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This was my thinking.
Historically I think it's been common to buy for a few percent over valuation if its a nice property and/or in a desirable area, and perhaps a few percent under or fixed price if its a bit less nice or needs some work.
During the last few years I saw some places going for 20%+ over valuation. Wild.
Cupcakes
konastab01
I think things are returning back to the way they were, stuff was being sold for way more than it was worth and giving folk the wrong idea.