I came across this (redacted) story in the Glum and Moving (italics and emboldening mine), about a woman who waited too long to list. I wonder how many stories like this there are - aside from the flippers with shooting stars in their eyes.
When Pat Webb moved to Vancouver a year ago, she didn't think twice about buying a condo in tony Kitsilano...That has got to hurt. It just illustrates that one can't time the market.
Perhaps she ought to have had a sober second thought.
But in August, the 70-year-old retiree decided to move back to the United States. She had sensed Vancouver's market was slowing, but a neighbour's condo had sold a week earlier, so she too tried to sell.
And she realized that the market is even more fickle than she.
She listed her one-bedroom, 705-square-foot condo for the price she paid – $509,000 – on Aug. 30. Ms. Webb has since reduced that to $485,000. It still hasn't sold.
That sucks. She tried to sell it for what she paid for it, and couldn't. Plus, she has not accounted for the Property Transfer Tax, lawyer fees, RE agent commission, etc. Then, along came the stock market troubles. I sure hope that she didn't get burned on that, on top of the condo losses.
Today time is all but up, as Ms. Webb is moving back to California. Barring a last-minute miracle sale by her agent, Lindsay Wilkinson, Ms. Webb said she will try to rent out the condo this year and relist in the spring.
Waiting for a miracle... That is sad. I don't think that she realizes that when she re-lists in the spring, the market will have eroded by tens of thousands of dollars more. Her best move would be to bite the bullet, and list for $429K now, else she will be following the market all the way to the bottom.
“I'm disappointed, but not overly surprised,” she said. “I was right on the cusp and then [the market] changed. So timing's everything.”
Incidentally, thanks Derek and Brian, for the e-mails. I did not get a chance to remark on them here before they became stale.