When you hear the market is HOT it means different things for the seller, the buyer and the real estate professional.
For sellers this means that property is selling fast. It means that a lot of properties have multiple offers and often under contract within days of hitting being listed. It means that inventory is low and that if you are thinking about selling your home, the time is now.
For buyers, this means about the same as it does for sellers (see above paragraph) but more than that it means low inventory comes a limited opportunity to wait for you to decide if this is the home for you, time is of the essence for buyers in a HOT market. Be sure to sit down with a real estate agent who can guide you through this process.
For the real estate agent, this means to help our sellers sell, they need to be ready for a quick, fast paced transaction. For our buyers it means we need to be taking extra time to get to know our clients and their criteria so that when a home hits the market that meets our client's needs we are able to assist our in clients making a prompt and sound decision.