Many first time home buyers can feel like they are wandering in the dark. Other than “location, location, location”, they do not have a good amount of real estate knowledge to go off of. So when someone says “it’s a buyer's/seller's market”, just what do they mean by that. In short, a buyer's market benefits the buyer, and a seller's market benefits the seller. So how can you know if your desired area is in a buyer’s market or seller's market? Look for these identifiers:
If you are a first time home buyer, it is important to do your homework and research not only on the market itself, but on agents and realtors as well. The more educated you are in the market and business, the better your chances are of being content upon closing.