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DENVER – A free seminar taking place in Denver this weekend will offer education and assistance for minority homebuyers who have had a hard time finding homes they can afford.
The seminar, now in its second year, is being put on by the National Association of Real Estate Brokers, a national organization made up of minority professionals in the real estate industry, and coincides with the 50th anniversary of the passage of the Fair Housing Act. The Denver Metro Association of Realtors is a sponsor of the event.
Milford Adams, a spokesperson for the local chapter of NAREB, said the African-American community lost a lot of wealth when the great recession hit a decade ago and the organization is trying to recoup some of those losses by helping black residents and other minorities become homeowners.
“Our goal is to, on a national level, get two million new homeowners,” Adams said.
An analysis by Zillow earlier this month found that minorities – black and Hispanic homebuyers in particular – have a much harder time finding homes they can afford in metro Denver than white buyers do.
While the typical white buyer in Denver can afford about 77 percent of homes on the market, black buyers can afford about 37 percent and Hispanic buyers can afford 41 percent, according to Zillow.
Attendees at the seminar can expect to learn about every aspect of the home buying process, from finding a lender and real estate agent to putting in a competitive offer. The seminar also will cover many of the assistance programs are available.
Even with those assistance programs, however, it can still be hard to find a home, Adams said, and that’s why it's important to find a real estate agent who will help you along.
“We have the great programs…but now we don’t have the inventory,” Adams said. “You can still buy a home. I tell all my clients, you’re going to have to have a plan, be patient and be persistent.”
Though a large focus of the seminar is to help minorities navigate the home buying process, Adams said the information presented at the seminar will be useful to anyone who’s having a hard time finding a home.
“Everyone’s welcome and the help is available to everyone,” Adams said.
The seminar will run from 10 a.m. to 4 p.m. on Saturday, April 21 at DSST Green Valley Ranch, 4800 Telluride St. in Denver.