“Have you thought about putting it up for sale?” ... “Not right now. We’ll wait until the summer.”

TPFKAA at VREAA 28 Dec 2010 4:07pm -
“I visited a friend for some drinks recently. Thought long and hard about bringing up real estate… then thought I owed it to them to at least mention what several economists and respected experts have been saying lately that may impact their lives. They sold a nice SFH back East and bought a “poky, tiny – in their words” condo here 3 years ago, with downpayment help from family; despite household income above average. So I asked if they had been following the Van real estate market recently.
“Why?”
“Because some have been saying that there may be a little bit of a correction coming.”
(I deliberately understate here… being cautious not to spoil the mood)
“That’s what we’re scared of. We’re worried that we’re going to get stuck here, with the value being less than what we owe on it. We’re pretty worried. Now we’re thinking that if we can escape with breaking even, we’ll be okay. We’ll be ok with that”
“So have you thought about putting it up for sale?”
“Not now. Not right now. We’ll wait till next summer.”
“I can point you in the direction of some websites where people post analyses and economic indicators and stuff to help you with your decisions. If you like.”
“We’ll work it out, It’s okay.”
He then quickly changes the subject. He’s obviously very worried, with a growing family, about becoming trapped by negative equity – it was clearly not their choice for a multi-decade domicile. I avoid the subject completely from now on. It’s not my business and I don’t want to say whose predictions are correct. But I would try selling now, knowing what I know.”