Real Estate

NORTH NEW JERSEY NAHREP CHAPTER LOOKING AT THE REAL ESTATE MARKET WITH OPTIMISM-2021

The National Association of Hispanic Real Estate Professionals (NAHREP), a non-profit business and multicultural organization that promotes and defends homeownership for the Hispanic community in the United States, with more than 30,000 members, including real estate agents and teams across 48 States and with more than 70 affiliated chapters, is fully prepared to successfully face 2020-2021 and contribute with its talent, effort and experience to maintain the growth curve in the American housing industry.

It will undoubtedly be a time of great challenges for the real estate market, especially considering 38% of economists recently surveyed by the National Association for Business Economics (NABE), whose board of directors is made up of economists from Morgan Stanley, KPMG, Oxford Economics, Intel, Amazon, McKinsey, Wells Fargo and the Federal Reserve Bank of Atlanta, among others, predict that by 2020 the US economy could be in recession. On the other hand, 34% of economists surveyed affirm that the recession would start in 2021. At the North New Jersey NAHREP Chapter under the leadership of its President, Puerto Rican Lionel Cruz, there is certainty that slowdowns are a regular part of the country’s economic cycles. “Live under your means and get ready for the next recession,” says the third principle of The NAHREP 10, The Hispanic Wealth Project; but there is also the belief that thanks to the strong entrepreneurial spirit that runs in the DNA of Latinos, any obstacle can become an opportunity for growth and development.

The purchasing power and financial empowerment of Latinos are driving the US economy forward and there are

BUYING REAL ESTATE IS A GOOD LONG TERM INVESTMENT TO PRODUCE WEALTH. BY HEIDI CASTRILLON

no studies or projections indicating any drastic changes capable of reversing that marked trend. In fact, the appetite of Hispanics buying houses or apartments in the United States stood out in 2019 and is expected to continue smoothly into 2020, with or without a recession; because it is a young ethnic group (with an average age of 28.7 years), facing low unemployment and an increase in average income.

As for Hispanics living elsewhere in the United States, the Hispanic community residing in Bergen, Passaic, Hudson, Morris, Sussex, Essex, Warren, and the surrounding areas, counties that make up the North New Jersey NAHREP Chapter’s area of influence, consider that buying real estate is a good long-term investment to create wealth; even more so that interest rates on mortgage loans remain historically low. The North New Jersey NAHREP Chapter is organizing just in time for celebrations for Hispanic Heritage Month, the event “The Family Mixer” (on October 10th from 6:00 p.m. to 9:00 p.m. at Ventanas Restaurant & Lounge located at 200 Park Avenue in Fort Lee, NJ 07024). You can visit nahrepnorthnewjersey.org

To join NAHREP Northern New Jersey contact us at: ofc: 201-448-9868 northnewjersey@NAHREP.ORG nahrepnorthnewjersey.org.