Buyer's vs. Seller's Markets

Much is said and written in real estate circles about 'buyer's markets' and 'seller's markets,' and with good reason. It's always helpful to know what you're up against in terms of supply and demand, especially when making a major purchase like a home. If you're a first-time homebuyer, you want to buy during a 'buyer's market' if you can. You'll have a lot of homes to choose from, and more negotiating power to get a better deal. Once you've bought your first home and are moving up (or downsizing), the type of market becomes less important. When you are both a buyer and a seller at the same time, it doesn't matter as much what the market is doing. It may influence your timing for putting your house on the market (e.g., before or after you've found the house you want to buy), but otherwise, it's a wash, so to speak.