Seller's Market: when there are a lot of qualified buyers in the market place, like when interest rates are low, and not enough homes for sale in the market. When these conditions occur, bidding wars will drive up prices as multiple offers come in on sought-after properties.
Buyer's Market: When there are more homes for sale than there are buyers; it’s a market where prices will drop over time as home owners become more and more eager to sell their property.
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