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Yes, I paid slightly more than I probably should've for a domain (no-where near this much but in terms of how important it was) and it'll hinder you from making future pivots or product changes which could be bad.

When looking for domain names I found one that was on sale for $100k, simply as a joke I offered $10k and they accepted this. Obviously I don't even have that but it probably means you don't need to pay so much. Most people look at how much domains were worth in 2000 and think they can start the bidding at that price.

If the name is still for sale and they're willing to sell it, it probably isn't worth what they're asking for it. If you can find someone with experience in the space that you trust, this helped me a lot. Traffic is also key in most names, unless they're a short one word .com they aren't worth much without a lot of traffic.