Thanks for your answers. Appreciate it.

Both Kenneth and Jeanne are spot on with their responses. make sure you have seen what comparables have sold for recently and have an appraisal clause in your contract. i believe I know which development you wish to buy in and there are comps available.

Hi Indigo, Kenneth is spot on - a good pricing analysis using the facts of the market, ie comparables, is what you need to guide your bidding process. It will immediately flush out overpricing, and also will identify good values. Also, an offer that is supported by the facts of the market has a greater likelihood of success than one that is based on a number pulled out of the air.

The caution about buyer's remorse is a good reminder that no matter what you pay, there will be moments where you will wonder - my advice, consult with your agent, do your best to buy the home at a good and fair price, and go for it. Incidentally, if by chance you are hoping to close in time for the tax credit, get moving!

Good luck to you!
Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Indigo,
your agent should have shown you comps and in addition if you are getting a mortgage will need appraisal. Have attorney add appraisal clause. Price you pay is balance between your needs/wants and sellers desperation/motivation to sell. Not really apropriate for us as agents to try to analyse / interfere with your relationship with your agent. One thing that is common is buyer's remorse. No matter what price you pay it is likely you will wonder if you could have gotten better terms.