A Sellers Market is usually a situation where there are many buyers but low inventory of homes for sale. What happens in this scenario is houses that are priced correctly will sell quickly and sometimes for more than the listing price. Prices will be on the rise until the point at which it would be cheaper to buy a brand new property (when the building costs per square metre are less than the price per square metre that the Seller wants for his second hand home).
In a Sellers Market, there are a few things the Buyer can do to ensure you get your dream house.
Have a deposit ready (down payment or earnest money deposit) Lending requirements change from time to time, but even where financial institutions may be prepared to loan up to 100% only half of Buyers who apply for home finance are actually successful on their Bond application. A Buyer who is able to put down even a small deposit has a greater chance of securing hone finance. If you as a Buyer can work to secure a pre-qualification from a Bond originator, you are more likely to be treated as a serious Prospect by an agent, and will be in a better position to make a successful offer.
Time is of the essence in a Sellers market. Don't wait for the weekend for a viewing appointment: the property you want could be sold. If you waste too much time in making a decision to put an offer down on your "dream home" there may be a few Buyers after the same property and you could lose the opportunity.
Asking for favours. This us not the time to negotiate for the Seller to fix things or to repaint. Since there are many Buyers the Seller can choose a Buyer that does not have to put in a suspensive clause where they buy subject to the sale of their own property.
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