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Initial Offer Advice for 1st-Time Buyer

Hello all, I am 23 years old and looking to purchase a condo in my area. I have enough saved for a small downpayment and have been pre-approved for a loan of $130,000.

I recently found a 2 bed 2 bath condo that is in a decent location, looks great (renovated), and is in a good HOA community. The list price is $116,500 which is definitely on the lowest end for my area. Other similar condos in the neighborhood have sold around $105,000-$115,000, but most of the condos on the lower end weren't renovated. The renovated units have gone for around $115,000.

The condo has currently been on the market for 72 days. Is this considered a long time? If so, should I offer lower than asking? I would of course like to get my costs as low as possible.

I don't want to offend the seller or come off as a non-serious buyer by offering closer to $108,000 (I'd expect that they'd be most likely to counter in the middle?). Does this seem like a lowball offer to you?

Thank you for your help! I'm flying blind here with no experience.

submitted by /u/Catsandfitness
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source https://www.reddit.com/r/RealEstate/comments/fbb0rw/initial_offer_advice_for_1sttime_buyer/
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