EXO Blogs - Money & Careers

This is my first of what I hope are many articles for EXO Limited Magazine, I want to thank everyone for giving me the chance and I hope in the coming months I can not only entertain but also inform, because as the saying goes, “knowledge is power”.

My focus of these articles is Real Estate in New York. I want to discuss the trials and tribulations of being a home owner in the city, questions and comments are welcome and let’s see where this thing takes us.
With that Said, let’s get started.

In 2005 USA Today conducted a survey and concluded that Hispanics in America made up 14.6 percent of homeowners, in 2007 that number climbed to 25 percent. The study concluded that in the next 20 years Hispanic homeownership, even in this turbulent market, will climb to almost 40 percent.

What does that mean for us? Well a lot, because homeownership is a sign that Hispanics are finally obtaining the American dream, a solid base in the middle class and laying down strong roots. I spoke of empowerment and that’s what homeownership does, it empowers not only the new homeowner but the community in which that they now call home.

As a Real Estate agent one of the many pleasures that I have is being able to sit at the closing table, and getting to see the smiles of the new homeowners. They have spent the last hour writing out checks, signing papers till their arm gets numb; they went through inspections, lawyers, negotiations, lenders and appraisals to get to this point. The whole process at times can be overwhelming and would make anyone want to tear their hair out but one thing remains constant when it’s almost over that big huge smile. Behind that smile are thoughts of furniture shopping, painting, decorating and in the case of the male of the household; the proper placement of their flat screen TV. and when is the grill going to arrive from Home Depot so they can flame that bad boy up because everyone knows that burgers, no everything, taste best right off the grill.

Is homeownership for everyone, the answer is a resounding no, as the current sub-prime fiasco and the surge in foreclosures have shown us. But for millions of Latinos that are ready to stop renting and start owning there really is no better time to consider purchasing a home than right now. Mortgage rates are at an all time low, the inventory is plentiful with sellers ready and willing to negotiate and the community benefits as a whole. One day walk around a quiet tree lined street filled with single family homes, take a stroll on any given Sunday you will see people washing their cars, tending to their lawns, planting their flowers or vegetables while talking to their neighbors.

It’s a feeling of community and togetherness that can only happen when everyone is there for the same goal, to make their block the one that everyone wants to live on. Homeowners take pride in what their hard work achieved. They get on the train every morning with their cup of coffee, and IPod because at the end of a long day they can come home grab a bottle of beer, or in my case a glass of wine, sit in their favorite chair and go, “This is all mine, now where the hell is the remote?”