Typically, during a Seller’s Market the “supply” is low and the “demand” is high. During a Seller’s Market home owners may receive multiple offers and those offers can be well above the asking price.
Typically, during a Buyer’s Market homes stay on the market longer than in a seller’s market. If you’re looking to buy a home, now is a good time to buy because there’s a lot of homes on the market to choose from, and when it’s a buyers market the buyer typically has the upper hand, because the sellers may be willing to accept a lower price, they may be willing to make some repairs, or help with closing costs, etc.
But is this truly the best time to buy? Some people think the real estate market is going to continue to cool off for another six months or so; thus, if you wait you may get a better deal. What if you find your dream home? It probably won’t be on the market in 6 months, so you’ll have to make the call.
If you’re looking to upgrade, downsize or buy your first home – a Buyer’s Market is typically a great time to buy! Whether or not it’ll be better to buy in 6 months or a year, no one knows for sure, because we can not predict exactly when the market will rise or fall.
And if you’re currently renting, again it’s a buyer’s market and a great time to buy. Whether it’s now or in a few months, keep saving your money for that down payment, your time will come … (I love this part) When you’re ready to Stop Rentin’, Call Jill Denton”.