There is no right or wrong answer to your question. The market is hot partly people feel the price can NOT be much lower. The tax incentives, and good interest rates, first timer, investors...
For homes under 600K , I have have seen as many as 56 offers on a fixed small house, or during first 4 hours with 6 offers presented on some a plain looking fixer home with a leaky roof(you can see the light in the garage)... There are finite number of properties on the market. Cambrian area homes are priced reasonably low so the competition is fierce to say the least.

Not too many REO or SS offers these days come less than asking price. As a result of this craze I have seen as high as $110K over asking and as little as $15K over. Those picked a fixer and do remodel themselves as opposed to go after the homes already fixed have a fair chance. Good condition home as you described attract all kinds of vultures getting into a bidding war.

The inventory is lower this summer than previous years, I already see a propagation of this craze to 750K price range. I did not say they are REO, SS or regular sale. The trend is the same for all except to lessor a degree, Yes, there is a recession and 11% un-employment but that does not deter buyer/investor from jump on the wagon...Only the fittest get their trophy.

You also need a skilled realtor aggressively to spot hidden treasure to be the first guy making a best and highest offer. Good luck

Hi everyone,

Thank you for all the answers. This was our first offer and we did not get it. We should have offered the full asking price...

-PSM

You need to find out how many offers are coming in and how long they are waiting to present offers.
If they are waiting a week or more you are probably going to need to bid more competively. If the agent says she is presenting offers as they come in, then jump on it and make a clean fast offer that's just above the asking price. Of course this is considering that the home is a good one and is well priced........you want to buy it???.....well then it must be a good one that's well priced. Right?

Thanks,
Joy

PSM,
April and Rebekah pretty much covered this for you. I would add that if you are bidding on a high end home you might have a chance it all depends on the price range, if it is a low end home under 550k then probably not as most ALL low end homes have multiple offers over asking price . As Apirl said have your agent run the comps for the home. You have to remember that when you bid on a home you just don't operate on an automatic "low Bid " those days are over as of right now you need to trust your agent to give you good comparables and bid from there.
Good luck with your purchase I hope you get it!!!!!

Sincerely,
Allyson
408-705-6578
allyson@homesbyallyson.com

PSM

If it got accepted - then it's good enough!!

:-)

All my listings have had multiple offers and gone over ask price...

Good Luck!

R

Dear Pam,

Your agent should be able to tell you how your offer compares with what homes in the neighborhood are selling for. If the bank listed the house low in an attempt to attract many buyers that would bid the home up, it might not be a good offer. The only way to tell is by looking at what similar homes have sold for in the neighborhood.

Are you working with an agent? If so, he or she should be able to help you answer the question. It is hard to provide an answer without knowing all the particulars.

Good Luck!
April