What the Olympia WA real estate market means for you if you are:
- A first-time home buyer
- A seller
- A buyer and a seller in Olympia, or
- An investor
There is a lot of stats, numbers, charts, graphs out there but what does the Olympia real estate market REALLY mean and how does it impact you?
To quickly summarize my blog post yesterday (and in many previous market reports!), the big news in the Olympia WA real estate market is the fact that:
- prices are low
- inventory is low
- interest rates are low
If you are a first-time home buyer (or you are a home buyer who does not need to sell a home in order to purchase a home), what does this mean for you?
Home prices in Olympia WA just a few years ago were high. Prices were inflated well above where they should have been and that was known as our “bubble.” The bubble has burst over the last couple of years and home prices have fallen.
Prices have gone down to where they “should” be according to historical price tracking but what is unique about this time is interest rates are also historically low. We have not had low home prices AND low interest rates at the same time. This is why you are hearing every Realtor tell you the time to buy is now, because it really is!
If you are a seller in this market, what does this mean for you?
If you have been waiting to sell, 2013 is the year we are seeing improvement in the market due to a lack of inventory. This supply and demand is naturally, but ever so slightly, moving home prices upward. BUT…..I caution you. Don’t go running out there and over-pricing your home. This is still the time to price according to what the market is telling you. Please pay attention to this. No matter the market – a buyer’s market or a seller’s market, an over-priced home will not result in a sale. You don’t need to take my word for it. If your home is on the market and you are not having any showings or offers, you may be over-priced. A well-priced listing will have an offer within the first 30 days, on average, in Olympia WA.
If you are a seller who will be buying a home in Olympia, what does this mean to you?
If you plan on staying in the area and are either upsizing or downsizing, you are in a situation where you may make more of a financial windfall on your purchase than your sale.
- You may have a better interest rate on your purchase than on your current home.
- You can get a better home (whatever better means to you – a larger home, a brand new home, acreage, etc.) now than you could in the last few years.
- You have an opportunity to sell your home with less competition in the market.
As a seller, you still need to be competitive within the market and price your home according to the current market conditions.
If you are an investor, what does this mean for you?
If you are an investor who is looking to purchase a residential property, you know the last two years have been an excellent time to capitalize on this Olympia real estate market. Real estate has shown to still be a good, long-term investment, and real estate may also make sense for you to diversify your investment portfolio.
The rental market over the last few years has exploded according to local property management firms. Home rentals have been snapped up as soon as they come online.
Real estate is cyclical. No matter if you are a buyer or a seller or an investor, the market is always moving and changing. We won’t be in this cycle for long. So the next time you hear me or another Realtor tell you now is the time to buy and sell, we aren’t kidding!
If you’d like more detailed information or statistics, please visit my blog home page with the latest market stats. Selling and buying real estate in Olympia is not a do-it-yourself project; contact me today to capitalize on the Olympia WA real estate market!