And how can you tell? Are there pro's and con's to each? The following are some answers to these questions along with what you can no matter which side you are on.When there is an abundance of buyer's out there and not a lot of homes, this is called a seller's market. Where the seller really has all the leverage and can be in a better negotiating spot. When there are more houses than buyer's , this is called a buyer's market. The buyer is really in charge and has the pick of the litter of homes and can typically find them for a bargain.
A few years ago it was a definite seller's market. Homes were on the market for no more than days if not hours. Buyers were implementing escalation clauses to bump up the price of the home past the highest bidder sometimes thousands of dollars. Today, those homes are just not worth what people paid for them only a couple of years ago. And unfortunately seller's are having to "pay" the buyer's just to take the home.
As a buyer though, this is great news. A buyer can obtain a home for below market value and even add on some contingencies to the negotiations. Buyer's have most of the power behind the deal and can really move onto the next house should the seller be unwilling to negotiate.
As a seller though, you must get creative on reeling in your buyer's. Your home must be top notch and probably priced below the lowest house on the block to even get looked at. (check out staging you home) There are ways to come out on top and not just give away your home but you need to make it worth their while to come view your home and offer the buyer something that no one else is at that price.