Your agent should go ahead and do a CMA on the property. This will take into consideration the comparable properties that have sold in the last 3 months (may need to look outside the neighborhood as well). This will give you a truer value of the home. Once this is complete, if your offer price is significanlty below the seller's list price, your agent should include the CMA with the offer to support your "fair" offer.

I also agree that you really should try to avoid being the most expensive home in the neighborhood. However, if you are planning to be in the home 5 or more years, then pick your dream home, don't pay more than market value and enjoy it.

One more note, if you are obtaining a loan to make your purchase, your lender will order an appraisal once you have an executed contract. Appraisers have gotten very strict and conservative....even if you agree to pay a higher price for this home,the lender will not let you pay more than market value. They have to protect their investment too!

Feel free to contact me directly if you have any further questions! 770-596-5965

Pam,

Home Buying 101...

Never buy the most expensive house in the neighborhood.

Every Market is different and every neighborhood is different, but if you would like some advice and are not currently working with an agent, I would be happy to give you detailed info on the particular property and area surrounding it. My office and bulk of my business is in Cumming therefore I know the area very well. You can also search properties on my website and get a better feel of the area! Best of Luck and I Iook forward to hearing from you.

Katy Foltz
Keller Williams Community Partners
Cumming, Ga
678 860 2220
kfoltz@kw.com http://www.FrontPorchDream.com

Pam Winterbauer is right. Your Buyer's agent should be able to give you a reasonable estimate of current value. If you are not working with an agent email me the property address to info@keylocationsforyou.com and I'll get back to you with some numbers....or give me a call at 770-722-6922.
Deryk

Pam....

I would ask your Realtor to do comps for you as to what the price point is in the neighborhood including ones with upgrades. It would as if there is a large disparity in pricing. What one is asking is not necessarily what it will sell for. Hope this helps.