Sales are currently running 6.6 percent above the 10-year average for the month, so competition on well-priced listings is real, but that citywide figure doesn't tell you how many other offers are actually on your specific house today.
Offer certainty often matters as much as the dollar amount. A firm offer with a larger deposit, a flexible possession date and fewer conditions can beat a higher offer that's contingent on financing or an inspection, since sellers weigh the risk of a deal falling through against the extra dollars.
Your agent should pull the actual comparable sales and, where possible, gauge real interest on the specific listing before you decide on a number. Get your hand-reviewed valuation from Joel Dyck.