Diversity and the hot real estate market. Can they co-exist?

Allison Ziefert September 16, 2020

There has been so much talk about the astoundingly strong performance of the housing market in our area despite the worldwide economic turbulence brought on by Coronavirus. Our team was even mentioned in a recent New York Times article on the topic. With homes routinely selling for tens if not hundreds of thousands above list price, one questions how our area will remain affordable for most families. When even the highest qualified buyers have to compete for homes, how will families with lower down payments be able to live in our towns? Will our towns be able to maintain the diversity that almost every single one of our buyers tells us is a central reason for choosing to live here.

Last year, I joined the South Orange Maplewood Community Coalition on Race as a Trustee. The Coalition recently held a forum for real estate agents on racial equity in the housing market. Watch the recording and you will find the information presented very eye opening! Did you know that in New Jersey the median net wealth for white families is $352,000 and only $6-7,000 for black and latino families? Did you know that there is a 30% gap in the rate of homeownership between white and black families in the US, which is higher than it was in 1968 when housing discrimination was legal! Much of the disparity we see today is the result of government policy that created segregated housing patterns that still exist. I just started reading Richard Rothstein’s book entitled, The Color of Law, which presents this history in detail.

So we have been reflecting on what we can do in our practice to make this better. How do we present our communities in our marketing? Which vendors and professionals do we hire? Can we be more aware of biases about people that may impact our views? Thinking this might be the right time for you to make a move? Contact us so we can chat further about your plans. We would be honored to work with you or someone you know.

The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair and West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials at www.azhomesnj.com/testimonials.

 

 

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