeownership increased over 7 percent from 1995 to 2006.
The word amongst communities of color, and especially Latino families spread that buying a home would create future wealth – but unfortunately, the 2007-2008 financial crisis came and hit a broad range of people in the U.S., hitting communities of color – including Latinos – the hardest. The effect on Latinos was not just done a financial one but a lack of trust as well.
Once the home market began to build itself up again, Latino families were cautious about investing their hard-earning savings into a home. Honestly, who can blame them? The real estate world faced a challenging obstacle in not only showing Latinos that the home buying market was safe to invest in, but reminding them that this will not just be a home, but this will be the first step in investing in long-term wealth.
In 2017, the number of Latino homeowners reached over 7 million, increasing 167,000 from the year prior. Real estate agents like, Barak Sky, understood that in order for Latino families to begin the trust process again they must first see others in action. Mr. Sky has since helped Latino families make their dream a reality and provided his expertise and guidance.
“When I meet a new client or even a potential client, I give everything I can to ensure our client achieve their real estate goals,” said Barak about his approach to client interactions.
When a client is a first-time buyer, Barak understands the relationship is the most important factor in ensuring their experience is top-notch. That is why he manages the entirety of each transaction, which gives the client peace of mind while attaining their dream of purchasing a home.
A young, dynamic leader who understands the value of communication, Barak is always looking to find opportunities to work with individuals who question whether or not they can purchase a home and whether or not they can find something that fits their style, preference and location. Part of his success, he tells us, is focusing on the client and the challenges Latinos face when trying to purchase a home.
And if one thing is clear, as Latinos continue to look for ways to achieve the American dream, Barak Sky will be there to make sure that happens, one homeownership at a time.