Life cycle of short sale in 2022 is evolving as market begins to cool

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted November 3, 2022 12:34 PM

In 2021, the local real estate market showed us an inflated market born of limited supply, buyers’ desires to adapt to changes in the way we live as a result of the pandemic, and “FOMO” — the fear of missing out, a sense that one had to buy now.But as we moved through 2022, with the increase in interest rates, buyers began staying put rather than risking borrowing money at substantially higher interest rates, and also began to lose that sense of FOMO. As such, the market started to cool and prices started to adjust to more …

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