I have seen this question asked numerous times on Trulia by different buyers about different properties in different parts of the county. The answer is always the same. If you are a serious buyer you need professional help to advise you with this question and many others that will come up in the course of buying a house. Get together with a local Realtor who has experience helping buyers in your market. If you donâ€™t know anyone, ask for referrals from friends and relatives. Believe me; many of them will be happy to tell you the name of their favorite Realtor.
Orâ€¦check out the local Realtors here on Trulia.
Good luck with your purchase.
The real answer is it depends.
What is the house worth?
How badly do you want it?
Do you mind overpaying?
If you want a great deal make a low offer. It might be accepted. If not make other offers on other houses.
If you really really want this house, offer higher so you are more likely to get it.
No one should even attempt to answer that question, or they may be giving you useless advice or, worse yet, ill-informed information.
No one here knows the house you are referring to..... the condition of the home...... or the comps for the paritcular neighborhood.
Without that information no one can tell if the home is already priced properly...... priced above market value or priced below market value. You need that information before you can determine the right price to offer.
Ask your agent for advice - if you don't have an agent - find one who can educate you as to home values in the area. Only then should you make an offer.
Ask your agent for an analysis of the home's real value. If you've looked long and hard, and this is THE house, offer it's real value, along with an explanation of why it's not worth more. If you're willing to continue your search for another home if you don't get this one, offer something less. Just keep in mind that you will eventually need to offer something that the seller will accept.
Ask your Realtor to do a comparitive market analysis for you. What are other homes in the neighborhood with similar features selling for? You can certainly start low, but ultimately the house is going to be purchased at fair market value or just below unless there are unusual circumstances.