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Buyer's Market
A buyer's market is a real estate situation where buyers have exceptional power over sellers. This is usually because there are many houses in the area and only a few buyers. In this situation, the sellers are often at the mercy of the buyer. A buyer's market might come about in an area where many people are moving out for some reason. The buyer will have four or five acceptable properties to choose from, while the seller will not have many buyers to choose from. In these cases, sellers are lucky if they get multiple offers on a home. They will often have to come off of their asking prices in order to get the home off of the market. Many sellers will simply wait this period out, opting not to sell the property at a low price just because the market is unfavorable. They will wait for a seller's market.