International home buyers are diverse group with a variety of interests. Resident foreigners, including recent immigrants, typically look for a home for their residence – frequently in a suburb. In contrast, non-resident foreigners more frequently look for vacation homes – typically in a resort. The 2013 International Profile of Home Buying Activity presents information on the intended use by international buyers for the property they purchase.
- Resident-foreigners generally intend to use the property as a home—71 percent focus on a residential use, compared with 25 percent intending to use the property for vacation use. Resident foreigners frequently locate in suburban areas.
- In contrast, non-resident foreigners expect by an 80 percent margin to use the property for vacation purposes, with 16 percent of purchasers focusing on primary use as a home. Typically non-resident foreigners may be looking in a resort area.
What Does This Mean for REALTORS®?
The Profile outlines the international buyer as a niche market—although very significant in a number of states. International buyers have special needs and interests when seeking a property. The report and the NAR website www.realtor.org/global contain information and data that may help the REALTOR® in understanding and working with the foreign buyer.