Seller's market
A market with more buyers than homes for sale. Homes sell fast, often with multiple offers, and buyers may need to offer above list or waive conditions.
Also called: sellers market, hot market
Related terms
A market with more homes for sale than buyers. Homes sit longer, prices soften, and buyers have more room to negotiate price and repairs.
When a seller gets more than one offer at the same time. Sellers may ask for highest and best, and buyers compete on price, terms, and contingencies.
An offer term that automatically raises the buyer's price by a set amount above any competing offer, up to a cap. Sellers usually need to show the competing offer to trigger it.
How many months it would take to sell every current listing at the recent pace of sales. Under about four to six months generally favors sellers; more favors buyers.
A promise by the buyer to pay some or all of the difference in cash if the appraisal comes in below the price. It makes an offer stronger but means bringing more money to closing.