I know you are going to hate my answer, but the right answer is, "it depends." Asking prices are a fiction created by the seller or the seller's agent. If the condo is worth $400,000, a seller can advertise $450,000. If the condo is worth $460,000, the seller could advertise $450,000 and start a bidding war hoping that the buyers will jump all over one another and drive the price past $460,000. The thing to do is to get a Comparative Market Analysis to valuate the property based on recent sales in the area. (Assessed values and automated estimate programs are not as accurate.) If you can do this yourself, always do it before you make an offer. It will help guide your negotiations.