When it comes to buying and selling homes, there are two types of markets: buyers' markets and sellers' markets. In a sellers' market, there are more people looking to buy homes than there are homes available for sale. This means that sellers are in a prime position to negotiate for higher prices and better terms.

One of the main characteristics of a sellers' market is low housing inventory. When there are fewer homes for sale, buyers face more competition, which drives up prices. In some cases, buyers may even find themselves in bidding wars over a particular property, which can result in selling prices that are significantly higher than the original asking price.

Another factor that contributes to a sellers' market is high demand. When the economy is strong and interest rates are low, people are more likely to buy homes. This can create a situation where there are more buyers than homes available, which puts sellers in a strong bargaining position.

In a sellers' market, sellers often have the advantage of being able to sell their homes quickly and with minimal effort. They may receive multiple offers within days or even hours of listing their property. They may also receive offers that are above the asking price, allowing them to walk away with a significant profit.

Overall, a sellers' market is a great time for those looking to sell their homes. However, it can be a challenging time for buyers who may struggle to find affordable homes or face stiff competition. It's important for both buyers and sellers to work with experienced real estate agents who can help them navigate the market and find the best deals.