Characteristics of Second-Home Purchases in the U.S. (Ann Arbor) by International Buyers

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The 2007 NAR Profile of International Home Buying Activity research reports further about the characteristics of second-home purchases in the United States made by international clients.

Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22% were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.

A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13%), the United Kingdom (12%) and Canada (11%)...Did you know that Michigan is the only state where we go SOUTH to get to Canada?

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Kathy Toth & Team
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