|source: NAR 2009 Investment and Vacation Home Buyers Survey|
- In 2008, 70 percent of home buyers indicated that they purchased a
home to use as their primary residence, an increase from 67 percent in
2007 and up significantly from 60 percent in 2005.
- Most often, buyers purchase a primary residence based on job
relocation needs, formation of a new household or changes in family
circumstances necessitating a larger or smaller home or a home in a
different location. These factors are present - perhaps to a larger or
smaller degree - whether the economy is expanding or contracting.
- For the remaining 30 percent of home buyers, the motivation to
purchase an investment property or vacation home is influenced by a
variety of factors.
- In an environment of economic uncertainty, discretionary purchases
such as vacation homes can be more easily delayed than the purchase of
a primary residence as evident from the decline in the share of
vacation home purchases to 9 percent in 2008 from 12 percent in 2007.