In every kind of market we have all Realtors and Consumers have to deal with the issue of what is a "Reasonable Offer". As a Buyer or Seller, do you know what your Realtor thinks is a reasonable offer? In most cases I would say Consumers and Realtors never discuss this issue prior to signing a Agency Contract and they probably don't even discuss it during the Contract time. In most cases what is a reasonable offer will only come up when either the Buyer is making an offer or the Seller is having to review an offer, it's at this point that this "sticky" issue can arise. This can not only put the Buyer and Seller at odds with each other, but can actually involve the Buyer/Seller Agent with their Client.
Everyone has their own definition of what is a reasonable offer to make or what is a reasonable offer to accept, and if your a Realtor (especially in this market) you should be discussing what your Client thinks is a reasonable offer. If you are not then when it's time to make an offer, you as the Buyer Agent may find that you have an unreasonable Buyer (in your opinion) and the same thing can happen on the Sellers side. So what do you do when things like this come up, the answer is to not allow them to happen.
Communication is key to a successful transaction and every Realtor should know what their Client considers as reasonable. If your a Buyer/Seller and your Realtor has not discussed this with you then now is the time to bring up the issue, so you know where they stand regarding this topic.
As far as what might be considered a resonable offer in this market, one needs to look at several factors like how many days the property has been on the market, how well priced it is compared to its competition and what is the absorption rate for the market you are Buying or Selling in. A Realtor should be able to help you with all three of the above factors as well as others, when it comes time to making or accepting an offer.
In my real estate career I bring over 10 years of experience to the table, I work to represent my Client giving 100% to them. My job is to give you my advise, experience and knowledge and to help you navigate the wonderful and frustrating world of real estate. My job does not end when you purchase your home, it just begins because I will be there even after the closing keeping in touch with you and reminding you that I am always just a phone call away.