Which of the following describes a buyer's market?

A buyer's market is characterized by a greater supply of homes available for sale compared to the number of buyers in the market. This imbalance allows potential buyers to have more options and leverage in negotiations, often resulting in lower home prices or more favorable terms. When there are more homes than buyers, sellers may need to make concessions to close a sale, which benefits the buyer.

In a buyer's market, the competition among sellers decreases as they vie for the limited attention of potential buyers, leading to a favorable environment for buyers who may be looking for better deals or incentives. Other factors, such as interest rates and home prices, may fluctuate, but the fundamental aspect of a buyer's market remains centered on inventory levels and buyer demand.