What is the difference between a buyers and sellers market?

A buyers market is a market in which there is a surplus of available homes for sale, giving buyers more options and bargaining power. In a buyers market, prices are typically lower and there is less competition among buyers for available properties.

In contrast, a sellers market is a market in which there is a shortage of available homes for sale, giving sellers more leverage in negotiations and a higher chance of selling their home at a higher price. In a sellers market, prices are typically higher and there is more competition among buyers for available properties.

In general, the housing market is considered to be a sellers market when there is a low inventory of homes for sale, and a buyers market when there is a high inventory of homes for sale.