Event Coverage
Diversity Insights on Homeownership
Left to right: Brett Caviness, Liborio Millares, Paige Nguyen, Roshan Revankar, Lin-Lin Tsou-Otani and Karen Trolan
"Diversity Insights on Homeownership" was the topic of Wednesday's Lunch & Learn session sponsored by SILVAR Affiliate Chair Kyle Chuang, a certified financial planner (CFP) with Farmers Insurance. Here are some thoughts the panelists representing diverse groups in Silicon Valley shared on the topic.
SILVAR Past President and 2024 California Association of REALTORS® Region 9 Chair Brett Caviness:
As a member of the LGBTQ+ community, Caviness said while he feels privileged that he and his husband have purchased a home, he is aware of obstacles facing this diverse group. He said members of the LGBTQ+ community who have had negative experiences with local REALTORS® who are not equipped to handle their situation have reached out to him through the LGBTQ+ Real Estate Alliance.
Don't assume everyone knows or understands the details that impact a group, Caviness told REALTORS®. He indicated in November, Californians will be asked to affirm ACA5, legislation that seeks to remove language from the state constitution that still defines marriage as between a man and woman. He said C.A.R. did not consider this legislation as real estate-related and thus did not officially support it, but he believes it is important.
National Hispanic Organization of Real Estate Associates (NHORA) 2024 Vice President Liborio Millares:
Liborio said purchasing his first home "was a dream come true," but homeownership is not well-ingrained in the Latino community. Many Latinos have their own small businesses and would rather send money back to their country of origin than own a home. They don't trust banks and are not knowledgeable about real estate. They need help on financial literacy and financial wealth education, he said.
Vietnamese National Association of Real Estate Professionals (VNARP) Past President Paige Nguyen:
Nguyen said Vietnamese homebuyers would rather work with non-Vietnamese lenders and REALTORS® because they do not want their information disclosed to the Vietnamese community. Nguyen tries to educate the community about real estate and help them understand that it is okay to work with another Vietnamese lender and REALTOR® because they are bound to keep their information confidential. She also shared some feng shui principles Vietnamese homebuyers follow when searching for a home.
Los Gatos-Saratoga District Council member Roshan Revankar:
Revankar said clients from India care more about the numbers than the personal touch. They do not like purchasing an older house and prefer new homes, and they typically buy a home for life. Bargaining is ingrained in the Indian culture. They feel a sense of achievement if they pay less. Family is important. If a couple does not receive the blessing from their parents or grandparents, they will back out from a deal.
SILVAR member Lin-Lin Tsou-Otani:
Originally from Taiwan, Tsou-Otani said Asian families typically help their children buy a house with a down payment gift. Don't take offense if your Asian clients ask for a kickback, she said. It's just part of their culture. When asked, she explains that she cannot give a kickback, but they can work with someone else. Learn another language as your clients will appreciate it, she said.
SILVAR Past President and Liaisons Committee Chair Karen Trolan:
Trolan, who has been in a wheelchair for 15 years, explained that REALTORS® need to understand that individuals who are differently abled have specific needs. There are people who are physical impaired, vision impaired, hearing impaired, etc. Sometimes you can't tell a person is impaired without understanding their needs. Don't assume; always ask.
"Every one of us is different," stressed Trolan. "Find out what your client needs, not what they want. Have your client describe their ideal home."
Cabinets and counter heights and gas burners can be issues. Roll-in showers and drop down appliances can have value. It all depends on the buyer's needs. Trolan is trying to get the MLS to include standards for different ability categories.
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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.
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