Discuss with your REALTOR®, what price you think is fair. You want to make sure that you are going to get a good deal on the price, so you do not want to offer more than you have to. On the other hand, there may be competing offers from other buyers, so you want your price to be high enough to beat out the other buyers.
You want facts AND an honest opinion. This is where your REALTOR® can shine as your trusted advisor and consultant. Ask him for an opinion. How much would your real estate advisor offer for this house, if he or she were in your shoes? Yes, your REALTOR® is going to run a comparable market analysis (CMA), show you the comps, and help you crunch the numbers. However, it all comes down to “gut feeling” sometimes, and you have to feel good about your purchase.
Never make a “low-ball” offer. I know you are trying to get a bargain, but that is not the right way to go about it. An unreasonably low offer will only offend the seller and then you definitely will NOT get your house!
Read more in our book, "Buy Your First Home", http://tinyurl.com/nrvmgc7.
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