What is a buyer’s market?
A buyer’s market is a real estate market in which the supply of available homes for sale exceeds the demand from buyers. In a buyer’s market, there are typically more homes for sale than there are buyers, which can lead to lower prices and more negotiating power for buyers.
In a buyer’s market, sellers may be more motivated to sell their homes and may be more willing to accept lower offers or negotiate on other terms, such as closing costs or repairs. This can create favorable conditions for buyers who are looking to purchase a home.
Factors that can contribute to a buyer’s market include high interest rates, an economic downturn, and an oversupply of available homes for sale. In a buyer’s market, buyers may have more time to consider their options and may be able to negotiate more favorable terms with sellers.
It’s important to note that real estate markets can shift between a buyer’s market and a seller’s market over time, so it’s important for buyers and sellers to stay informed about market conditions and adjust their strategies accordingly.