The real estate market is always changing, and it helps to understand how market conditions can affect your position as a buyer. Your agent can provide you with info on current conditions and explain their impact on you. There are three different types market on different time and area.
Buyers’ market The supply of homes on the market exceeds demand.
Characteristics
- High inventory of homes
- Few buyers compared to availability
- Homes usually stay on the market longer
- Prices tend to drop
Implications
- Buyers spend more time looking for a home buyer usually have more leverage
Sellers’ market The number of buyers wanting homes exceeds the supply of homes on the market.