Knowing the details of specific demographics can help ease buyers’ nerves and position real estate agents and mortgage lenders as experts who are caring and willing to work hard to help out.
The National Association of Realtors found that 18 percent of today’s home buyers are veterans and 3 percent are active military. The majority of each group used VA loans, sought out bigger housing than non-military citizens and moved to a new state. They also had differing characteristics when buying homes:
- Veteran home buyers are typically 61 years old
- 43 percent sought senior housing
- Veterans mainly relocated to be closer to family or because they were retiring
Meanwhile, active-military home buying patterns showed:
- The typical age was 34
- 21 percent of buyers sought out multi-generational housing
- Buyers were usually moving due to a job relocation
VA Loans help many
They also don’t have to make down payments, though The Mortgage Reports explained that about 12 percent do anyway. This could reduce costs and make qualifying for a mortgage even easier.
“The majority of veteran and active-military home buyers used VA loans.”
The facts show that military personnel are willing to do what is necessary to help their country, whether it be to serve overseas or move to an unfamiliar part of the country for a new job assignment.
With Memorial Day coming up, the best thing the real estate industry can do is be prepared to help veterans and military personnel in any way that it can. This includes real estate agents and mortgage lenders who are willing to work with them quickly and efficiently. Lenox/WesLend Financial is proud to provide VA loans to veterans and active-military members.
For more information about VA loans, contact the experts at Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind.