Offer price vs Listing price... need some help!!!!!I made an offer for a bay area condo and it is a regular sale. The listing price is 20% more than the avg. sales price in the same community. My offer price is very close to the current sales price. I wasn't surprised that my offer was not accepted since the listing is quite new. I was hoping that the seller would counter offer me; however, the broker said the offer price is way too low to even consider. There is one other offer for the same unit. The offer price that I made was the same as the sales price of the unit above this one which was sold less than a month ago. I found out that the seller bought the unit last year at a 75% of the current listing price and fixed up the unit for resale. I estimated the price of the fixed up that the seller made was less than $5K base on the pictures shown on the old listing. Can anyone give me some suggestions on the offering strategy? I like that unit but I think that the listing price is way over what it worth. I studied the sales history of the past 3 years and the value of condos at that community has decreased by 22% since 2008. The avg. sales price of the first 3 sales in 2011 was down by another 2% when comparing to the 2010 average. I know that the seller (as an investor) must want to make some money, but how much is enough? I am a first time home buyer and this is the first real estate offer ever made in my life. I am planning to put a new offer but I am not sure how much is considered to be "considerable" and "fair".February 25 2011 - San Mateo0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.