Are you a homeowner? Are you asking yourself whether now is a good time to put your home on the market? Do you know the difference between a buyers market and a sellers market? Will you make more money on the sale or get a better deal as a buyer? All very valid questions.

First, what is a sellers market or a buyers market? A sellers market is a market in which there is low inventory and a high amount of ready and willing buyers looking to buy! It relates to the equation of supply and demand. When there is no supply and high demand, we have a sellers market. On the flip side of the coin, when we have a high amount of properties on the market, a a low amount of ready and willing buyers, we have a buyers market. Again, supply and demand, high supply, low demand. It is better to sell in a sellers market for better terms and a higher price. It's better to buy in a buyers market for better terms and a lower price.

Now that you know the difference, we will address a sellers market since that what we are currently experiencing.

As a seller, you must determine the desirability of your location. Although we can determine in general what type of market we are in overall, market conditions can be extremely localized. Some neighborhoods may or may not always be desirable or less desirable. Get together with your Realtor, and determine if your neighbor is up and coming, or one that is come and gone. Desirability can be due to it's schools, amenities and even status.

A great place to start your research is the National Association of Realtors's website, realtor.org. They offer monthly quarterly and monthly studies by region, that include such things as existing and pending home sales.For a more local view, look at the most recent sales in your surrounding area. How much are homes selling for? And how does your home compare in both size, location, upgrades, and condition?

There are certain factors that you may not have control over such as the number of foreclosures and short sales in your area. Buyers may look at these statistics and use these lower prices sales to justify offering a lower price for your home. Although foreclosures and short sales typically have deferred maintenance and unknown issues when purchasing, a buyer only looks at price.

Another way to tell if you are in a sellers market is to see how long homes are staying on the market before selling. Different cities and states may very as to what is long or short, however, in Orange County for instance in are current market, 45 days would be considered a "long time" on the market. As a Realtor, I would think that property is over priced or in poor condition. Any home over 45 days on the market will typically receive lower offers. While a home that just hit the market and priced well will receive multiple offers and often for over asking price.

How is the local job market faring in your city? If you live in a town that has a healthy economy, then chances are you live in a sellers market. People who have steady jobs are more inclined to look to buy. The bigger the unemployment figures, then fewer buyers on the market.