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California’s homebuyers becoming more diverse, SILVAR’s EO tells COIAR

Friday, January 26, 2007

California's population is becoming more culturally diverse and more homebuyers come from different ethnic groups; singles and unmarried partners also represent an increasingly large component of homebuyers, SILVAR's Executive Officer Janet Case members of the Council of Indian American Realtors last week.

Case was the guest speaker at COIAR's first 2007 meeting, which was held on Jan. 25 at the Mayuri Restaurant in Santa Clara.

"There are a lot of people looking for homes. You just have to be ready to help them," she said.

Based on statistics provided by the California Association of Realtors (C.A.R.), Case indicated 42 percent of the state's population is Caucasian; other significant population segments include Hispanics at 25 percent and Asian and Pacific Islanders at 27 percent. Over 40 percent of first-time homebuyers are Hispanic and Asian.

SILVAR's Executive Officer also told COIAR that despite sensationalism and negative news reports about declining prices, the housing market is doing well, particularly in the Bay Area.

"Housing has been very, very good as an investment in the Bay Area, because the Bay Area is a unique market, unlike others. While there has been a slowdown in sales recently, over time, it's not a bad story. Things are just normalizing," Case explained.

Case did note, with the market now stabilizing, compared to a year ago, being a Realtor will be more challenging. Now is a good time to for agents to pursue educational classes and improve themselves professionally, she advised the COIAR members.

SILVAR celebrates diversity as a catalyst of thriving communities on the Peninsula and seeks to maintain strong ties with all real estate associations representing ethnic populations in the area. SILVAR seeks to work closely with the leadership of these associations to help them empower their clients to achieve the American dream of homeownership.

The Council of Indian American REALTORS® was formed to organize Indian Americans in the real estate and allied fields, to provide its members a forum for networking and professional growth in the culturally diverse American society, and improve minority access to homeownership.
  


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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