Spot The Speculator #16 – “Panic has set in and she has changed her tune dramatically. They are still carrying both homes and there seems to be zero interest in the one they are trying to sell.”

From ‘the commenter formerly known as…’ at greaterfool.ca 18 Sep 2010 11:41 am“My wife started telling me about a women from her work in Surrey. This woman and her hubby (a Realtor) bought a new home recently for over a million bucks. She came to work bragging like a male peacock spreading its colourful tail feathers. Problem: They never sold the other home before they bought this one. Now, months later, panic has set in and she has changed her tune dramatically (signs of outward stress). They are still carrying both homes and there seems to be zero interest in the one they are trying to sell.”

3 responses to “Spot The Speculator #16 – “Panic has set in and she has changed her tune dramatically. They are still carrying both homes and there seems to be zero interest in the one they are trying to sell.”

  1. You often hear the comment these days. Cant sell? Prices dropped a little bit? Cant get what you think it is worth?

    “Well we will just wait until the prices come back or till we get what we think it is worth”. In other words if we all hold our nerve it will be OK, and prices wont drop.

    They forget there will always be people who need to sell or who in the end are forced to sell. People like the realtor couple, people who move away, deceased estates, divorces. Lots of reasons why people will lower prices to get a sale.

    By the time the sitters and waiters realise, its all too late and prices have fallen away below them.

  2. Can someone explain to this American where Canadians get enough money to speculate like this? Does everyone up there make $300k a year? If so, will you hire me?

  3. minus-2% down, 35 year mortgages. You don’t need 300k/ year when the cost of getting in is zero and you value bragging to your friends more than the inevitable, lifelong financial ruin.

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