Well, it sure isn't a seller's market

In defining a "Sellers Market", there is a lower than usual and faster moving inventory with prices generally increasing and the Seller more clearly in control to determine the outcome of any successful effort to purchase. Buyer's tend to pay more ( often times more than property might be listed for). Many of the buyers contingencies are either eliminated or greatly reduced. The time for removal of contingencies is shortened. In some cases many of contingencies are negotiated way, such as a buyers typical request for repairs and the length of time the buyer has to obtain services such as appraisal and loan approval.

In a really hot “Seller’s Market”, buyers typically need more down payment and higher earnest money deposits that may be defaulted if the Buyer fails to consummate the transaction in the exact time frame as outlined in the purchase agreement.

Ah, the good old days, for sellers that is...but if you are a buyer....which many are and should be today with the low interest rates and $8,000 tax credit it's good news.