Housing in 2019 is more affordable than last year in Olympia WA

By
Real Estate Agent with Coldwell Banker Evergreen Olympic Realty, Olympia WA

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 price and interest rate last year, buyers today are paying $130 less per month in principal and interest. (Source for mortgage rates is from http://www.freddiemac.com/pmms/ . The average commitment rate quoted of 3.55% also has an average of 0.5 percent in fees/points.)

 

 

The Take-Away

Buyers – homes are more affordable this summer than last summer and the low interest rates are taking a good bite out of the higher home prices for you.  Your buying power has surged!

 

Sellers – you still need to price for the market conditions but the buyer pool is widening as more buyers can afford more. And many buyers are waiting for your home to get on the market!

 

Current Homeowners – you may want to consider refinancing at these lower rates if you plan on staying in your home for several years.  Talk to your mortgage professional and CPA about the best options for you.

 

If you are planning to make a move this year, contact me today!  I specialize in working with both buyers and sellers in Thurston County, WA (Olympia, Lacey, Tumwater, and Yelm).

 

Posted by

 

Francine Viola, Realtor
In Tune with your Real Estate Needs

 

Serving Buyers and Sellers in Olympia, Tumwater, Lacey and Thurston County, WA

Coldwell Banker Evergreen Olympic Realty, Inc.  |  Olympia, WA

 

Cell:      (360) 359-0689

Email:  Francine.Viola@cbolympia.com

Web:     www.FrancineViola.com

 

       

 

Comments (2)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Francine Viola potential buyers should clearly understand your post.... it gives the bottom line to all.... call Francine Viola and take advantage of this wonderful financial plan... buy now with proper representation and make enjoy your new home in Olympia Washington....

Aug 28, 2019 03:28 AM
Francine Viola

Hi Barbara Todaro - thanks for the boost!

Aug 29, 2019 09:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great post for home buyers to realize that it's time to buy.... that low interest rates make it more affordable then ever, Francine.

Aug 28, 2019 05:51 AM