What is the difference between a buyer's and seller's market?
The terms "buyer's market" and "seller's market" simply refer to housing market conditions.
In a "buyer's market," also known as a cold market, conditions favour those who are looking to purchase property. There is more supply than demand, which means property prices will be lower. In a "seller's market," or a hot market, those selling property are going to get the better deal. Here, there is more demand for property than there is property up for sale.
With such high competition, prices will not be up for negotiation (unless the buyer wants to make a higher offer in order to secure a quick sale), as sellers will be seeking the best price possible.