Windermere Woodinville Blog

Sellers, has your listing turned into inventory that is “Picked Over?”

Should you be looking at price reductions or spending some to upgrade the condition of the home?

Some say the inventory is picked over in our market area, i.e., Seattle’s Eastside.

This much seems true:  Month’s supply of inventory is down to 5.9 months from 11.3 a year ago.

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Flu Season Information:  Flu season is just around the corner, so now is a good time to start thinking of ways to minimize your risk of contracting the flu this year.  The following websites provide a wealth of information regarding the flu virus:

http://www.doh.wa.gov/h1n1/

http://www.kingcounty.gov/healthservices/health/preparedness/pandemicflu/swineflu.aspx

http://www.kingcounty.gov/healthservices/health/preparedness/pandemicflu/swineflu/general.aspx

http://www.cdc.gov/h1n1flu/

 Mediaeval Russian Door Knocker from Memory

• What if the buyer feels that the home bought has defects that the seller should have known about and didn’t bother to use ordinary care to find out about … and now those defects, e.g., a broken septic system, are going to cost the buyer big money.
• The infamous “economic loss rule” is a court made rule that says the buyer cannot sue on the real estate contract for seller’s negligent misrepresentation … the “should have known” theory of negligence.
• The lawyers tell us there are still ways to get around Alejandre v. Bull (no suit for negligent misrepresentation in a real estate contract unless reserve that right - the “economic loss rule.”) Buyer still has some remedies for losses.
• Rescission of the contract
  Fraudulent concealment
  Consumer Protection Claims
• Brokers still owes a fiduciary duty so might be a target if the broker’s agent made misrepresentations.
• Speak with your legal counsel.

Sports Field Project:  Construction on the Sports Field Project, located at the southeast corner of 175^th Street NE and 131^st Avenue NE, began on November 2. 

• The $3.8 million contract  includes the construction of two new full-size soccer fields, which can be used for baseball or Little League fields, a new synthetic turf field surface, field and pedestrian lights, and a fitness loop that will surround the facility. 
• The new synthetic turf and night lighting will allow the new fields to be utilized year round. 
• Over the next month, work will focus on the installation of an under field drainage system, placement of a sand and crushed rock base layer, and placement of the field turf. 
• Project update information is available via the City’s website at www.ci.woodinville.wa.us/CityHall/ProjectCEC.asp.  For more information regarding this project, please contact Clint Moyer, Assistant Public Works Director, at 425.877.2294.

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Our market shifts from a buyers’ market (tons of inventory) toward balanced market and even some “red”sellers’ markets (little inventory and multiple offers from buyers).

Statistics ( drawn from Northwest Multiple Listing Service) through October 2009 in the Seattle/King County metropolitan area.

• Red means a seller’s market where the inventory is low, buyers might be competing for properties.
• Green means a buyer’s market where inventory is plentiful, sellers might be lowering prices, and making concessions to buyers.
• Yellow, means a balanced market favoring neither buyer nor seller.   A level playing field - inventory-wise.

Thanks for reading our blog.  Shannon Graf at Windermere Real Estate/East Inc. compiles these wonderful graphs.

Winter approaches on the Sammamish River near Woodinville

• Inventory percentage change from a year ago decreased in all three Washington state counties - Snohomish, King, Pierce
• This year vs. last year King is down 12% this week vs. 15% for last week.    
• Perhaps inventory decrease stems from listing agents encouraging sellers to keep houses off the market unit prices bottom.  Many pundits say that bottom is already here.

Thanks for reading out blog.