What is the difference between a buyers’ market and a sellers’ market

The type of market you are in has a large bearing on the decisions you will make.

You must be aware of the characteristics of your market in order to make wise choices.

Here is a quick overview of the different market types.

Buyers’ Market

Less People looking at buying then there are homes on the market

Mortgage interest rates are high

Slower increase in sale price, sometimes causing prices to decline

Increased time on the market

No urgency

Sellers’ Market

More people looking to buy then there are homes on the market

Shorter than normal selling times

Prices firm and may rise

Higher volume of sales

Greater buyer urgency

Balanced Market

When supply and demand are about the same

Market moves at a good rate

Prices are stable