Buyer's or Seller's Market?
A Seller's Market
This would be when there are fewer homes than buyers. The buyers are ready and able to buy. Homes would sell for close to asking price and even over asking price.
A Buyer's Market
A buyer's market would be when there are many homes on the market and few buyers that are ready and able to buy. Homes during this market sell for below market value and are on the market longer.
Where is the Market Today?
Anyone that has their home on the market right now could tell you that it is definitely a buyer's market. Homes are not selling quickly and there are many homes on the market. Buyers are having a hard time buying a home since lenders are making it harder to get loans. For the buyers with good credit and who are seriously wanting to move, there are plenty of good opportunities out there.