It takes a tremendous amount of confidence to actually put into practice an opinion involving the declining value of your own home prior to it actually happening – not many people can get to that point. It takes even more confidence to tell other people to do the same and mean it.
The problem with giving people advice on how to act is that sometimes they take it. Now if the advice turns out to be good that can be a good thing for them and for the relationship. If, for some reason, that advice turns out to be bad the results can be bad for both the advisee and the relationship.
There are enough variables involved in this particular problem that it’s hard justify this level of involvement in someone else’s life. Just the timing alone is enough of a variable that it can make the difference in this case. What if the market experiences a nice rally right as the project is completed and it turns out there is a profit in there for those people who stuck with it?
In your shoes – not that I’m advising you to do this 🙂 – I’d express my opinion about the long term trend, explain why I hold those opinions, and then wish them well on whatever decision they make.
This person is apparently thinking the currently soft trend will rebound and increase during the two years or so that it takes to close escrow on this unit. There are a lot of people who share that view thanks to the NAR PR machine. That’s your competition in this.
