The housing market, like most markets, is cyclical.

These cycles can be greatly influenced by a number of factors, including interest rates, economic conditions and consumer confidence, which can create a shortage or surplus in housing.

A seller’s market happens when there’s a shortage in housing or more potential buyers than homes. A buyer’s market, on the other hand, occurs when there is a surplus in housing or more homes for sale than buyers. A balanced market happens when there is the same number of homes for sale as there are buyers.

STOP PRESS: January 2021 - It's a sellers market RIGHT NOW

Seller’s market at-a-glance

• More buyers than homes for sale
• Prices tend to be higher because of increased demand
• Homes sell quickly