thurston county: Real Estate Market Update and Advice for Olympia WA Sellers April 2020 During COVID-19 - 04/19/20 03:28 PM

This real estate market update is going to be a little different as we are in unprecedented times, dealing with COVID-19 and its impacts on all of us.  It has left many struggling emotionally, physically and financially.  For this report, I wanted to share with you the questions I have been receiving from my clients.
 
Click here to watch a recap of the most common questions I’m getting from sellers about the Olympia WA real estate market.
 

 
For some of my clients, they find themselves in a situation where they need to sell and have many questions about how to proceed next.  Others … (4 comments)

thurston county: Real Estate update amidst coronavirus in Thurston County WA - Gov. mandates brokers work remotely - 03/24/20 04:28 PM

With Governor Inslee’s “stay home, stay healthy” mandate on March 23rd, real estate brokers may not conduct any business outside of our homes, and that includes showing or previewing homes.  We cannot do any in-person business whatsoever.  For the health of our community, we are putting things on hold for the next two weeks.  (Earlier this month, our MLS prohibited marketing open houses.)
 
It is unclear as of this writing (March 24, 2020) how all of the other industries involved in real estate will continue (home inspectors, contractors, appraisers, title and escrow companies, etc.).  Some of these will be on hold like … (2 comments)

thurston county: Will real estate housing prices go down in Olympia WA due to the Coronavirus? - 03/17/20 04:22 PM

In short, probably not, and here’s why.
 
Supply and Demand
 
Olympia WA and Thurston County have the lowest standing inventory in its history.  At the end of February, Thurston County had just 242 homes listed for sale.  In contrast, a balanced market is about 1,200 listings.  Our market would need to add 1,000 listings in a month to just get to a balanced market, and even more listings would have to be added to get to a buyer’s market.
 

 
Along with this is the absorption rate in Thurston County.  Never have we been below a 1-month supply of homes for sale.
 

 
This chart below shows … (2 comments)

thurston county: College Scholarship Contest by Coldwell Banker Evergreen Olympic Realty in Olympia WA for 2020 - 03/13/20 05:39 PM

 
It's this time of year again when my firm, Coldwell Banker Evergreen Olympic Realty is running our annual college scholarship contest for 2020. For all the details, be sure to visit www.whatmakesahouseahome.com.
 
Since 2011, we have asked our high school students in Thurston County, "What Makes a House a Home," and over the years, have received beautifully written essays on this topic.
 
The college scholarship contest is open to all Thurston County, WA high school students, grades 9 - 12 who are enrolled in public or private schools, or who are home-schooled or enrolled online.
 
Students may enter an essay up to 500 words … (5 comments)

thurston county: Thurston County Real Estate Tax Assessments – How Taxes are Calculated and New 2020 Exemptions for Tax Relief - 02/17/20 08:01 AM

Every February, right around Valentine’s Day, Thurston County homeowners will receive in the mail a small postcard from the Assessor’s office with your new property tax assessment for the year.
 
Most homeowners have their mortgage set up where the mortgage company collects property taxes in each monthly payment and then makes the twice-annual tax payments to Thurston County.  The postcard you receive in the mail this month is NOT a bill.  If you do not have a mortgage or you have a mortgage where you pay the property taxes on your own, then you will receive a bill.
 
How are my property taxes … (0 comments)

thurston county: What’s your Olympia WA home worth – January 2020 real estate market update - 02/11/20 11:53 AM

Olympia WA - one of many nature walks in the town.
 
January 2020 in the Olympia WA (Thurston County) real estate market started off very strong with lots of buyer activity and positive equity gains for most sellers.
 
The median home sales price in Thurston County is $342,787.
 
The gains sellers are achieving are quite remarkable.  Our historic average gains are 5.4% annually.  In just looking at the January numbers from years past, you can see the above-average increases.  And these percentages are also extrapolated into dollar amounts.
 

 

 
It’s hard to believe these numbers but we examined January sales that where the home was not … (3 comments)

thurston county: FAQ for Olympia WA Sellers - Is the First Offer the Best Offer? - 02/07/20 01:42 PM
 
The Olympia WA (in Thurston County) January 2020 real estate marketplace is deep in a seller’s market.  With the low inventory and fewer choices for buyers, many sellers are seeing multiple offers and are receiving offers within hours of listing.  Most offers are over the asking price when buyers are bidding on a property. 
 
 
 
But is the first offer the best offer?* 
 
 
There is certainly a lot of anecdotal information out there but we, at my firm, have tracked this in Thurston County so we can provide the facts to our clients.
 
