Im buying a homepath home in Melrose Park IL thats been 100 days on the market, how low can i go on an offer?

There is a home in Melrose Park IL that has been in the market for 100 days now and it has dropped in price to 169000. Is an offer of 150000 fair enough? First time home buyer with no clue how much to ask and ready to buy but since the taxes are so high i can only offer 150000. Is that too low?
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