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I've been on both sides of that situation. Candor is your friend. My one flag is that if you've gone all the way to getting an offer, there's got to be more to it than "timing" - i.e. how long have you been in the process such that you're just realising now that timing is off?
If the offer isn't strong but you don't want to hardball them - say so. If something about their portfolio isn't right, say so. If you just say "timing" it'll sound like you're avoiding giving more real feedback.
That said, I've personally brought people back who've turned me down (even for the same role), and haven't regretted it.
Seems more like fit than timing, based on your answer here. Get specific in what excites you and doesn’t about the role, and share. Who knows, they may be able to offer you the perfect fit if you just define it.
Pro
Yeah, I turned down at job at my current agency about 8 years ago.
The people who interviewed me we're still there and didn't remember. And when I mentioned it, it didn't really make a difference.
I don’t see it being an issue as long as it’s not the same exact position down the road. Like ifs an associate position the first time and senior the next that would be ok.