ResalesOlympia, Washington Has It All, Say Realtors
Within an hour or two drive of the ocean and mountains, as well as big cities Seattle and Portland, with many rivers, forests and rural areas, residents of Thurston County"s Olympia and neighboring towns enjoy easy access to the splendors of the Pacific Northwest.
Olympia and surrounding Washington towns offer strong, stable employment, good wages, and wonderful neighborhoods, says Realtor Beckie Stephens. "County residents never lack for a varied lifestyle or employment opportunities. Blessed with a year-round mild climate, outdoor activities like biking, hiking, tennis and golf can be enjoyed most any day in Thurston County. Boating is especially popular. We have strong school systems, some of the best in the state."
While the market remains hot, says Stephens, inventories are starting to rise. "People started listing homes in July and the buyers were thankful," says Stephens. "Homes under $160,000 still sell within a day if in good condition and in popular areas."
Thurston County includes Olympia, Lacey, Tumwater, Yelm, Tenino, Rainier and Rochester, says Stephens. "The median home price has risen 6 plus percent year to date, and is approximately $163,912, up 5 percent from last year of $155,919," says Stephens. "However, the county-wide average home price is well into the $200,000+ range. Affordable housing is becoming a thing of the past inside non-rural Thurston County. We are estimating that the value increase for 2002 may show a gain of 7-12 percent for the year.
"The area offers so much that we just continue to see influx, year after year," says Stephens. "The west side of Olympia remains one of the hottest selling areas again this year. Offering so much in close-in shopping and amenities and top of the line waterfront homes, and don"t forget some truly great schools."
Advises Stephens, "Be preapproved for a home loan and carry a copy with you to meet your agent. You will need to be more than prequalified. You will need to be ready to make an offer very fast and be able to compete with multiple offers. If you do not see the home the day it hits the market, you will likely miss out. Many homes are sold before they hit the MLS computer because the agents have a huge list of buyers waiting. This began in February 2002 and remains through August 30, 2002."
Says Realtor Diana Greene, "Properties under $160,000 are selling within the first 30 days if not sooner. Rates are still low and buyers are out in full force. We have a full market recovery at last. It"s a great time to buy before prices go even higher. Sellers are able to finally get the appreciation they have been waiting for since 1994. Sales are brisk, often sellers are entertaining multiple offers within a few days of listing, with properties that are priced right and in the right location."
"At 700 square miles, Thurston County is located at the southern most part of Puget Sound," explains Realtor Joann M. Mesojednik. "It is also the county where the State Capitol is located in Olympia. The major Thurston County area has the majority of the population, where as the rural portions of the county have smaller communities. These communities include Yelm, Rainier, Tenino, Rochester and Bucoda, and extend into the rural portion of the county. The northern portion is bordered by several inlets of Puget Sound offering many salt-waterfront and view properties. The southern portion is less populated and has a personality of it"s own.
"Homes are moving fast in Thurston County with the Olympic Multiple Listing Service for the year 2002," continues Mesojednik. "For the first six months of 2002, there is a smaller inventory of available residential properties than in years previously. There is not as much new building going on as in years past, except in the southern portions of the county. The impact fees for new construction in the cities of Olympia and Tumwater have finally taken their toll. Regardless of the price of the house, the fees can be anywhere from $15,000 to $17,000 before construction starts.
"Interest rates have been excellent, and we have seen many people refinancing their homes, looking seriously at purchasing, and some remodeling. The economy of the area depends upon the state government, and this usually is pretty stable. With the shortfall of revenues throughout the state, dependent upon Boeing and some of the technical companies, it seriously looks like there will be a freeze on hiring or expanding state services. In fact, there are many considerations for budget cuts in a lot of the state supported programs, which possibly means reduction of staff to many."
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