see people still thinking they can get an outrageous price for their house despite rate increases and much higher inventory.
On the house we bought in Texas, we offered $200k less than asking. The sellers countered by lowering $10k so we walked away. 3 days later, their realtor returned and asked if we would increase our offer. We told them we’d increase it $25k, making our offer $175k less than asking. They scoffed.
A week later the sellers returned, obviously because their house had been on the market for two weeks with no offers so they were getting concerned. I knew the market had softened but they didn’t. They thought they could get last years FOMO price but interest rate rises have killed that all across the US and even here in Utah. I upped our offer $25k ($150k less than asking) and they accepted.
Prices are going to continue dropping everywhere especially higher priced homes.