When we see a “Buyer’s Market”, we usually have roughly 90+ days of inventory on the market. It means there are more homes available than there are buyers, which gives the buyer’s more options to choose from and more room for negotiation on their behalf. When it’s a “Seller’s Market”, it means there isn’t enough inventory to support the amount of available Buyer’s, thus resulting in bidding wars/multiple offer situations, and homes tend to sell above asking price when this happens
You want to buy during a buyers market if possible. That means that the home values are down and there are a lot of homes on the market. This usually happens during down economic times. During this time you might see a short drop in interest rates to try to lure people out and purchase. However, typically in a buyer’s market, the interest rates are up to try to slow the sales.
During a seller’s market, you will find fewer homes on the market. The market is for the sellers and the prices are a bit higher. The interest rates are down to try to seek out more buyers. This usually happens during good economic times.