Hispanics are expected to account for as much as 40 percent of all new homeowners over the next 20 years, according to a study by the Harvard Joint Center for Housing Studies; and a recent report by the Tomas Rivera Policy Institute, funded by Freddie Mac, suggests that the housing industry should take "proactive steps" toward the burgeoning Latino homebuyer market.

For example, 84 percent of Latino renters “strongly" desire to buy a home and 55 percent plan on buying in the next five years, says the report. Yet, the report warns that Latino homebuyers face significant homebuying hurdles, especially getting accurate information about qualifying for a mortgage and steps to buying a house. The chief difficulties anticipated by respondents who plan to buy within the next five years were a lack of familiarity with the mortgage process (64 percent), saving for a down payment (53 percent) and finding a trustworthy advisor (53 percent).

A similar study, which examined homebuying attitudes and behaviors of four ethnic groups in Texas, was commissioned by the Real Estate Center, a research center at Texas A & M.

"The U.S. Census Bureau projects the U.S. population in 2040 will be 53 percent Anglo and 47 percent non-Anglo, the identical percentages seen in Texas four years ago," found the report. "The potential real estate market is sizable. Forty-eight percent of Hispanics who do not own a home say that they are likely to purchase a home in the next two or three years."

These findings are among the reason that the National Association of Hispanic Real Estate Professionals has created the Professional Real Estate Designation Certification Program, to help train Realtors who are interested in serving the growing Hispanic market.

"Professional education is huge for us," says Gary Acosta, cofounder of NAHREP, "We have had to revise numbers upward in how significant the Latino market will be. The challenges will cause us to modify how we do business."

For example, most Latinos are first-time homebuyers, and their cultures don't promote the use of credit as freely as most of the U.S. Consequently, they aren't as experienced with getting credit-worthy in anticipation of acquiring a mortgage loan.

The NAHREP certification training is designed to help Realtors learn more about the language barriers, cultural distinctions and consumer traits that are factors they may encounter with Hispanic homebuyers.

The training was designed by transcultural experts and provides practitioners with not only heightened sensitivity and awareness of the diverse Latino culture, it also delivers practical tips on how to utilize this information successfully during transactions.

Among the topics covered in a certification course:

• Demographics trends that support the emergence of the Latino culture as a consumer phenomena in the housing market;

• The role that culture plays for Latino homebuyers;

• The difference between stereotypes and valid generalizations;

• Key norms and values of Latino culture;

• Tips for working with non-English speaking clients;

• Understanding the immigrant experience;

• Important components of Latino decision-making as it relates to the home-buying transaction;

• Immigrant customers’ attitudes and perceptions about the real estate industry;

• Latino beliefs about the home-buying process;

• Tips for dealing with client concerns and objections, and more.

For more information about the Professional Real Estate Designation Certification Program, please visit www.nahrep.org.