Knowledge of market conditions also is important. This information gives the buyer an idea of neighborhood value as well as fair market price for similar houses. Based on this information, the buyer can determine if the asking price is fair and counter with an offer. If buyers offer the asking price, chances are the seller is going to accept the offer, but no one wants to pay full price if they don't have to, and if they do, they want to know that it is fair market value. Fair market value is best described as what an educated buyer pays a non-distressed seller.
Buyers know that they have to move quickly and astutely in today's market.
They know they have to make an offer at or very close to and sometimes even above asking price. Buyers have to make their first offer their best offer because they may not get a second chance. In today's market, multiple offers on houses are common, so buyers don't have the luxury of negotiations like they did a year or so ago. It used to be that buyers could offer up to 10 percent below asking and, over the course of a week or so of negotiating, finally settle on a price. Time is not on the buyer's side anymore.