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 are able to hold off and are choosing to wait until the summer when we hope the virus curve has flattened and gone down.     I’d like to start off and say that the market will be just fine if you decide to sell ... 04/19/2020

 This week, Washington State’s Governor Inslee signed an emergency proclamation allowing e-notarizations.  Our Washington REALTORS® and other organizations worked to accelerate this order, which was already planned to be in place by October 1st of this year, but was moved up to now due to the COVID-19 pandemic and the current Stay Home, Stay Safe mandate issued earlier this week. E-Notarizations have been available for cash buyers, but now all parties to a transaction will be able to e-sign and have the notary stamp the documents electronically. The signers will need to appear before the notary through a Skype-like technology and will still need to provide acceptable identification but this is a huge step to maintain social distancing yet still be able to close current transactions. Thi... 03/26/2020

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 real estate brokers; others will carry on. Information is changing by the hour, day by day.  The real estate market has persisted as a very strong seller’s market because ... 03/24/2020

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 the number of homes listed for sale, the number of sales and whether it was a buyer’s market or a seller’s market.  Thurston County has entered uncharted territory where for the first time, sales have outnumbered ... 03/17/2020

 It’s no doubt it has been a tough couple of weeks.  I’m hoping this soothing photo can help. Our daily lives have been impacted and disrupted, and these times are certainly unnerving.  But as history has proved to us, we will bounce back.  We made it through many crises before and we will make it through this one. How is the Coronavirus affecting the Thurston County, WA real estate market? Interest Rates.  If there is a silver lining with this crisis, it is interest rates.  With the Federal Reserve’s slashing of costs to borrow, homebuyers are poised to benefit from lower interest rates.  Currently, a 30-year mortgage rate is 3.35% with 0.7 in fees/points, and analysts expect this rate to go lower.  (Source: www.freddiemac.com/pmms) The rates most likely will go lower because lenders a... 03/16/2020

 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 starting March 13, 2020. The last day for submission is May 3, 2020. Three winners will be announced in May 2020. 1st place - $1,000 2nd place - $750 3rd place - $500 An... 03/13/2020

 With a 29th day added to February once every four years, that warrants a celebration.  Here are the fun events in and around the Olympia WA area: Meet and Greet superhero Amazon of Olympia at the Hands On Children’s Museum from 1-3 PM. See the Olympia Dance Festival with over 200 dancers performing ballet, contemporary, hip-hop, tap, jazz and more at the Washington Center for the Performing Arts – 7:30 PM. Get ready for spring gardening with the Native Plant Festival and Sale at the Thurston County Fairgrounds featuring workshops, demo booths and affordable native plants for purchase. Test your luck at Leap Year Bingo at the Olympia Senior Center, and get a little boozy with Jello-shots at the full-service bar.  (What could go wrong?!) This is a 21+ event starting at 6 PM. Leap year ha... 02/29/2020

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 calculated? To learn more about how your property taxes are calculated, click here for a post I wrote about the assessment process.   This also answers the question of why your property taxes go up an... 02/17/2020

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 remodeled or had significant updating (as updated homes achieved even higher gains). Low inventory is one component to rising home prices but that doesn’t mean lo... 02/11/2020

 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 Day Five.      It is frustrating for buyers and their agents to see listings come onto the market and go pending within 24 hours or less.  As an experienced REALTOR®, I often wonder if the ... 02/07/2020

 Coldwell Banker is proud to be a winner of the 2020 Women’s Choice Award The Women’s Choice Award is the only award that recognizes and identifies brands that women recommend. And with women being key in real estate, this is a tremendous honor. Did you know...... · 91% of homebuying decisions are made or influenced by women. · 18% of homebuyers were single women (vs. 7% that were single men) · 61% of visitors to coldwellbanker.com are women. · Women make up two-thirds of all real estate agents. There are many reasons why I take great pride in representing Coldwell Banker but this honor means so much to me and is one award I am especially proud of. 02/04/2020

 Here is the market at a glance for Thurston County WA, including the major cities of Olympia, Lacey and Tumwater. 2019 was a strong year for our local housing market. Why was 2019 such a strong year for the Olympia area housing market?  1. Strong Regional Job Market and Low Unemployment 2. Relative Affordability of our Area 3. More Buyers and More Inbound Migration than Expected 4. Not Enough Home Building and Fewer Sellers of Existing Homes 5. Low Interest Rates  A strong regional job market has boosted consumer confidence and has helped drive sales to near-record levels.  Government is by far the largest employer in Thurston County with 39,000 jobs as of the 2018 employment total. Thurston County remains the most affordable major county in Western Washington, and this is contributing... 01/29/2020

