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.

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
Nov. 2, 2022

eNews November 2022

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

Food Bank Drive and Free Pumpkin Pie!

We're giving away pumpkin pie to anyone who wants one! All you need to do is let us know by noon Monday, November 21 and pick it up between 4:00 - 6:30pm Tuesday, November 22. As long as you're coming in for pie, would you consider making a donation for our food bank drive? All monetary donations will be matched by MVP! Click here to read more about the drive and to order your pie today...

Our business is growing, which means our team needs to grow to best meet our clients' needs. Right now we're looking for motivated brokers as well as an Administrative Assistant to supplement our property management and executive teams. Click here to read more about the openings and how to apply. 

And the Winners are....

Thank you to everyone who participated in our fall contests! We are thrilled to offer these talented folks some fabulous prizes. Keep your eyes peeled for your next chance to enter and win in upcoming contests! 

What Happens to Housing in a Recession?

Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly... READ MORE

Market Stats

We're keeping on top of the latest information and invite you to take a look alongside us. Check out our Live Market Stats webpage 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. 

Featured Property
3 Bedroom, 2.5 Bath, 1948 sqft
6706 Alpine Dr SW, Olympia, WA 98512

This secluded tri-level home is ready for its next owner! As a special treat, we were able to get the owner into a new home before selling this one. Explore more of what this property has to offer by clicking here...

Refer a Friend or Family Member to MVP!

Nov. 1, 2022

What Happens to Housing in a Recession?

What Happens to Housing when There’s a Recession?

What Happens to Housing when There’s a Recession? | MyKCM

Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says:

“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .

 More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”

To add to that sentiment, housing is typically one of the first sectors to rebound during a slowdown. As Ali Wolf, Chief Economist at Zondaexplains:

“Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound.”

Part of that rebound is tied to what has historically happened to mortgage rates during recessions. Here’s a look back at rates during previous economic slowdowns to help put your mind at ease.

Mortgage Rates Typically Fall During Recessions

Historical data helps paint the picture of how a recession could impact the cost of financing a home. Looking at recessions in this country going all the way back to 1980, the graph below shows each time the economy slowed down mortgage rates decreased.

What Happens to Housing when There’s a Recession? | MyKCM
Fortune explains mortgage rates typically fall during an economic slowdown:

Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

While history doesn’t always repeat itself, we can learn from and find comfort in the trends of what’s happened in the past. If you’re thinking about buying or selling a home, you can make the best decision by working with a trusted real estate professional. That way you have expert advice on what a recession could mean for the housing market.

Bottom Line

History shows you don’t need to fear the word recession when it comes to the housing market. If you have questions about what’s happening today, let’s connect so you have expert advice and insights you can trust.

Posted in Real Estate News
Oct. 28, 2022

Should You Still Buy a Home with the Latest News About Inflation?

Should You Still Buy a Home with the Latest News About Inflation?

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.

You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know.

Homeownership Is Historically a Great Hedge Against Inflation

In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. James Royal, Senior Wealth Management Reporter at Bankrateexplains:

A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”

And with rents being as high as they are, the ability to stabilize your monthly payments and protect yourself from future rent hikes may be even more important. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains what happened to rents in the latest inflation report:

“Inflation refuses to budge. In September, consumer prices rose by 8.2%. Rents rose by 7.2%, the highest pace in 40 years.”

When you rent, your monthly payment is determined by your lease, which typically renews on an annual basis. With inflation high, your landlord may be more likely to increase your payments to offset the impact of inflation. That may be part of the reason why a survey from realtor.com shows 72% of landlords said they plan to raise the rent on one or more of their properties in the next year.

Becoming a homeowner, if you’re ready and able to do so, can provide lasting stability and a reliable shelter in times of economic uncertainty.

Bottom Line

The best hedge against inflation is a fixed housing cost. If you’re ready to learn more and start your journey to homeownership, let’s connect.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Oct. 6, 2022

Breast Cancer Awareness Month

You may start seeing pink more often this month, and for good reason! This year, Breast Cancer Awareness month hits home at MVP. Our own Tessa Justice has been battling this cancer for the last several months. She's had to drastically cut back on work to juggle chemo appointments and the recovery that comes with each treatment. That's why we've started a Go Fund Me for Tessa and ask that you support any way you can; whether that means giving to the fund or sharing the link. We also have shirts available in our office for purchase - 100% of the proceeds go to Tessa. Contact our office to learn more about getting a shirt.

Click here to read more about Tessa's fight and to support her fund. 
Click here to learn more about Breast Cancer.

Posted in Community, MVP Events
Oct. 6, 2022

2022 Pumpkin and Centerpiece Competition


Happy October! With October comes MVP Realty Group's annual Fall Contests. We will be hosting another kid's pumpkin carving contest and a fall centerpiece contest for the adults. Guidelines for the contests are listed below. Entries are due by October 31st and must be submitted by emailing pumpkin@mvprealtygroup.com

  • Submissions must include a close-up picture of the entry and a photo of you with your entry

  • Include your full name and mailing address with the submission

  • One pumpkin entry per child, one centerpiece entry per household

  • Free hand designs are preferred but Carving Kits & pattern entries will also be accepted

  • Entries will be judged on Overall Appearance, Originality, and Creativity

  • All entries will be displayed on our blog

  • Entries due by October, 31st 2022

  • By entering you are authorizing MVP to publish your name and photo on the internet

The winners will be selected and announced in the November eNews! Prizes include:
Pumpkin Winner: Two passes to Defy Trampoline Park in Olympia
Centerpiece Winner: Dinner at Gardner's Restaurant and a movie for two 

Posted in MVP Events
Sept. 30, 2022

Common Missteps and How to Avoid Them

Have you ever had an idea that seemed great at the time and backfired later? Whether you're a new homeowner or simply looking to remodel, we'd like to help you avoid some of these pitfalls. Here's our top 5 tidbits of how to steer clear of common missteps homeowners make: 

#1 Unless It's Already Painted, Leave Exterior Brick Alone

According to Mike Palmer, president of a chapter of Mason Contractors Association of America, "Once you put a membrane [like paint] over the brick, it can no longer breathe." Essentially, painting brick is like enveloping your home in plastic. In order for brick to properly protect your home from the elements, it needs to be able to adjust itself and coating it in paint prevents this.

