It’s time to buy a house in Olympia WA! People love living in Olympia for its great public schools, LGBTQ+-friendly environment, and natural surroundings. According to Redfin, 538 homes for sale Olympia WA were sold in 2024, with at least 23 homes sold each month. The number of homes for sale in Olympia WA may make you believe that the process to buy a home in Olympia WA is simple.
In reality, the process can be tricky, even if you have an idea of what home features you want. You need to figure out the right time to buy a house in Olympia WA. You need to find experienced professionals to help you, including a broker or MLS grid.
Your first step is to learn the essentials of how to buy a house in Olympia WA. Here is your guide to the home buying process in Olympia.
See If You Qualify to Buy a House in Olympia WA
You may or may not be able to buy a house in Olympia WA. You must sit down with a financial advisor and an accountant and do a deep dive into your finances. To buy a house in Olympia WA, you must have:
- A strong credit score
- A low debt-to-income ratio
- Savings to cover a down payment, closing costs, and an emergency fund
- A stable income and employment history
You should also think about your plans for the future. Buying a house in Olympia makes sense only if you plan on staying in the home for a prolonged period. You will be responsible for maintaining your home, so if you won’t have time for maintenance in the future, you shouldn’t buy a home.
Determine Your Budget
Once you’ve determined that you can buy a house in Olympia WA, you need to determine how much your home can cost. Freddie Mac states that you can make a baseline for your budget by multiplying your annual gross income before taxes by 2.5. If you earn $50,000 a year, your housing budget is $125,000.
Another baseline you can use is the 28/36 rule. The 28/36 rule states that you should spend no more than 28% of your gross monthly income on housing expenses. You should also spend no more than 36% of your gross monthly income on your debts.
Remember that buying a house in Olympia has several expenses attached to it:
- The down payment (usually 3%-20% of the home purchase price)
- Earnest money deposit (usually 1% or 2% of the home purchase price)
- Closing costs, including payments to your real estate agent, government records fees, and appraisal fees (usually 2%-5% of your home purchase price)
- Mortgage payments, including interest on your mortgage
- A home inspection
- Homeowner’s insurance
- Property taxes
- City of Olympia utilities
- Repairs, renovation, and maintenance
Mortgage payments can help you cover most of your down payment and purchase price. However, you should pay at least 20% of your down payment upfront so you avoid paying for mortgage insurance. If you can cover all of your down payment, then you probably don’t need a mortgage.
When you’re determining your budget to buy a house in Olympia WA, you need to account for all of these expenses. Don’t just look at the home purchase price. Get estimates from a financial advisor and an Olympia Realtor for ongoing and long-term expenses. Be willing to scale down and avoid amenities like a cool covered patio or a versatile bonus room if it means finding a home in your budget.
Use a home buying budget calculator to determine how much you can afford when you buy a house in Olympia WA.
Examine the Olympia Real Estate Market
According to Redfin, the Olympia housing market is currently very competitive. Homes for sale Olympia WA receive two offers on average and sell in just 15 days. However, conditions can change very quickly in the market. In the wintertime, the Olympia housing market slows down significantly. In January 2025, a home for sale in Olympia spent 35 days on the Olympia housing market before being sold.
The median sale price of homes for sale Olympia WA in May 2025 was $538,995. In the wintertime, homes get more affordable. In January 2025, the median price to buy a home in Olympia WA was $502,500. You may be able to make a lower offer because you have fewer competitors and the market slows down in the winter. 30.2% of homes for sale Olympia WA in January 2025 had price drops, and only 22.5% were sold over their listing price.
Remember that these statistics to buy a house in Olympia WA are citywide. If you’re looking at a particular neighborhood, you should examine the median sale price, days on the market, and other statistics for the homes for sale in that neighborhood. According to Redfin, the median sale prices for neighborhoods in Olympia include:
- Eastside: $515,000
- Northwest Olympia: $549,450
- Southeast Olympia: $662,500
- Downtown Olympia: $460,000
According to US Bank, 30-year fixed mortgages in Washington had a rate of 6.49% in July 2025. Mortgage rates declined in early and mid-June but increased in late June. Mortgage rates can fluctuate throughout the year, so you can wait until winter to lock in your mortgage and buy a house in Olympia WA.