 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 the right Buyer who can actually buy/close on their home (as we are seeing lofty and creative offers and terms). As an experienced REALTOR®, I can help both my buyer and seller-cli... 01/14/2020

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% of the sales price (1.10% state tax rate + 0.50% local rate) versus the previous rate of 1.78 percent.  This is a savings of $900 to the seller.  See the chart below for the graduated tax rates.   With the median sales price in Thurston Cou... 01/09/2020

  Here is this year's tree at the Capitol rotunda in Olympia WA. The 34-foot Noble fir tree is outfitted with toys and games, keeping with this year's theme of "Timeless Toys."   When I was there today, a group was starting a tour. If you haven't taken a tour of the Capitol and grounds, I'd recommend taking the guided tour at least once. You'll learn a lot of fun facts about the building and the early beginnings of Washington State. A behind-the-scenes note: If you go to see the tree, don't bring your tripod with you. I wanted to get some sharper photos but I was stopped at the door when I had my tripod with me. Poor Peter (my better half) was relegated to standing outside, tripod in hand, waiting for me while I snapped a few pics. Oh, the rebel I am - trying to bring a tripod with me i... 12/22/2019

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 Olympia WA real estate market hot?  With absorption rate at a record low – the lowest it has ever been at 0.89 months of supply – there simply are not... 12/17/2019

  The Christmas Forest held annually in Olympia WA is a not only a must-attend holiday tradition in my household but is also a worthy fundraiser for the Providence St. Peter Foundation.  The Foundation raises funds to support life-saving medical equipment, compassionate care, and Mission-driven programs. Many local businesses will decorate Christmas trees that will be auctioned off, with the proceeds going to the Foundation.  It's a wonderful event held at the RL Hotel in Olympia.  On the day we went, Santa and Mrs. Claus were there along with a choir and musical entertainment.  This marks the 32nd year of the Christmas Forest and every year, my firm, Coldwell Banker Evergreen Olympic Realty has donated and supported the Providence St. Peter Foundation.  Besides our financial support, o... 12/13/2019

 Visit the Capitol rotunda to see the state tree. Go ice skating Oly On Ice is a seasonal skating rink open from late November to mid-January.  It’s at the Isthmus Park between Capitol Lake and Bayview Thriftway (529 4th Ave W). See Ballet Northwest’s production of The Nutcracker at the Washington Center  December 13-22, 2019 Drive around to see Christmas lights Here are some of the best neighborhoods for Christmas light displays. Catch sight of the Santa Mobile from your local fire department The Tumwater, Olympia and Lacey fire departments and their elves drive their decorated fire trucks, delivering cheer and collecting donations for the food bank.  Stroll through the Farmer’s Market The Olympia Farmer’s Market at the end of Capitol Way is decorated in Christmas cheer and has a great... 12/09/2019

The holidays can conjure strong emotions and can lead to feeling down and blue during what is supposed to be a fun and celebratory time.  The shorter days and grey weather doesn’t help, either, and sometimes you feel like you just want to hibernate until spring.  But don’t do that!  Instead, the best way to beat the holiday blues is to help others.   It doesn’t need to be a huge, overwhelming gesture.  Even small things will make a difference.  You’ll find these pay-it-forward moments will probably do you more good than the recipient!  Here are some inspiration and tips to get started.    December 3, 2019 is Giving Tuesday. What is Giving Tuesday? Giving Tuesday is held the Tuesday after Thanksgiving and it is a day to “do good” or to volunteer or anything where you can make a positive ... 12/03/2019

This Thanksgiving as we are sharing a meal with our relatives, sometimes heated discussions come up as the mashed potatoes and bean casserole are being passed around, including the popular topic of real estate.  Like me, you may have your own Aunt Trish who is an expert in ALL conversation topics.  She has a cure for whatever ails you, she offers endless advice on parenting, cooking, automotive repair, how the country should be run, and has an endless supply of snappy retorts.    Bless her heart as she likes to engage me in a battle on real estate.  But for those non-Realtors out there, I want to prepare you to BATTLE with confidence and WIN your own Aunt Trish Banter-Olympics with these factual stats about the local Olympia WA real estate market: Aunt Trish:  “OMG, the real estate mark... 11/21/2019