Describe the conditions of a buyer's market.

In a buyer's market, the defining characteristic is that supply exceeds demand. This means there are more homes available for sale than there are buyers looking to purchase them. This imbalance gives buyers considerable negotiating power because they can choose from a wider variety of properties and may feel less pressure to act quickly. They are often able to negotiate lower prices or favorable terms, such as repairs or closing costs, because sellers may be motivated to make a sale in a competitive environment where not many buyers are available.

The other options do not accurately describe a buyer's market. For instance, equal numbers of buyers and sellers create a balanced market, which is quite different from the surplus that typifies a buyer's market. Properties that sell within minutes of being listed indicate a seller's market, where demand is high, and buyers are competing for limited listings. Lastly, preference for outdoor versus indoor properties does not pertain to market conditions but rather individual buyer preferences, which can exist in any type of market.