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But, those who are buying are doin so with cash with more than four out of 10 investmenft buyers and more than three in 10 vacatioh home buyers coming to the table with moneuyup front. “We expected vacation-homed sales to fall given the impact of a declining economy ondiscretionary purchases,” said Lawrence Yun, NAR chie economist, in a news release. “zA steady share of investment-home sales results from buyers taking advantagde of deeply discounted prices inmany areas, with a smalledr portion of new homes in the salezs mix.
” The market share of home purchased for investment was 21 percent last unchanged from 2007, while an additional 9 perceng were vacation homes, down from a 12 percent market share in 2007, according to NAR. And as with the marketr for primary residences, second-home pricese were also down significantly. The median price of a vacatiohn homewas $150,000 in 2008, down 23.1 percent from $195,00 0 in 2007. The typical investment propertycost $108,000 last which is 28.
0 percent below the 2007 median of according to the Realtor The typical vacation-home buyer in 2008 was 46 yearas old, had a median househol d income of $97,200, and purchased a property that was a median of 316 milesz from their primary residence. Investment-homre buyers in 2008 had a media ageof 47, earned and bought a home that was fairlyy close to their primary residence – a median distance of 19 Twenty-six percent of vacation homeds were purchased in small towns, 23 percent in a ruraol area, 23 percent in resorts, 20 percen in a suburb and 8 percent in an urban area or centrao city.
Twenty-eight percent of investment homea were purchased ina suburb, 20 percent in an urbah or central city area, 23 percent in a ruraol area, 22 percent in a smalkl town and 6 percent in a resortg area. Seventy percent of vacatioj homes purchased in 2008 weredetached single-family homes, 18 percenrt condos, 5 percent townhouses or row houses and 7 percenft other. Sixty-four percent of investment homes purchased in 2008 weredetached single-family homes, 22 percenft condos, 8 percent townhouses or row houses and 6 percenft other. The survey, conducted in March, includes answersa from 1,924 usable responses.
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