Brokers are saying Hola to newest home buyers.

A growing number of residential real estate firms are bulking up on bilingual staff and developing targeted marketing campaigns in a bid to tap into the growing Hispanic homebuyer market which is predicted will shore up any dip in future sales.

The US Census Bureau predicts that the Hispanic and Asian population of the United States will triple by 2050 while the White, non-Hispanic population will increase by just 7%.

In areas such as New Jersey in particular, the impact on the residential market has been a point of concern in recent years due to what seemed like an exodus of homebuyers from 2004 to 2005 when, according to the Census 56,989 people left New Jersey.

However, the Hispanic community has been credited with keeping the market in relatively good health as an estimated 47,000 immigrants entered the state during that same time period. According to industry analyst, Jeffrey Otteau, president of Jersey's Otteau Appraisal Group, 43% of those immigrants came from Latin America.

Erik A. Kaiser, president of REMI Companies, a real estate investment, development and management company based in New Jersey, reported that Hispanics currently make up 30% of the population in the state, a figure that, within the next five to six years, he predicts will jump to 40%.

"Hispanics dominated Union City, NJ, for a very long time, but that has changed because the market has grown and the population [of immigrants] has grown and the Hispanics have continued to spread," said Kaiser, who noted that, within the Hispanic community, homeownership fluctuates with Cubans owning most and Puerto Ricans least, nuances that are vital to future sales.

"For years, lenders and Realtors have targeted the Hispanic market as a single block, but there are tremendous ethnic and cultural differences between each country," said Kaiser. "REMI Realty provides an opportunity to realize the dream of home ownership for this important and growing segment of New Jersey's population."

Herney Bodero, lead broker for REMI Realty, has worked in the Latin community for 10 years in the Hudson, Bergen and Passaic Counties. Some 95% of his clients are Hispanics who dominate the north eastern corner of New Jersey and, he said that assisting foreign-born clients definitely requires a special approach.

The phenomena is not just confined to the suburbs, according to top Manhattan broker, Jacky Teplitzky, executive vice president at Prudential Douglas Elliman. "It's a large trend right now to buy real estate mostly within the second generation Hispanic community," said Teplitzky, who explained that there were misconceptions within the first generation that if they didn't have proof of citizenship they could not buy property, which is not true. "Now, people are looking to establish roots in the United States and real estate is one of best ways to do that," she added.

Yet according to Kaiser, second generation Hispanics are not the only ones making moves to improve their lifestyle. "There are second generation buyers, but surprisingly, first generation buyers have really picked up on real estate. We've seen a lot of first time buyers in their 60's and 70's years of age, which is an incredible sign to me," he said.

According to the experts, although Hispanics have proven to have better credit and savings than many other nationalities, historically, they have poor relationships with banks.

"The Spanish population doesn't trust banks, and even though they might be in great financial standing, they keep their money in their homes," said Teplitzky.

Added Kaiser, "Many first generation buyers come from a country where currency is devalued, and they maintain a mentality where their savings are kept at home, although they are very conscious of paying their bills on time and as a result have high credit and are able to borrow far better."

There's no doubt that, once in America, Hispanic immigrants concern themselves with buying property. When they learn that in order to purchase a home they need to have good credit, that's what they strive for.

"Hispanics have homeownership as a goal. It's a very serious goal that they aspire to achieve as a group and culture," said Kaiser. "Therefore, once they do get the proper information, which at the moment is mostly being offered through media outlets, they have quickly understood what owning a home means for their finances."

According to Bodero, "Hispanics always begin by buying multifamily homes because of the investment component. They want to make sure they will be able to pay their mortgage, so they look for the extra income, but usually their first home is not their dream home. Five years after they buy their first home they buy their dream home when they have some equity."

With the potential to impact housing trends in such a massive way, real estate firms are definitely viewing the market with promise and Bodero predicts that, within the next three to four years, the marketing of homes to that sector of the population will be revolutionized.

Added Teplitzky, "I think the Hispanic population will play a big role in the residential real estate market in the next 10 years; it's going to basically explode."