Hot Market: In a hot market, the competition is fierce, and sellers often hold the upper hand. Homes may sell the moment they're listed—or not listed yet. With multiple offers common, homes frequently sell above their asking price. Preparation is your best strategy here. Being pre-approved and clear about what you can afford keeps you focused, enabling you to act swiftly without compromising your needs or budget.

Normal Market: A balance between available homes and buyers defines a normal market. Here, neither party has a distinct advantage, offering more room for negotiation. Prepared buyers can make offers below the asking price, with a good chance of negotiating a deal that slightly undercuts the sellers' expectations.

Cold Market: Buyers reign in a cold market. Properties can linger for months, even years, with prices often significantly reduced. This is your opportunity to make a bold move, potentially submitting lower offers that sellers are more inclined to consider. Yet, balance is key—aim for a fantastic deal without risking your dream home with too low an offer.