How do market conditions affect my position as a buyer?
The real estate market is always changing:
The supply of homes on the market exceeds the demand.
|High inventory of homes. Few buyers compared to availability. Homes are on the market longer. Prices tend to drop.||More time to look for a home. More negotiating leverage.|
There are more buyers looking to buy a home than there are homes on the market.
|Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.||May have to pay more and make decisions quickly. Conditional offers may be rejected.|
The number of homes on the market is equal to the number of buyers.
|Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices are generally stable.||More relaxed atmosphere. Reasonable number of homes to choose from.|