C'est depends. Bien sur. No, really, of course, it depends. If the seller's asking price is:
- above market value,
- there is no competition,
- you are not in love with the home,
- you cannot afford the home,
- your market has oodles of inventory,
- or any of this combo,
Then, probably, yes, you are over-paying. If the asking price is:
- Under or at today's market value,
- There are multiple, serious buyers,
- Your market is competitive, without a lot of inventory,
- You love the home and can envision living there for at least 3-5 years,
- You can afford the necessary price,
- or any of this combo,
Then, no, you are probably not paying too much. Context is all, remember? Dian Hymer, a former columnist for the Chronicle, has this to say on paying over the asking price. Read article here.
