What is a “seller’s market”, a “buyer’s market” or a “balanced market”? We have all heard these terms, maybe even used them, but how well do we really understand them? Here are some definitions that may be helpful:
A Buyer’s market is characterized by conditions such as high inventories, falling prices, concessions by sellers and incentives among other indicators.
A Seller’s market has low inventories of homes for sale, escalating prices and keen competition between buyers, including multiple offers.
A Balanced market is widely accepted as having six months of invetntory on hand with market conditions favorable to both buyers and sellers.
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