Is It A Buyer's Market or Seller's Market...?

Hi,
I am not a Professional in buying and selling of houses.
But, am 64 yrs old, been following the trends from National Network News Associations, and follow the economy of the United States, on a regular bases.
A "Sellers' Market" is when homes are selling more, meeting or exceeding the number of homes that are actually up for sale; and the Seller can get more money for them, in most cases.
A "Buyers' Market" is when many, many homes are up for sale, being a larger number to choose from, and the prices are not as high.
It's determined by the number of homes up for sale, and how fast they are being sold. Also, depends on the economy, and if interest rates are going up, or begin to fall.

It's similar to selling brand new cars. When brand new cars are no longer bought from dealers, they lower the prices, to some extent, offering more incentatives for people to buy them. That's a "buyers' market".
If new cars are selling fast, then it's a "sellers' market", not marking down the prices very much.

Here is a reference link for the above information on homes, and has some other information as well:
http://www.yourhome123.com/infocente...&ArticleID=215
Best wishes.

Hi,
Forgot to answer your last question.
Since March, 2006, the median prices for new homes has been dropping.
With fewer new homes being built, it's now a "buyers' market", because more people are putting their homes up for sale, hoping to get more money for them, before the house pricing keeps falling. Whenever more homes are available for sale, it means some of them are hoping to get more money for their home now, rather than wait months, and maybe get less.
Right now, negotiations for a home can be done, with maybe buying it for less than the asking price; more of a chance that if the market starts going up again, building more new homes to meet the supply.
Here is a link for more information, with the above referenced:
http://www.cbsnews.com/stories/2006/...n1435450.shtml

What determines if we are in a buyer's or seller's market is supply and demand. If there are many homes (more than normal for the area) on the market and they are sitting (not selling) on the market for at least 3 months, I would call this a buyers market. In order to move these properties, buyers will be able to purchase below market value and at terms favorable to the buyer.

If the supply is low and there are many buyers in the market, then its a seller's market. Sellers will be able to demand more than market value and terms favorable to the seller.

Hope this helps.

Honestly it can be both in one area depending on the price range.

And one in your area and the other in my area.

For example my son builds new homes for sale and develops housing subdivisions in southeast MO where there are lots of jobs and a lot of higher paying jobs. He builds new houses in the 200,000 to 400,000 range. Those are real nice 3 or 4 bedroom homes in that area of the country. ( eat your heart out people from the major metropolitan areas)

But where I live, all but 3 factories have closed and Walmart is the largest and best job in our area. So the average pay for people around here is about 5 to 8 dollars a hour. I offered a part time job at 10 dollars a hour a while back and had people lined up to work.
Here there are houses that have been for sale for 3 or 4 years. For example the house we bought last year is in one of the "upper" subdivisions in our area. It is a 3 bedroom brick on a acre of land *and the corner lot of the subdivision.
Well it was for sale by the bank after being foreclosed. They turned down several offers of about 100,000 when they first listed it, but after 3 years of not even a single offer, I picked it up for less than 70,000 because no one here is buying a lot of homes. Our good friend has one for sale that has been on the market for 4 or 5 years and only had 3 people even look at it. ( ok it is listed over a million dollars )

So my son can't build new homes fast enough in MO, and you can't hardly give houses away where I live.