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This market doesn't change the basic concept of making an offer on a home. You look at the comparables in the area and that determines the price. Lenders will only allow a mortgage based on an appraised value and most appraisers will be using the same comparable homes. I also recommend that you have your realtor show you a list of all of the properties that sold in the area within the last two months. Not just the ones that were used in the comparative marketing analysis. You should understand why she/he used the ones selected to determine the price. Information and education is extremely important for both buyers and sellers in this market.
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If a house has been on the market for 2 years, started at 424,000, now priced at 385000, what would
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