Press release
Realtor.com® Champions Buyer's Agents for Underrepresented Groups
The latest initiative aims to educate the public that without buyers' agents, historically underserved and underrepresented communities are at risk of further
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[{"type":"text","content":"The latest initiative aims to educate the public that without buyers' agents, historically underserved and underrepresented communities are at risk of further distancing themselves from the American Dream of homeownership\nSANTA CLARA, Calif., June 17, 2024 /PRNewswire/ -- The homebuying process is complex, but for individuals in underrepresented communities the hurdles can be even more daunting. That's why Realtor.com® is extending the reach of its highly successful buyer representation campaign with the launch of a new initiative promoting the benefits of buyer's agents for individuals in historically underserved and underrepresented communities, including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.\n\nLow-income earners are 22% more likely to be denied a loan1, LGBTQ+ are 25% less likely to own a home compared to all Americans2, one in four Hispanic individuals complete the homebuying process entirely in Spanish3, seven in 10 Veterans are unaware they qualify for a zero-down home loan4, and the gap between Black and White homeownership is worse today than in 1968 when the Fair Housing Act was passed5. If the commission settlements lead to increased transaction costs or reduced access to buyer representation, it could further limit the ability of these groups to purchase homes and exacerbate existing inequalities in homeownership.\nWith the campaign, Realtor.com® is highlighting the indispensable role buyer's agents can play in overcoming specific challenges faced by these individuals during the home buying process. Sellers have their own agent looking out for them, and buyers need and deserve the same support and protection. With access to and a better understanding of how a buyer's agent can help, consumers can make more informed decisions during the home buying process.\n\"Buyer's agents provide essential expertise and support in the biggest financial transaction of people's lives. This is especially true for first-time and underrepresented buyers with limited resources or knowledge of the process. However, if the commission settlements increase upfront costs or reduce access to buyer agency it could make homeownership less affordable to the very people who need the most help,\" said Realtor.com® CMO Mickey Neuberger. \"During June's Homeownership Month, we urge the industry to join us in ...