Virginia Real Estate Exam Practice Question
Supply and demand determine the competitive environment. Which of the following is a true statement?
Correct Answer: B
Rationale: In a competitive housing market, an increase in the number of homes available typically gives buyers more options, enhancing their negotiating power. This means they can be more selective and potentially secure better deals.
Option A is incorrect; with more homes available, buyers can indeed be picky. Option C is misleading; an oversupply of homes generally leads to lower prices, not higher. Option D is also incorrect; sellers face increased competition in a buyer's market, which usually results in them having to lower their asking prices rather than demand more.
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