sellers' market

A seller's market occurs when the demand for housing exceeds the available supply. This situation gives sellers an advantage, as buyers compete to purchase properties, often leading to higher prices and quicker sales. In such a market, sellers have more negotiating power because there are more buyers than homes for sale. This typically happens when the economy is strong, interest rates are low, or there’s limited new construction. For buyers, it means they need to act quickly and may face bidding wars, while sellers can often sell their homes at favorable prices.