Part 3/10:
Yet, in a puzzling twist, many sellers remain oblivious to this shifting landscape. Despite rising inventory, sellers are often stubbornly listing their homes at inflated prices. For example, in Chattanooga, Tennessee, the median household income is about $75,000, yet two-bedroom townhomes are being charged upwards of $450,000. This disconnect suggests sellers, trapped in cognitive dissonance, are exploring various methods to sell—advertising 0% down mortgages, offering temporary rental options, or even reframing their pricing strategy, while delaying necessary price cuts.