There are three types of markets that influence the supply and demand or the overall success of buyers and sellers.
A Buyer’s Market
A buyer’s market is when there are more homes for sale (supply) than there are buyers (demand) for them. In this type of market, buyers have the advantage with more inventory to choose from, prices remain stable or sometime soften with sellers more open to negotiating.
A Seller’s Market
A seller’s market is when there are more buyers (demand) than there are current homes for sale (supply). In a strong seller’s market, sellers are in the driver’s seat. Prices strengthen or increase; homes sell quick and, in some cases, sellers get multiple offers.
What's A Balanced Market
A balanced market is when there are equal number of buyers and sellers in the market. Homes sell in a reasonable time frame and prices remain stable. This is a healthy real estate market, one that is good for both buyers and sellers.