Planning for closing costs is the best way to avoid "sticker shock" at the finish line. In Thurston County, you should generally budget between 2% to 5% of the purchase price. For this $515,000 home, that means having a plan for roughly $10,000 to $25,000 depending on your side of the deal.
Sellers usually do the heavy lifting here, primarily because of the Washington Real Estate Excise Tax (REET) and agent commissions. Buyers, on the other hand, focus on loan-related fees and pre-paying items like insurance and taxes.
| | Estimated Seller Cost | Estimated Buyer Cost |
| :--- | :--- | :--- |
| Excise Tax (REET) | ~$8,240 | $0 |
| Title & Escrow | $1,500 - $2,000 | $1,500 - $2,000 |
| Agent Commissions | ~$25,000 - $30,000 | $0 (Typically) |
| Loan Origination | $0 | ~$3,000 - $6,000 |
| Recording Fees | $0 | ~$200 - $300 |
REET Tiers: Washington uses a tiered system. Since this property is listed at $515k, you're mostly in the 1.6% combined state and local tier for Thurston County.
Property Taxes: With a 0.81% tax rate, expect some pro-rated adjustments at the table based on the time of year you close.
Negotiation Tip: In today's market, where median days on market have hit 141 days, you might even negotiate for the seller to cover some of the buyer's recurring closing costs!
8938 Milbanke Drive SE, Olympia Investment Report: Flip & Rental Analysis · Frontflip