Moving to Olympia, Washington from Out of State
Buying a home and moving are tough enough but when you are out of state trying to do all this, you may be wondering, “where do I start?” Here is my step-by-step guide if you are moving here from another state.
It Seems Like Everyone is Moving In and Out of State
Since the start of COVID in early 2020, I’ve had a huge influx of out-of-state buyers contact me looking to move here.
COVID has really changed some of the motivations of my buyers today. Pre-COVID, buyers and sellers were moving due to life changes like moving for a new job or their household size has changed. Now buyers are moving because they have the freedom to live wherever they’d like with their new virtual employment opportunities. I also believe the COVID lockdowns have given time for people to think and reevaluate their lives, and determine what is really important to them.
People don’t need to tolerate a neighborhood or house they don’t like just to be close to the office anymore, and they are looking for a change.
1. Financing
My first step and tip to any buyer (regardless if they are in town or out of state) is to get your financing in order. This can include establishing a new job here and then determining how you are going to purchase a home. Are you planning on paying cash? Are you planning on getting a loan? Are you relying on the proceeds of selling your current home in order to buy? Are you aware of the cash funds you’ll need to buy a home in the Olympia market?
Not only will you have your moving costs, but some buyers are not aware of the funds they will need to purchase a home. With Olympia’s competitive market, additional cash on hand will help you compete and win any bidding war.
To roughly calculate how much cash you’ll need to have, let’s looks at the current median sales price of $430,000. The funds you may need could look like this.
- A 5% down payment of $21,500.
- Closing costs of about $12,900.
- Earnest money of about $5,000 but that is negotiable.
- And in our competitive market, having additional funds in case the appraisal comes in low will also help you. This could be another $20,000 but that is also very negotiable and house-dependent.
Your lender will outline the exact costs for you but this is a rough estimate.
Speaking of lenders, if you are financing your home purchase, working with a local lender here in Olympia will be a key to your success. I know I harp on this all the time! Here’s why local lenders are awesome:
2. How to Determine Which Areas of Olympia are Best for You?
Most buyers will start their research by looking at homes online but if you are looking for a 3 bedroom, 2 bath home, that doesn’t really help you narrow down areas.
You may want to start by researching the school districts in Thurston County. Regardless if you have school-aged kids or not, this is another way to narrow down areas and find neighborhoods that you like. Greatschools.org and Schooldigger.com have school ratings that you might find helpful.
But the best way to determine which area you should focus on for your home search is my next tip:
3. Visit Olympia
The next step I would highly recommend is to visit the area. The good news is you can explore Olympia, Lacey, and Tumwater over a weekend. After a couple of days here, you’ll know the lay of the land and will have a good sense of what the area offers.
If you have found homes online that piqued your interest, you may want to drive by those homes while you are here to see the surrounding area and the neighborhood. That’s the tough part by just doing online home searches-you don’t know what outside influences there are until you are here.
4. Call Me
Call me and let’s chat about your move here. My first questions to you will be:
- Are you familiar with the area? And if not, are you planning a trip here?
- Do you know what part of town you’d like to live?
- How are you going to finance your home purchase? And I’ll ask you this very important question:
5. Will You Buy a Home Virtually or In-Person?
This is a tough one and this is a big decision for out-of-state buyers.
Some of my out-of-state buyers have chosen to move here first, find temporary housing, and then tour homes in person. The downside is this requires moving twice, which is expensive, a hassle, and this can delay your home purchase. But on the other hand, it gives you the time to find that right house and to make a sound decision. And of course, you’ll have a better understanding of the area once you are living here.
My other out-of-state buyers cannot go this route and they choose to buy a home sight-unseen. They rely on me to be their eyes and ears. If you decide to do this, I certainly can help you but what I cannot do is tell you what area you should live in. You have to direct me and tell me what neighborhoods you like, and I would highly, highly recommend you at least take a trip here first. Buying a home sight unseen has its big challenges and we will work out the game plan and the rules of this because I want you to be confident in your decisions and be thrilled when you finally do see your new home.
VIDEO: Are you moving to Olympia WA from another state?
These are my tips for starting your fact-finding house-hunting mission for Olympia! As always, I’m here for you. Call me and let’s talk.