There are 18.8 million veterans and veteran families in the U.S. That’s a huge pool of potential buyers and sellers.
Traditionally, the home ownership rate for veterans of the U.S. military has outpaced non-veterans. In 2006, the ownership rate for veterans was 79.5 percent, which is 12.3 percentage points higher than that of non-veterans, according to data provided by the National Association of REALTORS®.
In 2015, veterans and active-service members comprised 21 percent of all home buyers. Veterans move a median of 75 miles from the home they previously sold to their new home purchased. Active-duty military most often purchase a home due to a job relocation.
They turn to real estate professionals for guidance as they move to new locales. Veterans and active-service military got their information from real estate professionals more than any other source, according to the 2016 Veterans and Active-Military Home Buyers and Sellers Profile. The report, released by NAR, shows that 85 percent of veterans and 86 percent of active-service military purchased their home through a real estate agent.
Real estate professionals are gaining extra training in how to best reach this expansive buyer and seller segment. NAR offers members the Military Relocation Professional certification, for example. It’s a one-day certification program that shows how real estate professionals can reach out to this niche and how to help vets take advantage of military benefits in their home purchases.
By Melissa Dittmann Tracey, REALTOR® Magazine