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Understanding Market Conditions
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Buyer's Market:
The supply of homes on the market exceeds demand.
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High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop.
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More time to look for a home. More negotiating leverage.
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Seller's Market:
The number of buyers wanting homes exceeds the supply or number of homes on the market.
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Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.
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May have to pay more. Make decisions quickly. Conditional offers may be rejected.
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Balanced Market:
The number of homes on the market is equal to the demand or number of buyers.
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Demand equals supply. Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices generally stable.
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More relaxed atmosphere. Reasonable number of homes to choose from.
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