When to go above or below the asking price?

If you go in with a lowball offer on the house, you could risk offending the sellers and having them write you off completely. In short, making an offer on a home is about striking the right balance. “Your ability to present a lower offer will depend greatly on current market conditions—meaning if it’s a buyer’s market or seller’s market,” suggests Cynthia Jacinta Keskinkaya, co-founder of the Keskinkaya Dartley Team at Douglas Elliman in New York City. So, before you make any real estate purchase offer, determine what type of market you’re in. Traditionally, a buyer’s market comes with a lot of flexibility on price because available inventory is high, and houses tend to sit on the market for longer. Here, home sellers tend to be more willing to negotiate because offers are few and far between. “In a buyer’s market, I would not hesitate to submit an offer around 10% below asking,” advises Chris Cloud of Exit Heritage Realty in Haymarket, VA. “Most sellers will at least see that as worthy of a counteroffer.”