Which of the following best describes a buyer's market?

A buyer's market is characterized by a situation where the supply of available properties exceeds the demand from buyers. This imbalance means that buyers typically have more negotiating power because they can choose from a larger selection of homes, and sellers may be more willing to reduce prices or offer concessions to complete a sale. This dynamic allows buyers to negotiate better terms and prices, making it advantageous for them in the real estate transaction process.

In contrast, scenarios where there are many offers on properties often indicate a seller's market, where high competition among buyers can drive prices up and limit negotiation leverage for any one buyer. A time frame with high competition among sellers or very few properties listed would also signify different market conditions that do not align with the characteristics of a buyer's market, as these situations would typically restrict the options available to buyers.