|
A
hot
market
is
a
"seller’s
market."
During
a
seller’s
market,
properties
can
sell
within
a
few
days
of
being
listed
and
there
are
often
multiple
offers.
Sometimes
homes
even
sell
above
the
asking
price.
Though
most
buyer’s
want
to
get
a
"deal"
on
a
home,
reducing
your
offer
by
even
a
few
thousand
dollars
could
mean
that
someone
else
will
get
the
home
you
desire.
A
slow
market
is
a
"buyer’s
market.
During
a
buyer’s
market
properties
may
languish
on
the
market
for
some
time
and
offers
may
be
few
and
far
between.
Prices
may
even
decline
temporarily.
Such
a
market
would
allow
you
to
be
more
flexible
in
offering
a
lower
price
for
the
home.
Even
if
your
offered
price
is
too
low,
the
seller
is
likely
to
make
some
sort
of
counter-offer
and
you
can
begin
negotiations
in
earnest.
More
often
than
not,
the
market
is
simply
"steady,"
or
in
transition.
When
a
market
is
steady,
no
real
rules
apply
on
whether
you
should
make
an
offer
on
the
high
end
of
your
range
or
the
low
end.
You
could
find
yourself
in
a
situation
with
multiple
offers
on
your
desired
house,
or
where
no
one
has
made
an
offer
in
weeks.
Transition
markets
are
more
difficult
to
define.
If
the
economy
slows
unexpectedly,
as
it
did
in
the
early
nineties,
people
who
buy
on
the
high
end
of
a
seller’s
market
(like
the
late
eighties)
could
find
their
home
loses
value
for
several
years.
So
far,
no
one
has
proven
reliable
in
predicting
when
markets
change
or
how
good
or
bad
the
real
estate
market
will
become. |
