Over offer $20K more?

[Katie Huynh]

My cousins are looking for their first home They saw a home they really like. It's 3bd 2 1/2 bath 1770 sqft built 1975 and the seller asking price is $480K. We talked with the seller agent they said there are 2 offers already but they have not reviewed yet.

My cousin has couple days to decide and submit offer. They are afraid they would lose the deal, so they want to offer $500K which is $20k more than asking price.

I want to ask your expertise opinion. Should my cousins over offer $20k for this home? The comps average is the area is around $440K.