When selling or buying a house, understand prior if it is a seller's market or a buyer's market. In a seller's market, you will most likely need to pay at or close to asking price. On rare occasions in a seller's market you might even pay more than asking price or you might end up in s bidding war with another prospective buyer. In a buyer's market, you can make low offers and sometimes they are accepted. Understanding the market, the value of the home, and what you can afford are all important. Plus, It's the right thing to do and it models the way for others.