Therefore, sellers must compete with each other to be able to do so. Buyers may be skeptical of homes that don't sell quickly and may wonder why their home is back on the market. When you see that comparable homes and recent sales show that they sold above the sale price, this should mean a seller's market. This number takes into account the health of the real estate market in your area, as well as local home prices, and assumes that both the buyer and the seller are informed, willing, and not under any unreasonable pressure to reach an agreement.
In theory, taking this extra step will allow your home to go through the appraisal and inspection process once you have an interested buyer. You probably don't feel pressured to accept low-cost offers and can take your time to find the right offer and buyer. In addition to offering an offer lower than the sale price (or instead of), you can ask the seller to pay part or all of the closing costs. Real estate investors love buyer markets, because bargaining power is on their side and they can easily move on to the next possible trade if the seller doesn't agree with the terms of their contract.
It's easy to say that a market belongs to sellers or buyers, but in real life market conditions aren't always very well defined. Basically, it's a seller's market if local inventory is enough to sell less than five months. A buyer's market means that sellers must work harder to sell their homes because there is more supply than demand. Whenever there is a limited supply of homes on the market and a large number of interested buyers, time is of the essence.
Whether it's a buyer's market or a seller's market, it can make a big difference in the process of buying or selling a home. In a seller's market, you see homes selling faster than normal and often for more than the sale price.