A market situation characterized by many homes and few buyers is known as?

In real estate, a market situation characterized by many homes and few buyers is referred to as a buyer's market. This situation arises when the supply of homes significantly exceeds demand. In such a market, buyers have more options to choose from, which can lead to a decrease in home prices and increased negotiation power for buyers.

In a buyer's market, sellers may need to lower their asking prices or offer incentives to attract potential buyers, as competition among sellers drives the need to stand out. Buyers can take their time exploring different properties rather than feeling pressured to make quick decisions due to limited options.

Understanding the dynamics of a buyer's market is crucial for both buyers and sellers, as it influences pricing strategies, marketing techniques, and offers made on properties.