What characterizes a buyer’s market?

A buyer's market is characterized by a situation where the supply of housing exceeds demand, allowing buyers greater negotiating power. In such conditions, potential buyers can find a larger selection of properties available for sale, often leading to lower prices or more favorable terms. This imbalance between supply and demand means that sellers may need to be more flexible in negotiations, as they have more competition for buyers.

When there are more homes for sale than there are interested buyers, it creates an environment where buyers can afford to be picky about the properties they choose, potentially securing a better deal or asking for concessions such as repairs or closing costs. This contrasts with a seller's market, where the opposite is true, and buyers might feel pressured to act quickly and make higher offers due to limited property availability.