Should a buyer explain their reasoning when submitting a moderately below-asking offer, or just submit it?

In most cases, give the offer context, delivered by an agent who can share the comps without tipping your hand. Start with whether the home is priced correctly. If the list price looks high against recent comparable sales, a bare number landing in the listing agent's inbox from a stranger can read as uninformed, and that works against you. In that case we would rather have your agent call the listing agent first, walk through the comps, and explain the reasoning before the offer arrives. A 5 to 10 percent gap that seems aggressive on an overpriced home can look completely reasonable once the other side sees the same sales you are looking at. Communication generally helps a negotiation more than it hurts, as long as your agent is a good communicator who will not give away your leverage in the process. A warm, explained offer builds rapport and familiarity with the listing side, and people work harder toward a deal with someone they have actually talked to. A cold, unexplained lowball invites a quick rejection because there is nothing to respond to except the price.