Your Realtor should be advising you on what the home is worth and where to begin negotiations. They have access to all of the market information in your area. On the other hand it is important that you offer what you feel the home is worth and what you feel comfortable with. At the end of the day you are the only one that has to live with your mortgage. As a Realtor I am always here to advise my clients and coach them, but they make the game-time decisions!
David Realty Group
For example, if buyers in the last 3 months have paid $450,000 for similar homes it may call for a different strategy than if comparable homes have recently been purchased for $370,000.
Also, keep in mind that a significant amount negotiated off of the asking price does not always equate to a better deal. I've had clients that we've negotiated $40,000 off of asking price and clients that have paid asking price yet both purchases equate to almost equally good deals on a home.
it doesn't really matter what anyone here thinks......and really, no one here can have an opinion on a house they know nothing about!
It sounds as though you are not working with an agent - otherwise, they could give you a sense of market conditions and recent closed sales. Armed with that information - YOU, yourself, could make an informed decision on this home's value.
When all is said and done...... you are the best judge as to what the house is worth (to you)......along with the appraiser when the time comes!
Best wishes......have a continued happy holiday season!