More than likely you’ve heard the term “buyer’s” or “sellers” market when talking to someone about real estate.  It’s no secret that the real estate market fluctuates, regardless of your current location. Prices of homes can rise, and fall, frequently, and depending on if you’re a buyer or a seller, they may either work for you or against you.  Luckily, if you closely follow the patterns within the real estate market, you have a good chance of making the most informed decisions; however, the fluctuation can sometimes be unpredictable no matter how prepared you are. If you’re in the market for a new home and you’re ready to buy, you may want to know what actually makes a buyer’s market:

Determining where the real estate market stands is generally based on the concept of supply and demand.  When the supply exceeds the demand, meaning when there are more properties for sale, than there are buyers, this is what makes the market favorable for those looking to buy; in other words, creating a “buyer’s market”.  One of the main reasons why this would be an ideal time to purchase a new home is due to the potential for purchasing at a lower cost. A buyers market is generally the best time to take advantage of lower housing prices.  Those that are deciding to sell their home in a buyers market, may find their home remains on the market longer, due to an increase in other available properties. Additionally, sellers may be forced to lower their listing price in order to compete with the market and secure a buyer; this essentially means the buyer has the advantage.

There are multiple factors that play a role in where the real estate market is ranking; the local area, demographics, economy, number of homes for sale, and even the time of year or season can have an impact on the current market.  For example, the summer months are usually known for having more homes for sale...

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