When calculating a good comp price I like to weight the historical data rather than average. What are you getting for the house and what did the other comps have over or under the one you want?

It's a little more time consuming - but if you are playing it close to the line and really must have that house it can give you a better perspective as to what you are getting for the money.

Your agent could do this for you - but if you made an offer and it's accepted - then hang the SOLD sign out.

It sounds to me as if you were uncomfortable with the offer you signed.... I sure hope not because the door is open for a few "shoulda-coulda-woulda" statements later.

In the final analysis - only offer what you are comfortable with.

Hello. I am resident of Alabaster and a Realtor in the area. You can go to my website and enter the address in the Market Snapshot to see other homes that have sold and that are currently on the market for comparision. It sounds like you have been provided a price range for the area, however, you need to be comparing to properties that have recently sold. By comparing the home you are interested in to these in terms of features and condition, you should have a pretty good feel for the value. Unless the house has been on the market a short period of time or your agent has indicated they have other offers coming in, starting at 164K is a reasonable offer (unless you are also asking for other concessions such as closing costs).

In the end, your realtor's job is to represent you in presenting an offer you feel comfortable with. If they are unwilling to present an offer at the price you desire, then you have a problem.

Structure your offer price based on the comps, which indicate market value, and the property's personal value to you.

I always encourage buyers to think more about market value than the price a seller attached as his "ask."

Some sellers price very aggressively and/or realistically, while others price very high.

Your Realtor should be able to provide you data to support the value of the property to build your confidence in preparing your offer price.

What you should offer on a home depends on the home and its condition. If all homes in the area have been selling for between 167 - 170 and this home is in the same condition as they are, then offering 164 as a starting offer would be acceptable. If the home's condition is far superior to the other homes and they have priced it at the top of the area price range you might want to offer their asking price to assure that your offer will be accepted. Sometimes, buyers will even attach an escalation clause to their contract.
If there are multiple offers, an escalation clause gives the buyer and edge over other offers. Your agent can explain how this works in detail.