NAREB Home Education Conference
As the nation’s oldest minority Association, the National Association of Real Estate Brokers (NAREB) was formed in 1947 as an equal opportunity and civil rights advocacy organization for African American real estate professionals, consumers and communities in America. Their goal is to “bring together the nation’s minority professionals in the real estate industry to promote the meaningful exchange of ideas about our business and how best to serve our clientele.”
On April 29, 2017, NAREB hosted a Home Education Conference in Denver in an effort to raise awareness for home ownership challenges facing the African American community and the issue of affordable housing throughout Denver. DMAR was proud to be a sponsor of this event, which highlighted an important, yet often overlooked, issue that has affected our industry at both the local and national level.
“During the downturn in real estate in 2005 to 2012 a lot of members of the African American community lost homes due to foreclosures,” said Milford Adams, a DMAR Director who serves on the local chapter of NAREB and a featured speaker at the event. Currently, over 50 percent of African Americans rent instead of own, which can lead to a catch-22 situation – while owning instead of renting is an excellent way to build wealth, most people need to be able to save money to be able to afford a down payment. If someone is spending half of their income (or more) on rent, saving can be incredibly difficult if not impossible.
“This conference not only helped spread awareness, but was also intended to educate potential owners on how to improve credit scores and purchase a home, with a focus on the home-buying process,” explained Adams. “We wanted to show support for the communities that have a high rate of minorities living in the area. I spoke at the conference and stressed the importance of having a plan as a buyer. Especially with how aggressive and competitive the current Denver market is, it’s important for buyers to not only be prepared but also be patient, be persistent and just keep pushing.”
Scott Grossman, Chairman of the DMAR Board also attended the conference and was another guest speaker. “I thought the event was a great way to get the message out on home ownership,” said Grossman. “There was information on working with a REALTOR®, lending, title and the entire home buying process all in one place. NAREB invited speakers who were able to help bring this process to life and I was honored to be a part of it.”
Learn more about this topic
- Impact of the US Housing Crisis on the Racial Wealth Gap Across Generations | report published by the ACLU
- The Recession's Racial Slant | article published by The Atlantic
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