Definition
A market where there's more inventory than active buyers, giving you more options and negotiating power. Prices typically stagnate and homes stay on market longer.
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Find my pathAbout this term
Buyer's markets occur when supply exceeds demand, resulting in lower prices and more favorable terms for purchasers. In these conditions, sellers often become more flexible on price, repairs, and contingencies. Buyer's markets are characterized by longer days on market, price reductions, and multiple showings before offers are received.
Pro Tip
In a buyer's market, take your time finding the right home. Good ones may come off the market, but others will be listed.
Example
The buyer's market had abundant inventory with homes staying on the market an average of 45 days, giving the buyers significant negotiating power to obtain favorable terms.