What is commonly required from a seller in a buyer's market?

In a buyer's market, the supply of homes for sale exceeds the demand from buyers, which typically gives buyers more negotiating power. As a result, sellers often need to make substantial price concessions to attract buyers within this competitive landscape. This could involve lowering the listing price or being more flexible in negotiations regarding closing costs, repairs, or other fees that can reduce the overall price the buyer pays.

The market dynamics mean that if a seller wants to successfully close a sale, it’s crucial to meet buyers’ expectations on pricing and incentives, as buyers will have many options to choose from and may readily turn to other listings should they feel they are not getting a favorable deal. Thus, making substantial price concessions becomes a necessary strategy for engaging potential buyers and fostering interest in their property.