What does it really mean when people say it’s a ‘buyer’s market’ or a ‘seller’s market’?
What is a buyer’s market?
In a buyer’s market, real estate is more affordable because supply exceeds demand. This means there are more homes on the market than there are buyers – putting downward pressure on prices.
What is a seller’s market?
A seller’s market is the opposite of a buyer’s market in that demand exceeds supply, meaning vendors can usually sell their properties quickly and at a favorable price.
In a seller’s market, time on market tends to be low and so do auction clearance rates, while median home and unit prices are high. Under these conditions, vendors are less likely to budge on price simply because they have more negotiating power.
If you would like some more information call our office on 08 9443 7088 and one of our trusted real estate agents will be able to help you 😎
