Olympia and Thurston County Washington
Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from national market statistics to greater Olympia area home value trends and Thurston County happenings. That’s because we care about the community we serve and want to help you find your place in it. Please reach out if you have any questions at all or have a question or situation we can bring clarity to, and maybe it will end up being an article to help everyone!

Search our blog for helpful videos and articles.

March 2, 2023

BizMix Thank You!

What A Success! 

Many amazing providers who serve our clients at MVP came together last week to meet one another, several for the first time. Our vendors enjoyed some beverages and nibbles, mingling, exchanging information, and a lucky few received a door prize! We had such a great time and are grateful for all those who were able to make it. We look forward to the next time we can all get together!

If you're interested in being a part of the network of businesses who work with our MVP Community, reach out to us! We'd love to hear about your business; email Matthew@MVPRealtyGroup.com, or give us a call at (360) 915-9123 today!

Left to Right: Trish Delph, Senior Property Manager; Marti Baker, Executive Assistant; Valerie Plummer, CFO and Owner; Matthew Plummer, CEO and Owner

Posted in MVP Events
Feb. 28, 2023

What You Should Know About Rising Mortgage Rates

What You Should Know About Rising Mortgage Rates | MyKCM

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains“Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal Reserve to keep monetary policy restrictive for a longer time.”

The most recent weekly average 30-year fixed mortgage rate reported by Freddie Mac is 6.5%. It’s the third week in a row that rates have increased and puts them at the highest point they’ve been this year (see graph below):

Advice for Home Shoppers

If you’re thinking about pausing your home search because rates have started to go up again, you may want to reconsider. This could actually be an opportunity to buy the home you’ve been searching for. According to the MBA, mortgage applications declined by 13.3% in just one week, so it appears the rise in mortgage rates is leading some potential homebuyers to pull back on their search for a new home.

So, what does that mean for you? If you stay the course, you’ll likely face less competition among other buyers when you’re looking for a home. This is welcome relief in a market that has so few homes for sale.

Bottom Line

Over the last few weeks, mortgage rates have risen. But that doesn’t mean you should delay your plans to buy a home. In fact, it could mean the opposite if you want to take advantage of less buyer competition. Let’s connect today to explore the options in our local market.

Posted in Mortgages
Feb. 17, 2023

MVP eNews February 2023

Watch the short video above from our CEO and Designated Broker, Matthew Plummer!

You may have recently seen MV Realty in the news. That's not a typo and if you happened to gloss over that name, here it is again - MV Realty is a company based in Florida currently being sued by at least two states for their predatory practices. We've even had calls to our office thinking this was us! We cannot stress enough - this is not MVP Realty Group. It brings a good point up though - beware of scams all around us. These con artists know how to dangle a carrot while they take what they want. Some tips we recommend to protect yourself are above. If you'd like to know more about what brought this important topic to our attention, click here to read an article from KIRO 7 News

 

You spoke, and here are the results!
Our Top Five Core Values are: 
1. Honesty
2. Trust
3. Professionalism
4. Communication
5. Dependable

 

Why Today's Housing Market Isn't Headed for a Crash

67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008. Click here to read more.

Market Stats

We're keeping our fingers on the pulse of the market. Check out our Live Market Stats page and start a conversation with us. We're happy to help you learn more about what longer days on market and median sales price rising mean for the coming year.

Featured Property
6742 187th Ave SW, Rochester

No, you're not having deja vu; we represented a seller and sold this property last summer! The investor that bought the home did some work and our team came back on the scene with an eager buyer. Matthew's expert advice won our buyer the home over several other competitive offers and still $20,000 under the appraised value. The new owner is glad to have found the MVP Team and looks forward to working with us in the future. Explore more about this property by clicking here...

Know Someone We Can Help?



Feb. 10, 2023

MVP BizMix Event!

 

MVP BizMix Feb 23, 2023 at 5pm

Join us at the Ram in Lacey!

MVP works with many amazing service providers in all sorts of professions in Thurston County. Come meet other like-minded business professionals, like yourself, and make some new connections (bring your business cards)! This is our way of saying "THANK YOU" for being part of our MVP Community!

Come before six and enjoy your first drink on us!

 

Please RSVP by Feb 20th so we can have a headcount.

Call/Text (360) 915-9123 or fill out the form below. See you at the Ram!

 

Posted in MVP Events
Feb. 1, 2023

Why Today’s Housing Market Isn’t Headed for a Crash

Why Today’s Housing Market Isn’t Headed for a Crash | MyKCM

67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008.

Back Then, Mortgage Standards Were Less Strict

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one.

As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies.

The graph below uses data from the Mortgage Bankers Association (MBA) to help tell this story. In this index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is.

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards have helped prevent a situation that could lead to a wave of foreclosures like the last time.

Foreclosure Volume Has Declined a Lot Since the Crash

Another difference is the number of homeowners that were facing foreclosure when the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM to show the difference between last time and now:

So even as foreclosures tick up, the total number is still very low. And on top of that, most experts don’t expect foreclosures to go up drastically like they did following the crash in 2008. Bill McBride, Founder of Calculated Riskexplains the impact a large increase in foreclosures had on home prices back then – and how that’s unlikely this time.

“The bottom line is there will be an increase in foreclosures over the next year (from record level lows), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”

The Supply of Homes for Sale Today Is More Limited

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to years of underbuilding homes.

The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just 2.7-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.

Bottom Line

If recent headlines have you worried we’re headed for another housing crash, the data above should help ease those fears. Expert insights and the most current data clearly show that today’s market is nothing like it was last time.