 
 
For January 2020, sellers on average accepted the highest priced offer on … (4 comments)

thurston county: Olympia WA January 2020 Real Estate Market Update – Deepest Sellers’ Market To Date - 01/14/20 03:46 PM
 
January 2020 is starting out as the most robust seller’s real estate market we have seen in Olympia, WA in Thurston County.
 
 
 
There are currently less than 250 active listings for sale (a balanced market is about 1,200+ listings countywide). Thurston County is in the longest stretch of time in a sellers’ market (63 months and counting). Now is the first time sales have outnumbered listings.  
 
 
 
 
 
With impressive statistics like this, you’d think buying and selling a home is easy.  In fact, it is just the opposite.  Buyers are frustrated with low inventory and high competition; Sellers are struggling to pick … (1 comments)

thurston county: Olympia WA Home Sellers See Relief in Sales Tax in 2020 - 01/09/20 12:55 PM

Starting January 1, 2020, many home sellers in Thurston County, WA will see relief in their Real Estate Excise Tax (REET) that they pay to the state of Washington when they sell their home.
 
In the past, most areas in Thurston County were taxed 1.78% (1.28% state tax rate + 0.50% local rate) of the sales price and were paid by the seller at the time of their home sale.
 
Now in 2020, the tax rate changed to a graduated structure, lowering the cost for most home sellers in Thurston County.
 
For a sales price of $500,000, the new combined tax rate is 1.60% … (3 comments)

thurston county: Sellers in Olympia WA are Seeing Good Equity Gains – and that’s putting it mildly - 12/17/19 05:32 PM

The real estate market in Olympia WA continues to grow and there aren’t signs that this trend will be stopping anytime soon.
 

 
This chart below shows the average gains sellers, who sold this year, are achieving from when they purchased.  On average, market-wide median home prices are up 8.6 percent, much higher than our long-term historical average of 5 percent per year.
 

 
And these are not just high-priced sales – these are the average of ALL sales in Thurston County, excluding manufactured homes, distressed homes, and homes that were significantly remodeled.  These are historically incredible numbers for our real estate market.
 
Why is the … (3 comments)

thurston county: This weekend's Open Houses in Olympia WA Sept. 28-29 2019 - 09/27/19 09:30 AM

This weekend, September 28-29th offers 94 open houses in Thurston County - from Olympia to Lacey to Tumwater to Rochester WA. There is a good selection of homes this weekend to tour, but if you can't make it to the open house or just want your own tour, call me! Let's buy a house this weekend!
 

(2 comments)

thurston county: Fun Things to do in Olympia WA this weekend, Sept 6-8, 2019 - 09/05/19 06:01 PM

Labor Day is over and the kids are back in school but is there ANYTHING to do in and around Olympia WA this weekend? Yes, there is!! Check out some of the fun events happening this weekend, September 6-8, 2019.
 

 
Friday, September 6, 2019
 
Mama Mia! Broadway musical – The Triad Arts Theater, Yelm – runs through the end of September
 
Demetri Martin and Pete Holmes Comedy – Lucky Eagle Casino, Rochester
 
Blackbird – State Theater – Olympia WA, 8 PM
 
Saturday, September 7, 2019
 
Mama Mia! Broadway musical – The Triad Arts Theater, Yelm – runs through the end of September
 
Brats, Brew and Bands – Gateway … (3 comments)

thurston county: Is it too late for me to list my Olympia WA home? - 09/04/19 01:12 PM

Many homeowners who are considering selling their Olympia WA home are looking at the calendar, seeing the school buses back on the roads, sipping their pumpkin spiced lattes and are wondering if they missed the summer real estate market. 
 
Put shortly, the answer is no. 
 
And here’s why the 2019 fall and winter real estate market in the Olympia WA will continue to be a great time to list your home for sale.
 
Less competition. 
Your competition may wait to list their home until next year or may take their home off the market, not realizing September through the rest of the year will … (4 comments)

thurston county: Housing in 2019 is more affordable than last year in Olympia WA - 08/27/19 01:53 PM
Buyers in Thurston County, WA (which include Olympia, Lacey, Tumwater and Yelm) are seeing higher home prices but are enjoying near-historic low interest rates, making homes more affordable now than last year at this time.
 
 
 
 
 
The average home price in Thurston County, WA is $371,323, up 4 percent from last year. But because interest rates have plummeted 1 percent from last year, buyers are seeing their dollars go further. 
 
