Buyer's Property Market:
The term Buyers Property Market” simply refers to when the conditions are favorable to those who are buying property. This occurs when there are more people selling homes than there are potential buyers to purchase them. If buyers have a wide range of houses to choose from and little competition, the market is in their favor. This would be a good time for first-time home buyers to enter the market, as they can potentially find their dream home at a lower price.
Signs of a Buyer's Property Market:
There is a higher number of homes on the market than in previous months or years.
The amount of inventory on the market spans a time period of over half a year.
Current listing prices are lower than previous sales prices.
Fewer people are buying homes, leading to a lower overall closing percentage.
The average house price is falling.
Real estate advertisements are more prominent in a bid to attract buyers.
Property are spending a longer time period on the market.