This market!!! How nuts. If you are looking for a home under 200k, you need to be prepared! There isn't much time to act. Contact a lender and get preapproved, be ready! These houses go so quickly, be prepared to make the highest and best offer. Your agent will help you with what the price range is, but at the end of the day, it's also what you are willing to pay. Be open with your agent and your lender, be specific in your needs.
For Sellers, it's a little easier at this moment. You can't just throw a ridiculously high price, you need to be in the ballpark, cause at the end of the day the house has to appraise for the selling price if the buyer is gonna get a loan.