The past few years have definitely been considered a buyer's market. There have been a lot of desperate sellers due to the economic downturn resulting in lots of inventory on the market. The recession also limited the number of qualified buyers (higher unemployment rate, stricter lending regulations, etc.). It's really been a simple case of supply and demand in that supply was up, demand was low, therefore prices are down making it advantageous for buyers.
However, more recently, we've been transitioning into a more balanced market. We've seen signs of economic improvement, inventory levels are beginning to shrink, and more qualified buyers are starting their home search. Again, another case of supply and demand in that demand is increasing and supply is slowly decreasing.
I wouldn't say we've hit a seller's market yet, but if the trends continue we may get there in the next few years.
Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103