Sellers markets are not uncommon in large cities such as Los Angeles, Chicago, & New York. A sellers market is when there are multiple buyers for each property on the market. A sellers market makes buyers compete for the properties.
Usually there is a sellers market in areas where the wealthy live or when interest rates are extremely low. If interest rates are low there will be alot of buyers who want to buy so they can lock in the low interest rate. Later they can sell for a nice profit.
When you are flipping properties you will want to buy in an area considered a sellers market. That way you can sell it quickly and hopefully before a mortgage payment is due.
In a true sellers market you can probably sell a house within 48 hours of an open house.More Articles