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If you are buying a house this year, or if you plan to offer your opinion to people you know who are buying a house, if there is one video of mine that you watch, make it this one.

When you're buying a house do not get overly fixated on whether you are offering above the list price. The list price of the house is just a number that either the seller or the sellers agent said they want to list the house at. I’m going to be super blunt and direct here. There are good agents and there are not so good agents. We do not know if the seller and their agent did a true market analysis to come up with that price or if it was just the equivalent of eyeballing it.

Here’s a scenario: a house is listed at $300,000. You love it it’s absolutely the right house for you. But you just don’t want to pay above list price so you offer 300,000 but it sells to someone else instead for $320,000. Three weeks later another house comes up for sale for $325,000. It’s good it could work but it’s not as good of a house for you as the other one was. You make an offer for again just the list price which is $325,000 on this house, and you do get the house.

House 1 was probably truly under priced when they listed it, and the second house may have been slightly over priced when they listed it. If you had instead paid above list price for House 1, you would have what is a better house for you and even at a better value.

I am not advocating for overpaying for a house. I am advocating for making your own educated decision as to what that house is worth to you without getting fixated on whether you are paying above a list price or not.

You can miss out on a potentially underpriced house that’s perfect for you.