1st time homebuyer - Does buying make sense?

[Ellen Chang]

Looking at a condo 1BR/1Bath that is listing at $325K, thinking of offering up to $370K. A similar property around the area just sold for $387K. The buyer may have paid too much as the RedFin projected value is less than selling price.

I'm torn in offering a $50K price above list. Listening to many BiggerPockets podcasts tell me this isn't a deal, and investing in real estate is all about finding a deal.

I rent, and currently pay about $2K/mo. The reason why I'm looking to purchase is to build equity since I have to pay rent anyway. Especially as the Seattle market continues appreciating, it makes sense to me to lock in this monthly payment instead of moving to a new apartment every year due to annual rent increases.

What am I missing here?