“Just spoke with a client of mine up in 100 mile House. He was saying that he is waiting for price recovery to sell some property.”

“Just spoke with a client of mine up north in 100 mile House. He was saying that he wants to buy some more stock but he has to wait to sell some property until it recovers to where it was earlier in the year. I see this as a pervasive example of the mindset that people have with houses as well as the stock market which is that they won’t sell until they’re even or up on it, when in many instances you should sell for a small loss early [rather] than have to wait for the market to come back, which can take years. And sometimes it never comes back.”
– buffates at vancouvercondo.info October 6th, 2011 at 10:13 am

As many local RE bulls claim, sellers are reluctant to drop prices below levels that they have previously told themselves their property was ‘worth’. Initially, that is. Once downward price momentum sets in, ‘price stickiness’ loosens up, as overextended owners anxiously try to realize something of their previously imagined profits. – vreaa

6 responses to ““Just spoke with a client of mine up in 100 mile House. He was saying that he is waiting for price recovery to sell some property.”

  1. CanuckDownUnder

    Sell now or be priced in forever.

  2. A cautionary tale…

    [BloomBergBusinessWeek] – Housing Desert Leads Biggest U.S. Homeownership Drop Since 1930s

    “What you saw in Phoenix and the like were local economies that were built around home construction,” Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles, said in a telephone interview. “So when the housing boom stopped, everything imploded.”…

    http://tinyurl.com/3lpaewe

  3. … and those who bought years ago can sell for way less and mark the market. Existing buyers then start pulling Yosemite Sam tantrums.

    Nyyyaaaa (munches on carrot) Problem?

  4. Whistler is a perfect example of this psychology. If you look at the listings that sell quick, they are people who have owned for 20-30 years, are well over their initial price (likely kids are grown up and use it not that much needed any more) and sharpening their pencil means they will sell relatively quickly but not for a loss. Another group that are big sellers and are willing to reduce their price are those who are from the US or Asia where drops in Whistler prices have been offset by 50-60% gains on the Canadian dollar (i.e., since 2002). The listings that linger and linger are those that would have to sell for a loss – – until they have to.

  5. Does anyone know if it’s possible to filter out all those hotel rooms for sale when searching for listings in Whistler? Those hotels are a cancer.

  6. No – there isn’t a way to filter out the hotel rooms/apartments.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s