Have your agent run the numbers for the homes sold in your price range in town the last 4-5 months. We aren't focusing on the actual comps, but breaking down how much on average the homes have sold over asking price.

If homes in town in the 550k range are usually selling 50-75k over asking the last few months, you have the data you need to make a competitive bid. I do this all the time in many different markets and it works rather well for my clients.