Definition of Buyer’s Market
A market condition in which there are many homes to choose from because prices are remaining lower and properties are listed on the market for longer.
Why is this term important?
A buyer’s market describes real estate market conditions that are favourable to buyers. In this market, buyers have more power in negotiating making it the best market for purchasing new properties.
If looking for a new home in a buyer’s market, there will be many options with reasonable prices to choose from. Many of these may have been on the market for an extended period of time perhaps creating a price drop.
Examples of term
In the years directly after the U.S.-housing crash in 2008, there were many buyers’ markets in the United States, as property listings flooded the market, which put downward pressure on prices.