We have been hearing people discuss the real estate market with words like "Seller's Market."
What is a Seller's Market? A Seller's Market occurs when the demand for homes outpaces the available supply. So, technically, we ARE in a Seller's Market.
How does a Seller's Market affect the prices of homes? In general, since there are more Buyer's than available homes on the market, prices tend to be higher. But, the actual price paid really depends on the motivation of the Buyers and Sellers. If the Seller's need to sell is greater than the Buyer's need to buy, the Buyer could still get a good deal...even in a Seller's market.
So, let's stop throwing terms like Seller's and Buyer's Markets around and just look for a good deal.
