Urban Real Estate's very own Matt Farrell was recently quoted in Crain's Chicago regarding the increasing number of listings coming into the local market.
Crain's story, "More choice for homebuyers as Chicago listings rise", delved into the gentle rise in home inventory. Last month, 62,316 homes were on the local market which represents a 5.1 percent increase from September of 2013.
"In 2013 we just saw such an acceleration and there was no way that was going to be sustainable," said Matt Farrell, who, besides being the managing broker at Urban Real Estate is also the immediate past president of the Chicago Association of Realtors." In 2014, to me, it's just kind of return to normal."
Farrell also said that the increasing number of listings is good particularly for new buyers.
"First-time buyers may have had some frustration trying to do something in the last year because they could never beat an all-cash off, they could never close in 15 days...there are buyers who were discouraged, who were ending up with their third of fourth choice or deciding to rent for another year."
Read the full story at Crain's here.