They say it takes around 63 days to modify the way our brains think about something. When we are firmly rooted in our beliefs, it takes time to rewire our brains to think differently. So, it’s no wonder that we are still thinking with our 2021 brains when it comes to the real estate market.
The real estate market of late 2020 to early 2022 was incredible! Sellers rode the high of multiple offers, minimal days on market, and over asking offers. It was great! Interest rates were low and so was inventory. That meant that for about a year and a half, the real estate market boomed in a way many sellers had never seen before. Fast forward to late 2022, and the story is a little different. Inventory is still low, but interest rates have more than doubled since the pandemic causing the buyer market to slow. Buyers are watching and waiting to see what will happen. With this in mind, it’s more important than ever to price a home just right. We have to rewire our brains to start thinking about where the market is now, and where it is headed. It’s not 2021 anymore.