Jan. 17, 2023

MVP eNews: January 2023

Watch the short video above from our CEO and Designated Broker, Matthew Plummer!


We Value Your Opinion! 

Vote for your chance to win a $25 gift card! Click HERE to vote for the top 5 core values that you believe best describe MVP Realty Group. We appreciate your participation! And to show our appreciation, everyone who fills out the survey between now and January 31 will automatically be entered into a drawing to win a $25 gift card to Meconi's Italian Subs!


Our team members are not just employees and business partners. They are family, and we treat each other and work together in that way. For 19 years, we have been serving Western Washington's real estate needs with this frame of mind. With 90 percent of our clients being repeats or referred to us, we're once again asking for your help; this time to add to our growing family. Do you know anyone who would be a good fit in our family? See what positions are available by clicking here...


What Are Your New Year's Goals?

Tackle your financial goals this year! Read Dave Ramsey's "Total Money Makeover", join a Financial Peace University class, or come meet us one-on-one! We want to see you thrive, not just survive. Give us a call or text (360) 915-9123 or reply to this email to set up an appointment and learn more today. 


What to Expect From the Housing Market in 2023

What everyone really wants is more stability in the market in 2023. For that to happen we'll need to see the Fed bring inflation down even more and keep it there. Here's what housing market experts say we can expect this year... Click here to read more.


Market Stats

We're keeping our fingers on the pulse of the market. Check out our Live Market Stats page and start a conversation with us. We're happy to help you learn more about what longer days on market and median sales price rising mean for the coming year.


Featured Property
2748 67th Way NW, Olympia

Welcome to this stunning four-bedroom, three-bath home with protected, unobstructed views of Eld Inlet on Puget Sound. Wake up to this view in the primary bedroom suite and while you prepare the day in the five-piece primary bathroom with jetted tub. Explore more about this property by clicking here...

Know Someone We Can Help?



Dec. 30, 2022

Applying For A Mortgage?

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

Applying For a Mortgage? Here’s What You Should Avoid Once You Do. | MyKCM

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Posted in Mortgages
Dec. 15, 2022

Planning to Retire? It Could Be Time To Make a Move.

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.

Consider How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

Consider the Equity You’ve Gained

Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.

Whatever your home goals are, a trusted MVP Realty Group advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.

Dec. 9, 2022

MVP eNews December 2022

Watch the short video above from our CEO and Designated Broker, Matthew Plummer!


2023 Thurston County Tax Assessment 

Property taxes are going up...up....and up in 2023. We want to make sure you've noticed what that will mean for your mortgage payment; we can help! Connect with us for an estimate on what your increased mortgage payment will be in 2023. Call or text (360) 915-9123 or email Matthew@MVPRealtyGroup.com.


Thank you to those who dropped by donations for the Thurston County Food Bank. Together with your contributions and our matches, we sent more than $5300 to the food bank! This money will help them to buy fresh, healthy produce for their patrons. Thank you for fostering hope and resilience by caring for our community - we truly are stronger together!


What's Ahead for Home Prices?

 

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what's true? What's most likely to happen moving forward? Click here to read more...


Market Stats

We're keeping our fingers on the pulse of the market. Check out our Live Market Stats page and start a conversation with us. We're happy to help you learn more about what longer days on market and median sales price rising mean for the coming year.


Featured Property
873 Lucas Creek Rd, Chehalis


4 Bed, 2.5 Bath, 1440 sqft
An Equestrian Paradise! Includes an indoor riding arena with 10 covered stalls, heated tack room, canning kitchen, and more. Sold last month by ever persistent Tessa Justice. You can read more about Tessa and her fight with cancer by
clicking here

Know Someone We Can Help?

Posted in Real Estate News
Nov. 9, 2022

What's Ahead for Home Prices?

What’s Ahead for Home Prices?

What’s Ahead for Home Prices? | MyKCM

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?

While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.

What the Experts Are Saying About Home Prices Next Year

The graph below shows the most up-to-date forecasts from five experts in the housing industry. These are the experts that have most recently updated their projections based on current market trends:

What’s Ahead for Home Prices? | MyKCM

As the graph shows, the three blue bars represent experts calling for ongoing home price appreciation, just at a more moderate rate than recent years. The red bars on the graph are experts calling for home price depreciation.

While there isn’t a clear consensus, if you take the average (shown in green) of all five of these forecasts, the most likely outcome is, nationally, home price appreciation will be fairly flat next year.

What Does This Mean?

Basically, experts are divided on what’s ahead for 2023. Home prices will likely depreciate slightly in some markets and will continue to gain ground in others. It all depends on the conditions in your local market, like how overheated that market was in recent years, current inventory levels, buyer demand, and more.

The good news is home prices are expected to return to more normal levels of appreciation rather quickly. The latest forecast from Wells Fargo shows that, while they feel prices will fall in 2023, they think prices will recover and net positive in 2024. That forecast calls for 3.1% appreciation in 2024, which is a number much more in line with the long-term average of 4% annual appreciation.

And the Home Price Expectation Survey (HPES) from Pulsenomics, a poll of over one hundred industry experts, also calls for ongoing appreciation of roughly 2.6 to 4% from 2024-2026. This goes to show, even if prices decline slightly next year, it’s not expected to be a lasting trend.

As Jason Lewris, Co-Founder and Chief Data Officer for Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

Don’t let fear or uncertainty change your plans. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, reach out to a local real estate professional for the guidance you need each step of the way.

Bottom Line

The housing market is shifting, and it’s a confusing place right now. Let’s connect so you have a trusted real estate professional to help you make confident and informed decisions about what’s happening in our market.

Posted in Market Updates