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When buying a house, what is a "buyer's market" and a "seller's market"?

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A buyer's market is when there are many houses for sale relative to the number of potential buyers. Often houses will sit unsold for some time, and sellers are motivated to make price concessions to close a sale. A seller's market is just the opposite. It occurs when the supply of available houses is limited compared to the number of potential buyers. In a seller's market, houses usually sell quickly, and, in some cases, prices are bid up above the seller's asking price as buyers compete against one another.

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Judy Branch on 02.22.08 at 07:19 PM
When to teach children about money

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