The Washington, DC metro area is the home to numerous military installations, which results in thousands of members of the military and their respective families moving into and out of the area on a regular basis. As a recent article in the Washington Post pointed out, as most military members move into the area in June and July, now is the time that most begin looking for their future home.
For sellers looking to tap into the increase in military members moving into this area, it is important for you to consider the following:
1. Every member of the military receives a Basic Allowance for Housing (BAH), which varies depending on the member’s rank, number of years of service, location of their duty station and number of dependents. BAH is also designed to be an accurate and equitable amount of housing compensation based on housing costs in local civilian housing markets. When pricing your home for sale, you may want to consult the military’s Basic Allowance for Housing rates to find the applicable rates in the DC area.
2. Another thing many military members consider before buying a home at a new duty station, is whether or not they will be able to rent the property upon receiving new orders to move. As a home seller, you may want to have information available to show prospective military purchasers that the rental market in your area is strong.
3. It is also important to stress, as a home seller, that the property is located within a reasonable commute time to their duty station, or has easy access to major interstates.
4. Consider listing your property on websites like militarybyowner.com, as many military members look there first when they begin their search for a new home. The benefit to militarybyowner.com, is it allows military members to narrow their searches down to homes close to their specific duty station. Even if you have a real estate agent, you are not prohibited from listing your property on the militarybyowner.com website – in fact, your agent just fills in his or her information as the point of contact for anyone that is interested in viewing your property. If you opt not to list your property on militarybyowner.com, when your agent lists your property on the Internet, have them include the nearest bases to your property to attract military purchasers.