Understanding Buyer’s and Seller’s Market

A seller’s market exists because the quantity demanded by the buyers at a given market price exceeds the quantity supplied by the sellers at that price. In real estate, that means buyers are seeking out more of the goods than sellers are willing to sell, so sellers can pick and choose whom they sell to among prospective buyers. Buyers are lucky to find a desirable home at the right price in such a market.
A buyer’s market is just the opposite, and one you should be hoping for as you go out in search of a home. It exists because the quantity supplied by the sellers at a given market price exceeds the quantity demanded by the buyers at that price. In this situation, sellers are seeking to sell more of the goods than buyers are willing to buy, so buyers like you can pick and choose the goods purchased from the sellers, who are typically eager to unload their homes at a fair price.