Find the Right Mortgage to Buy a House in Olympia WA
Most people buying a house in Olympia get mortgages, and most people with Olympia mortgages get conventional loans. A conventional loan is a loan from a bank or a private lender that a government agency does not back. You can get a fixed-rate mortgage with a constant interest rate or an adjustable-rate mortgage (ARM) with a fluctuating interest rate, based on the market conditions. An ARM is suitable if you might sell your home in five to ten years or if your income will increase in the future.
Olympia mortgage lenders want to know that you have a high credit score. Your score should be at least 620, but you should have a score over 700. Pay off any credit card debt you have and prepare a credit report that shows your history of payments. You can give the credit report to your lender to prove you have a good score. You should also allow them to conduct a hard credit inquiry.
You still have options for a loan if you have a low credit score, high outstanding debts, or a low income. Federal Housing Administration loans (FHA loans) are mortgages insured by the Federal Housing Administration. In general, you can qualify for an FHA loan if you have a credit score of 580 or higher. FHA loans require down payments of just 3.5% of the home purchase price, making it suitable if you don’t have a lot of savings to buy a house in Olympia WA.
If you’re a veteran, you can apply for the Department of Veterans Affairs loans (VA loans) to buy a house in Olympia WA. VA loans have no requirements for a down payment, low interest rates, and limits on the closing costs you pay. You can apply for multiple VA loans over your life, though they’re often suitable for first time homebuyers in Olympia.
The city of Olympia does not have first-time home buyer programs. The Washington State Housing Finance Commission (WSHFC) offers affordable mortgages and down payment assistance for first-time home buyers in Olympia. To qualify, you must earn less than $100,000 a year, and your home must cost less than $390,000. You can find a lending partner on the WSHFC website to buy a house in Olympia WA.
Popular mortgage lenders in Olympia include Evergreen Home Loans, Mortgage One Northwest, and Guild Mortgage. All three of these companies have track records of giving conventional, FHA, and VA loans. Don’t just pick the first lender you see online. Contact a few Olympia mortgage lenders and compare their mortgages to buy a house in Olympia WA. Ask them questions about how to buy a home in Olympia WA, and assess their expertise.
Get Pre-Approved for an Olympia Mortgage
Once you’ve selected the right mortgage type and found an appealing mortgage lender, you need to get pre-approval. Pre-approval means that a mortgage lender will verify your financial information and determine whether you qualify for a mortgage. Pre-approval will also help the lender determine how large your mortgage will be.
Pre-approval to get a mortgage and buy a house in Olympia WA is a multi-step process. Your mortgage lender will conduct a full audit on your finances, so you should have documents about your income, savings, and debts ready for them. If you get pre-approval, your lender will send you a letter. Keep the letter to give to a home seller, as it may encourage them to close on the home you want.
Find an Olympia Real Estate Agent
It is essential that you buy a house in Olympia WA with assistance from an Olympia real estate agent. A real estate agent can help you find a home with the specific amenities you want, like a large walk in pantry, a tree-lined street, or a spacious dining room. An agent can negotiate deals, handle your paperwork, and give you advice on how to buy a house in Olympia WA.
Washington REALTORS and the Thurston County REALTORS Association have online directories for Olympia real estate agents and Realtors in Olympia WA. Visit their websites and read reviews for a few different Olympia real estate agents. Make sure you are looking for buyer’s agents who specialize in helping buyers find homes. Seller’s agents help people sell homes.
If one stands out to you, give them a call and ask them questions about their background and experience. Any Olympia real estate agent or Olympia Realtor you hire should know the Olympia real estate market and the area you want to buy a home in. They should be able to find you essential amenities like a large family room or a large primary bedroom with a walk in closet.
Make a List of Essential Features in Olympia WA Homes
The final step before you go house hunting is to think about essential features in your Olympia home. Look at the best neighborhoods in Olympia and pick a neighborhood with the amenities and features you want, like coffee shops or access to outdoor living destinations. Think about the location of your home. If you commute to work, your home should be close to your office and to public transportation. If you have kids, your home should be zoned for a great school and close to a pediatrician’s office.