Now if it's already painted or severely damaged, it becomes the lesser of two evils to repaint it and prevent further damage. And there are some types of brick that need to painted, but those are rare. If you absolutely must have a new color to your brick home, find a brick stain instead as it allows for breathing. 

#2 Start a Compost, Save the Disposal

As October and November start rolling around, plumbers receive more calls with sink issues because people try running pumpkin guts through their garbage disposals. Modern units can handle tougher foods than their predecessors, but starchy edibles like oatmeal, potatoes, and rice still trip them up.

These foods cause clogs in pipes and disposals when water is introduced. So skip the headache, save a pretty penny and choose the garbage can. Or better yet, add other food scraps and compost! 

#3 Change Up the Bathroom, Leave One Tub

Believe it or not, having no tub in a home actually can hurt your resale value. So if this isn't your forever home and you think you may sell at some point in the future, resist the urge to rid your home of the only tub. If you have two tubs, well...go bananas!

#4 Water Grass During Daylight Hours

Yes, you read that right: water grass during the day, not at night. The myth says to wait until after the sun sets is more efficient since plants are resting instead of photosynthesizing. In actuality, more damage is caused by allowing water to sit on the blades and cause fungus. Experts recommend watering in the morning when air is cool and the sun is just coming up. There will be less wind than at midday and your lawn will get the moisture it needs with plenty of time for the sun to dry off any excess. 

#5 Swap Out the Antique Thermostat

You could go old-school and remember to switch the thermostat every time you come and go from your home. Let's be real, is that really going to be a priority when it's 7:58am and you're 15 minutes away from your 8:00am job? Or you finally herd the kids into the van for school and run some errands (or grab a spa day)? By spending around $200 for a smart thermostat, what may seem like a large expense ends up as savings in the long run. Set it for waking up, while the house is empty, coming home, bedtime, and then forget about it. 

Posted in Home Improvement
Sept. 19, 2022

Will My House Still Sell in Today's Market?

Will My House Still Sell in Today’s Market? | MyKCM

If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.

Buyer Demand Then and Now

During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):

Will My House Still Sell in Today’s Market? | MyKCM

The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today's demand stands, let's look at the July data for the past six years (see graph below):

Will My House Still Sell in Today’s Market? | MyKCM

This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.

What That Means for You When You Sell

The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.

While things have cooled a bit, it’s still a sellers’ market. If you work with MVP Realty Group to price your house at the current market valuethe demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.

Bottom Line

Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.

Posted in Pricing, Selling
Aug. 31, 2022

What’s Actually Happening with Home Prices Today?

What’s Actually Happening with Home Prices Today? | MyKCM

One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.

Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.

  • Appreciation is when home prices increase.
  • Depreciation is when home prices decrease.
  • Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.

Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.

The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.

What’s Actually Happening with Home Prices Today? | MyKCM

As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.

As the Monthly Mortgage Monitor from Black Knight explains:

“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”

Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.

The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.

Bottom Line

If you have questions about what’s happening with home prices in our local area, let’s connect.

Aug. 26, 2022

MVP eNews: August 2022

Not getting the Magazine? Send us an email!

The Benefits of Estate Planning

When you have loved ones who depend on you, it's good practice to expect the unexpected, regardless of health or age. Here are a few benefits of creating a thorough estate plan...

  • Provide Clear Direction: A will divides up your assets, while an estate plan offers a more complete picture of how you want to sort assets, trusts, guardianship, and more. 

  • Keeps Money in the Family: Without an estate plan, the government may end up with more inheritance than your loved ones. An estate plan can help minimize tax liabilities. 

  • Eases Emotional Stress: Losing a loved one is difficult enough. Detailed estate plans takes some of the burden off your family. 

Need a referral to someone who can guide you through the process? We have connections! Give us a call - (360) 915-9123

Experts Increase 2022 Home Price Projections

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know... READ MORE

Your Asking Price Matters More Now Than Ever

There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?... READ MORE

Help MVP to Support The Little Red Schoolhouse Project

The Little Red Schoolhouse Project ("LRS") is designed to serve families in need in Thurston County, sending them "back to school with pride." We are committed to providing, at no cost, school supplies and backpacks to families in need so children can begin the school year with their basic needs for school... READ MORE

Mortgage Stats

Mortgage News Daily takes weekly surveys from Mortgage News Daily (daily index), Freddie Mac (weekly survey), Mortgage Bankers Association (weekly survey) and FHFA to report average 30-year fixed-rate, 15-year fixed-rate and 5/1 hybrid amortizing adjustable-rate mortgage products. Check out the current numbers.

Featured Property

3 Bed, 1 Bath, 1054 Central St SE, Olympia, WA 98501

We sold this hidden gem for $83,000 (or 33%) over the asking price! We have honed our skills to help buyers see all our listings have to offer. Call, text, or email us today and find out what we can do for you! What's My House Worth? Get Instant Value. 

Refer a Friend or Family Member to MVP!