Deciding on price depends on market trends, urgency
There is no foolproof strategy for buying a property at just the right price. There are several reasons for this. In the first place, although the listing inventory is high in most places, sellers are not equally motivated to sell.
There are sellers who would like to sell, but who don't have to sell. If they don't get their price, they either stay put or rent out the property until the market turns. Sellers who don't need to sell are often resistant to negotiating the price.
Motivated sellers, on the other hand, need to sell. They could be transferred by their employer and have to relocate quickly. Or, they might be facing financial hardship. Or, perhaps they have already bought another home. These sellers have a deadline to meet. They are usually open to considering all offers.
Read the entire Dian Hymer article at Citywide Services