You should also think about the future. If you are going to have kids, you may want to buy a house in Olympia WA with a large bonus room you can turn into a bedroom. You should also consider getting a fully fenced backyard and living in a quiet cul-de-sac so your kids have a place to play in.
Think about some trade-offs you’re willing to make to buy a house in Olympia WA. A home with a suite bath, a spacious loft, or a cozy fireplace may be luxurious, but it’s also more expensive. Prioritize amenities that will make your life more livable and require less maintenance. Hardwood floors are easier to clean than carpeted floors, and stainless steel appliances last longer than other appliances. A home with natural light requires less electricity than a home without natural light.
Go Olympia House Hunting
Now that you know what you need in your home, you can go house hunting and see homes with your amenities. You should be supplied with open house information from your real estate agent. Tour the entire home and examine all the features, including the primary suite, breakfast bar, and formal dining area. Go outside and examine the roofing, walls, windows, and foundation. If the home has signs of damage or rot in these places, you should not buy the home.
You should also tour the neighborhood. The neighborhood may seem to offer peaceful country living, but it can be noisy, congested, or unsafe during other parts of the day. Visit a home multiple times and be willing to look for better properties if it’s too noisy at night.
As you’re house hunting to buy a home in Olympia WA, you may find that your list of amenities changes. Adjust your list as time goes on. Try to find the prime location for your home, which may be on a dead-end street with less traffic. If you have trouble finding the right home, consider looking at nearby cities and cities near Olympia.
Get Property Information
If a home seems desirable, you should get comprehensive information on it. Get county records and independently reviewed documents like the property deed, sales history, and appraisal history. You should get information about the neighborhood. Take a look at the neighborhood’s crime rate and compare it to the Olympia crime rate. Examine property sales and see if home prices go up in the area.
Try to find out when appliances and features inside the home were installed, fixed, or renovated. French doors, vaulted ceilings, or a double oven may seem brand new, but they may require extensive repairs. Talk to the homeowner and sales agent for further details.
Submit Your Offer for an Olympia Home for Sale
You should submit your offer as soon as possible. However, you may not need to give the home seller their asking price. If the home has been on the market for a while, the seller may be willing to take a smaller offer. They may also be willing to take a smaller offer if they’re flipping the home. You need to offer a higher price if there are competitors for your home.
You can make optional contingencies to buy a house in Olympia WA. Nearly everyone buying a house in Olympia makes their offer contingent on a successful home inspection. You can also make your offer contingent on a successful home appraisal, especially if you plan on selling your home.
The seller may make a counteroffer. Read the terms carefully before you agree to their counteroffer. You can make your own counteroffer to buy a house in Olympia WA, but don’t stray too far from what your seller wants.
Close On Your Olympia WA Home
You’re not done once your seller accepts your offer to buy a house in Olympia WA. You must make a good-faith deposit to show that you are prepared to buy a home in Olympia WA. Your financial advisor can put this money in escrow while you get a home inspector. Your home inspector should look at all parts of your home, including features like the expansive deck and soaring ceilings. Contact a few of the best Olympia home inspectors to find the best one for you.
Talk to your mortgage lender and finalize your mortgage to buy a home in Olympia WA. Keep a copy of your Closing Disclosure and other documents so you know what the terms of your mortgage are. You can hire a real estate attorney to look over your mortgage documents and ensure everything is correct.
Once you have your mortgage, you can sign the closing contract and transfer money to your home seller. Keep copies of all your closing documents and remain in touch with your financial advisor and real estate attorney so they can manage any legal or financial difficulties. They should also keep copies of your documents.
Figure Out How to Buy a House in Olympia WA
You can buy a house in Olympia WA once you figure out the basic steps. You should go through your finances with a financial advisor first. Determine if you can buy a house in Olympia WA and how expensive your home will be. Study the Olympia real estate market and find the right time to buy a house, which may be in the winter.
Figure out financing for your home, and then hire a real estate agent to begin the house-hunting process. Find homes with amenities you need, like granite counters or a double vanity. If you find a home you like, make your offer and finalize your mortgage.
Once you buy a home in Olympia WA, you can start the moving process. All Ready Moving has a team of the best Olympia movers, with over 30,000 successful moves. Call 360-507-2447 for a free estimate.
