What is a Buyer’s Market?
BUYER’S MARKET = Few Buyer’s + Many Listings
Benefits: Lower Price, Better Terms, Longer Days on the Market
Pricing is very dependent on the law of supply and demand. In the Buyer’s market, there are very few buyers and a lot of inventory on the market so in order to attract the attention of the limited buyer pool you need to lower the price and give better terms or sellers must be prepared to have their house on the market for a longer period of time. Don’t worry as much about the under-pricing as over-pricing because prices below market value will often trigger multiple offers which will drive the price back up to market value