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Buyers' versus Sellers' Market

 Traits of a buyers' market include:  

Job losses will occur due to the closure of many local companies. With job loss being a factor, people are forced to look for jobs elsewhere. With fewer people occupying the town, the housing inventory losses support.

As people move out of town to find jobs in other markets, houses remain on the market for a longer period of time.

Builders working on homes in a sellers' market, may now have a standing homes in a buyers' market.

As the job market softens, foreclosures will increase. With foreclosures taking place, a new market may arise with investors finding good deals.

As home prices depreciate, some home owners may owe more than their home is worth. This turns the home owner "up-side down" on their property.

Short sales take place. Instead of filing for foreclosure, some home owners will opt to return the property to the lender.

This becomes a good market for the first time buyer as prices drop to a level that first time buyers can afford. Low down payment mortgages are common.