How much over asking price should I offer on a house in 2022?

Article by Erik J. Martin | The Mortgage Reports
​Featured Expertise by Jason Gelios | Realtor

How much over asking price is too much?

​In a hot market, experts recommended offering at least 1% to 3% above the asking price in a bidding war. But today’s home buyers may face less competition. In June 2022, the average home actually sold for about 1% below its list price, according to Redfin.

Of course, every market and every home is different, and many buyers will still need to pay above the list price. But how much is too much?

The answer will be different in each case. The best thing to do is set your budget and expectations ahead of time so you know how much you can afford to offer — and when to walk away. This will make negotiations a lot easier.

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