The average-priced home of $371,323 with the national average 30-year mortgage rate of 3.55% realizes a monthly principal and interest payment of $1,678 (taxes and insurance would increase this number).  Comparing the average home … (2 comments)

thurston county: Open Houses this weekend in Olympia, Lacey, Tumwater WA - August 24-25, 2019 - 08/23/19 10:49 AM
 
Get your slip-on shoes on and head out this weekend to visit open houses in the Olympia, Lacey, and Tumwater areas in Thurston County, WA!  Click here for the open houses this weekend, August 24-25, 2019.
 
 
 
 
 
 
There are some great choices this weekend from cute little bungalows to homes on acreage to waterfront properties. And be sure to be kind to your open house hosts! Say hi and introduce yourself. I promise you, the real estate agent hosting the open house won't bite!
 
 
 
Have fun and if you see a house you'd like more information on, please contact me this weekend.
 
(1 comments)

thurston county: Thurston County WA where you can find affordable housing - 03/14/19 03:38 PM

The University of Washington Center for Real Estate Research in Seattle, WA publishes reports about the economy and the real estate sector in Washington State. One of their reports is the housing affordability index.
 

 
The Index tracks affordability in all Washington counties. We are tracking King (where Seattle is located), Pierce (Tacoma) and Thurston (Olympia) counties and how Thurston County compares to its northern neighbors.
 
The Index looks at median income and median-priced homes if the buyer was buying a home with a 20% down payment on a 30-year fixed-rate loan.
 
An index higher than 100 means the market is affordable; below 100 is … (4 comments)

thurston county: 2019 Real Estate Forecast for Olympia, Tumwater, Lacey, WA in Thurston County - 01/16/19 12:38 PM
This year in real estate in the Thurston County, WA area, including the cities of Olympia, Lacey, and Tumwater, are bound to be a very successful year both for sellers and buyers.  Here is the 2018 recap with the 2019 projections.
 
 
Record Number of Sellers
A record number of resale homes came to the market throughout 2018.  That gave buyers more choices and it moved the standing inventory of homes (those available at any moment in time) from record low levels.  The increase in both helped nudge our market out of a deep seller’s market and begin a trend back toward balance.
 
2019 Projection: … (1 comments)

thurston county: The Olympia, Lacey and Tumwater, WA Housing Market Update for December 2018 - 01/13/19 10:36 AM

The Olympia, Lacey and Tumwater, WA Housing Market Update for December 2018
 
Olympia, WA is the capital city of Washington State and is located in Thurston County with the other major cities of Lacey and Tumwater, WA.
 
The December 2018 Highlights:
 
Overall the market in 2018 was very good for Olympia, Lacey, and Tumwater WA home buyers and sellers.  Some sellers did see multiple offers on their homes while buyers were very savvy in their negotiations to successfully become homeowners.
 
Increased inventory means more choices for buyers. Year-to-Date sales are down however December 2018 was still the 3rd highest December ever for closed sales. … (8 comments)

thurston county: Thurston County Realtors Association celebrating volunteering - 12/07/18 12:12 PM
Yesterday was the general meeting for Thurston County REALTORS® in Olympia, WA.  This last meeting of the year is always a fun one.  Not only are the new directors inducted (I'm a new director this year for REALTORS®) and we have a new president, but we also celebrated the volunteering our group does individually and as a whole. 
 
We were happy to present the Thurston County Food Bank with a check for $6,000.  These funds were raised from our fall golf course event. 
 
We also had a wreath auction this year where the winning bids went to the charities of the winner's choice.  … (5 comments)

thurston county: Olympia WA real estate market October 2018 - 11/08/18 11:31 AM
The real estate market trend for the Olympia, WA area is starting to level out as we head into the winter months.  
 
The recently released data shows a modest decline in closed sales (down 3.6%) and pending sales (down 4%) from a year ago, however, both figures made this the second-best October on record.
 
Combined with fewer closed sales, active inventory inched up a bit to 723 homes for sale in all of Thurston County, WA.  That rise is just 6.5% up from last month yet that rise did not push the market into a balanced market. 
The Thurston County … (1 comments)

 
Francine Viola, REALTOR®, In Tune with your Real Estate Needs (Coldwell Banker Evergreen Olympic Realty, Olympia WA)

Francine Viola

REALTOR®, In Tune with your Real Estate Needs

Olympia, WA

More about me…

Coldwell Banker Evergreen Olympic Realty, Olympia WA

Address: 3333 Capitol Blvd S, Olympia, WA, 98501

Mobile: (360) 359-0689

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