Ever heard the phrase “Buyer’s Market” but never quite understood what it meant?
In this week’s McGraw Group Minute, our weekly series where we answer frequently asked real estate questions in one minute or less, we discuss what a buyer’s market is and what it means for home buyers and sellers.
Check out the video below as we breakdown the basics of a buyer’s market.
Video Summary
Hi, it’s Torrey and Keela from McGraw Group today’s question is “What is a buyer’s market?”
A buyer’s market is when the available homes for sale exceed the number of buyers looking for homes.
If you are a buyer, a buyer’s market can be the ideal time to make your move and get a good deal on a home purchase.
In a buyer’s market, you really can negotiate the terms of your offer and that includes a lower purchase price and possibly asking the seller to pay some of your closing costs. That can be equivalent to thousands of dollars in savings.
A buyer’s market is typically when there is more than six months of inventory
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