Home Buying Advice - Supply and Demand

Supply and Demand

The simple law of supply and demand means that if there are more sellers than buyers, you should be able to purchase a home for less money than if there are more buyers than sellers. In slow markets homes stay on the market longer and the price of homes may fall.

If there are more buyers than sellers then the competition for homes becomes greater and prices can start to go up. You may also find yourself in a multiple offer situation, if this is the case the seller can ask all parties involved to issue their best offer. Once all offers have been received the seller will decide which one if any to accept or counter.