Effort to reach Asian home buyers begins

The Southland Regional Association of Realtors and the Asian Real Estate Association of America recently announced that they have joined forces to increase homeownership among Asian Pacific Americans.

 The cooperative effort will focus on educating the public and Realtors about the rapidly growing purchasing power in the diverse Asian Pacific American community, said Winnie Davis, SRAR president, adding that real estate professionals face complex challenges in serving this community, including language barriers and cultural differences.

“Given the educational level, credit profile and income of the Asian Pacific American community, its homeownership rate has tremendous room for growth,” Davis said.  “Our industry must reach these prospective home buyers.”

The mutual operating agreement, recently signed by SRAR and AREAA, hopes to bridge the knowledge gap by enhancing professional development opportunities for its members.

“We believe Asian American homebuyers will continue to positively influence the housing market in Southern California.  With the partnership with Southland Regional Association of Realtors, we can expand the reach of Asian consumers and help our members more effectively serve this important segment of the real estate market,” said Allen Okamoto Chairman of AREAA, the only national trade organization dedicated to closing the homeownership gap facing the Asian American community.

According to AREAA research, Asian American homeownership has experienced the most rapid growth among all ethnic groups over the past three decades.  

Consider that in 2000, the Asian American homeownership rate was 52.9 percent.

By 2005, the rate jumped to almost 60 percent.  No population, including non-Hispanic whites, has attained such rapid growth in homeownership. In fact, experts estimate the rapidly growing purchasing power of Asian Americans will reach nearly $600 billion by the end of the decade.

To help real estate and housing industry professionals learn about the buying power of Asian Americans and about techniques for reaching this vast audience, AREAA will host its 2nd Annual Convention Nov. 11-13 at the Bellagio in Las Vegas. Titled “Tapping the Dynamic Asian Housing Market,” the event will examine ways to serve the fast-growing Asian American market, and to address barriers to homeownership.  

To register or for more information, visit www.areaa.org.

The SRAR is the voice for real estate in the San Fernando and Santa Clarita valleys.  

For more information, visit www.srar.com.