Making a win offer in todays market

[Garrett Fox]

Hey All... Thought this might be an interesting post considering the roller coaster market we are currently in.  Curious your thoughts on how I could have approached an offer I recently made on a property or if you have any insight on how a buyer should approach putting an offer in on a property they really like.  Purely for example, I was really excited about a property listed at 199k so placed a cash offer with zero contingencies of 205k thinking it would be a solid offer.  Seller took two days to collect offers and wrote us later saying offer was "in the running" but could we do better, they also said 225K would lock it in.  I am really kicking myself now, but I countered with 212k and lost the property - I was comfortable paying up to 220.  Obviously every market is different, but just in general in todays market how do you approach this?   Is the "throw your best offer on the table" right out of the gate the best approach?   I feel any desirable property rarely goes for asking price.  Curious on your insight..