In a Buyer’s Market the supply of homes on the market is more than the demand. (fewer sellers and more buyers)
The results of this are:
1) Buyers have more to choose from
2) Buyers often can negotiate a sharper price
3) Buyers have time to think about a property before buying
In a Seller’s Market the supply of homes on the market is less than the demand. (fewer buyers and more sellers)
The results of this are:
1) Buyers have less to choose from
2) Sellers can negotiate a sharper price
3) Buyers must act FAST!
In a normal market, the number of sellers and buyers are on an equal standing. Market conditions can change rapidly, and the information must be used as a tool, not as a decision maker. Market conditions can be different from one neighborhood to another, and the varying degree of conditions can influence the purchase or sale of a home against the common trend.
