Definition
A buyer's market means homes are plentiful and buyers have negotiating power. You can negotiate lower prices, request concessions, and take time deciding. Seller's markets are the opposite—buyers compete and offer full price.
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In a buyer's market, there are many homes for sale and few buyers. Buyers can negotiate lower prices, request concessions, and take time deciding.
Pro Tip
In buyer's markets, you have leverage—use it. In seller's markets, you need to act fast and be prepared to pay full price. Understand which market you're in.
Example
With 8 months of supply, it was a strong buyer's market. The buyer was able to negotiate the price down $15,000 and requested the seller pay $8,000 in closing costs.