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Haley23 Haley23 is offline
Joined: Jul 2012
Posts: 6,903
Senior Member

Joined: Jul 2012
Posts: 6,903
Senior Member

Old 09-19-2019, 05:38 PM

I'm sure this depends on the area, but around here it's extremely common to offer above asking, or asking at minimum because the market is really tight. I got away with offering below asking because my place ended up being on the market for a long time for various reasons, but that's really rare.

Six months seems like a really long time to be looking to me- I looked for about 3 months and was getting very frustrated! Only you know your situation though- if you're not in a hurry and are okay with missing out on this house, I'd keep looking and possibly put in another offer if the house ends up staying on the market for awhile.

If you're in love with this house, I'd offer the asking price since you said it was reasonable and you've already been looking for so long. Maybe ask your realtor what she thinks about offering a higher price that's not asking.

I put in an offer on another place earlier in the summer and was insistent that I couldn't go above asking, even though my realtor told me it was likely priced a little low. I didn't get it and out of curiosity looked up what it sold for- only $1500 more than I'd offered. I'm happy with my place that I got, but if that had been my dream home- it's pretty crazy to not get it over a measly $1500 (in the grand scheme of things when you think about how much you're spending!)

Another way to think about it is that my lender told me you'll pay about $50 per month in your mortgage payment for every $10,000 of loan. I had an original price point that I wanted and found that the difference in quality between houses that were 10-20K more was SIGNIFICANT, so for me it was worth it. So for the $9K you'd be paying a little less than $50 more per month- is the house worth that to you?
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