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The real estate market is always changing. It helps to understand how market conditions can effect your position as a seller or as a buyer.
The supply of homes on the market exceeds demand. High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop in this type of market . Your home may take longer to sell. Less negotiating leverage in terms of selling price.
The number of buyers wanting homes exceeds the supply or number of homes on the market. Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase. May have more negotiating leverage and obtain a higher selling price for your property.
The number of homes on the market is equal to the demand or number of buyers. Demand equals supply. Homes sell within an acceptable time period. Prices generally stable. More relaxed atmosphere. Buyers have a reasonable number of homes to choose from.