Doing my first deal, help!

[Tiwana Merritt]

Doing my first deal in the States in a small community. Sellers have their heart in the deal and wanting more than anyone seems to be willing to pay.

Asking price is 59,500 and I offered 55K. They came back with counter offer of 58K. House on the market now for over a year (they were asking 64,900) and all offers so far have been very low (maybe 50K or lower). Other homes similar in that area have gone from 78K right down to 45K.

I don’t want to pay over 56K as I want to keep my payments low and use the extra for points to get the interest rate lower (currently 5.25% with 20% down due to investment property).

Do I just suck it up and meet their offer or wait them out (apparently they have another offer)?

Potential rent is $800 a month, neighborhood seems decent, did a virtual tour with my agent and even spoke to one of the home owners.

In these uncertain times I’m wondering if the market will go up or down. Location Georgia.

Oh what to do!? Trying to get myself out of paralysis so I thought a smaller, more affordable home the way to get there.

Any advice?