We’re lucky to be located near several military bases and government contractors so serving veterans and active duty military members is one of our top priorities. We’ve taken a closer look at the 2018 Veterans & Active Military Home Buyers Profile report to analyze the differences between recent active-duty and veteran homebuyers and sellers versus those who have never served.
One of our main takeaways was that differences in household composition and financing options incentivized home buying demand for veteran and active military buyers and sellers. Over half of active-duty and 41% of veterans purchased a home with no money down (100% financed) as opposed to just 7% of civilian home buyers. The majority (77%) of active-duty military used a VA loan and 15% used a conventional loan. If you’re one of those service members that might be interested in no-money-down financing, we’d be happy to connect you with loan officers that can find the right loan product for you.
Interestingly, active-duty military buyers were most likely to buy a multi-generational home with an average of 4 bedrooms and 2 baths. The report found that active-duty military buyers were most likely to have children under the age of 18 in the home. Active-duty buyers’ main reasons for moving in the future were either for a job change or to flip their current home. If “flipping” or remodeling a home as an investment before your next PCS might be something you’re interested in, we have plenty of experience finding suitable “fixer-upper” homes with enough room for the whole family!
On the other hand, veteran buyers were the largest group purchasing a home as a married couple and had the oldest median age. They were also the most likely group to purchase a home as a single male. Veterans and non-military buyers tended to buy smaller, less-expensive homes–around 3 bedrooms and 2 baths. Whether you’re looking to stay in the Northern Virginia area or relocate to the shores of Lake Anna or the peace of the countryside, we have offices and knowledgable agents all over the region to help you with your next move.
Civilian or non-military buyers typically listed a better neighborhood as their biggest reason to move in the future, and bought the smallest homes of all three groups. Non-military buyers were also the least likely to purchase a multi-generational home and moved the shortest distances of all groups.
We are so honored to assist our active-duty and veteran military members find their new “Home of the Brave” in the greater Northern Virginia region! Whether you’re looking to accommodate your growing family, downsize after retirement or just find a project home to work on before your next PCS, Coldwell Banker Elite would be proud to help.