After looking at over 30 properties, writing offers on three and not getting them accepted because someone else has offered more, this morning I received the follow statement from my Buyer, "It seems that this is not a buyers market at all".
So what is a Buyers market? A general definition of a Buyers market is when the demand for property is less than the supply of property.
The opposite would be a Sellers market, when the demand for property is greater than the supply of property. It's all just the old supply and demand rule.
So what are the advantages for the Buyer in a Buyers market? First of all, there are more properties to choose from, you don't have to just "settle" on a property because of lack of choice. And secondly, sellers are more willing to negotiate price and terms. A Buyers market does not mean properties are being given away.
When you are looking for a property and want to pay less than market value; you're looking for a steal! This has nothing to do with it being a buyers or sellers market; each market sets it's price.
So Mr. and Mrs. Buyer we will keep looking, I really do enjoy your company; but to find you a home I think you will have to increase your budget or scale down your requirements - or who knows, we just might get lucky.