What is a buyers market

Introduction

Real estate is already a hot topic and with the potential for interest rate increases continuing in 2023, real estate prices are dropping. In some areas around the globe, the market is currently classified as a sellers market, meaning that demand exceeds supply and house prices are going up. But the majority of the World is still in a buyers market, meaning that supply is greater than demand and house prices are not going up. Below we'll take a closer look at 4 important roles that understanding buyer or seller markets can play in your home buying future

All about a buyers market

A buyers market is when supply exceeds demand. This means that the number of homes on the market is greater than the number of people looking to buy a new home.

This imbalance between supply and demand can reduce prices, which means you could negotiate a lower price or get a better deal on your next home purchase.

Real estate is already a hot topic and with the potential for interest rate increases continuing in 2023, real estate prices are dropping. In some areas around the globe, the market is currently classified as a sellers market, meaning that demand exceeds supply and house prices are going up. But the majority of the World is still in a buyers market, meaning that supply is greater than demand and house prices are not going up. Below we'll take a closer look at 4 important roles that understanding buyer or seller markets can play in your home buying future.

• Understanding the market you're buying in.

• Knowing when to buy or sell.

• The role of interest rates in the market.

• Supply and demand.

• Buyer and seller psychology

Buyers and sellers can both benefit from understanding whether they're in a buyers or sellers market. Buyers in a buyers market will have many choices on their hands (and several sellers competing for their business). Sellers in a buyers market may find that they're having to make concessions to attract buyers (such as lowering their asking price).

Determining whether your area is in a buyer or seller's market will help you decide whether now is a good time for you to buy or sell your home. If it's not a good time for you to do either, then understanding the buyers or sellers climate will help you decide when you should change up your plans and start actively looking for an investment property to purchase or list your property on the real estate listings.

Determining whether your area is in a buyer or seller's market will help you decide whether now is a good time for you to buy or sell your home. If it's not a good time for you to do either, then understanding the buyers or sellers climate will help you decide when you should change up your plans and start actively looking for an investment property to purchase or list your property on the real estate listings.

It's important that buyers and sellers understand both sides of the coin so they can make informed decisions when it comes to buying/selling their homes!

Conclusion

For buyers and sellers alike, knowing whether the market is favoring them or not can be a huge help. In a buyers market, there are plenty of options available to you but you may have to work harder to get the house that's right for your family. In a sellers market, however, finding an affordable home becomes much easier since many homeowners are willing to sell their properties quickly if they need some cash or don't want to pay high taxes on their real estate holdings (like capital gains). If you're looking into buying or selling real estate in 2023 we recommend you book a session with our consultants before making any decisions!