I wrote this a couple of years ago but the same rules apply. The answer to “how much should I offer” is still the same. It depends. Right now in St. Paul on average sellers are getting 100% or more of their asking price.
Buyers want to know what to put into an offer that a home seller will accept. They want to know what the seller’s bottom line is.
There isn’t any way to know what a home seller will accept without making an offer. There is no universal percentage of the asking price that makes up an acceptable offer.
Every house is unique and so is every homeowner.
If the home is overpriced an offer for less than the asking price is appropriate but there is no guarantee the owners will accept it.
Sellers almost always accept an offer that is for the asking price but if there are multiple offers they may end up with an offer for more than the asking price.
My best advice to buyers is to make our best offer and if it isn’t accepted don’t look back. Home buyers want to negotiate but they should never assume that sellers want to negotiate because some do not and in a seller’s market they may not have to negotiate.
