In a buyer's market, what is the typical situation for homebuyers?

In a buyer's market, homebuyers generally experience conditions that favor their purchasing power. One of the main characteristics of a buyer's market is an abundance of available properties, which results in less competition among buyers. This surplus of inventory allows buyers to negotiate more effectively with sellers, often leading to more favorable terms, such as lower prices, reduced closing costs, or requests for repairs or concessions.

Negotiation leverage is strengthened in this type of market because sellers are often more motivated to accept offers and finalize sales, especially if their properties have been on the market for an extended period. Consequently, buyers can take advantage of these circumstances to secure better deals that might not be available in a more competitive environment, where multiple offers would drive prices upward and limit negotiating flexibility.