What is a 'buyer's market' versus a 'seller's market' in real estate?
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Explanation
A buyer's market has more homes for sale than buyers, giving buyers more negotiating power to secure lower prices, contingencies, and seller concessions. A seller's market has more buyers than homes, creating competition, bidding wars, and rising prices. Buyers typically need to move quickly and offer at or above list price.
Home equity, the difference between your property value and mortgage balance, can be accessed through home equity loans or lines of credit for major expenses.