Watch out for Olympia, if you plan to invest.
For those of us who have lived in Olympia for many years, we know the reasons why Olympia is a great place to live and raise a family.
in 2021, Livability.com makes Olympia #31 of the top 100 places to live in America. Our bustling city has an abundance of outdoor activities, roaring mountains, and plenty of coffee. Who wouldn't want to live here?
People are moving to the Pacific Northwest in record numbers. Seattle’s population is growing at a historic pace. Pierce/Thurston Counties are experiencing an increase in population as well. In 2021, the population jumped to over 53,000 and the average household income at $78,800.
The lack of affordable housing is a hot topic and Seattle’s home prices are ranked as some of the highest in the nation. The fact that Olympia sits just south of a thriving metropolitan area makes it a very attractive option for people who work in Seattle yet desire living in a more affordable city. This also makes Olympia a very promising candidate for people who are looking to invest in rental properties. Those who have already started to invest in real estate rental properties can attest to the fact that vacancies are low and rental rates are climbing. So back to the question, is it time to invest in Olympia? Our answer is “Absolutely!”
When you are investigating real estate, whether it be a primary residence or an investment property, one of the major factors to consider is location. While criteria may vary when purchasing a home as a primary residence versus purchasing a home as an income generating property, one aspect that never changes is the importance of location. With Olympia’s proximity to Seattle Metro and the growth of our area, I believe Olympia is an excellent location for investment.
Regarding the proposition of purchasing property with the intent to rent, it is important to clarify your investment goals. Adding rental properties to your retirement portfolio is a solid method of diversifying your assets. Certainly, the stock market can be an effective way to add wealth to a retirement account; however, a more balanced portfolio tends to ensure maximal stability and return. The old adage "don't put all your eggs in one basket" is wise investment advice. So, if you are contributing to a traditional retirement account yet have the desire to increase your future financial wealth, purchasing rental properties is an excellent decision. Given our current market, this pursuit is a win-win endeavor. While your "renter" will be paying the mortgage, your investment increases in value. There is a misconception that owning rental properties is limited to experienced investors with large financial assets. However, this simply is not true. There are many ways to enter the world of rental property ownership, yet guidance from somebody with experience is recommended. In this regard, we would be happy to assist you in exploring the exciting arena of rental property.