Context: our six year old 4/2 1700sq ft home between Austin and San Antonio is on the market. Currently listed at $299K.

About a month ago we received an offer at $292K (we were listed for $305K at the time) and countered at $297K. Never heard from agent.

Last week we received an offer at $280K (still listed at $305K) and countered right on $300K, hoping for them to counter and we eventually land around $290K.

In hindsight we should have taken the first offer. Is it no longer the norm for buyer and seller to go back and forth with multiple counters?

Red Pear Realty said:

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Did everyone get to experience how sellers and sellers agents treated buyers and buyers agents from 2020 to mid 2022? We are starting to see the pendulum swing the other way.

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There has got to be some of this going on right?

Sellers and agents, were beating the sheet out of the buyers in the market from 2021-2022. Im sure there is some built up animosity in the market because of it. (Residential real estate being in part emotionally driven).

Right now there's over 14 homes for sale in our neighborhood and more trickle on the market every week, and there are hundreds on the market around us in other neighborhoods. These aren't dream home situations - all were built around the same time with the same features. First seller doesn't bite, there's options as long as buyers aren't looking for anything specific.

DrEvazanPhD said:

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....i'd guess there are plenty of buyers will to throw out numbers to see what will stick. If it doesn't they just move on.

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Definitely getting to be time to make some lowball offers. But anyone that is serious should always respond to a counter offer. Even if it's just to say you're sticking with your original offer.

agreed. Lots of scumbag agents out there unfortunately.

I have been looking for some land in the country for a few years. I would bet the housing market is seeing the same thing I am seeing in land. Sellers are still asking ignorantly high prices (50% above comps), the sales volumes have fallen off drastically, and the buyers are sitting on the sidelines waiting for this to all unfold.

I personally think rural land is going to come off in the next year to year and half. It's like the stock market. First volumes break down and then prices follow. Step 1 is complete. I guess the question is when are the sellers going to stop thinking this is 2022?

Bonfire97 said:

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I have been looking for some land in the country for a few years. I would bet the housing market is seeing the same thing I am seeing in land. Sellers are still asking ignorantly high prices (50% above comps), the sales volumes have fallen off drastically, and the buyers are sitting on the sidelines waiting for this to all unfold.

I personally think rural land is going to come off in the next year to year and half. It's like the stock market. First volumes break down and then prices follow. Step 1 is complete. I guess the question is when are the sellers going to stop thinking this is 2022?

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Rural land tends to not fall much. Usually sits flat for long periods then heads up again. Ag exemptions give most owners little reason to sell.

If you are truly looking then start making offers at prices you feel comfortable with. Good chance you can find a good deal, as long as it doesn't have to be your dream property.

Rural Land | Texas Real Estate Research Center (tamu.edu)

You might be right. However, I know few wheeler and dealer old timers who were dealing in the Texas land markets in the late 80's when the oil and gas jobs crashed. Land prices did drop during that period.

Bonfire97 said:

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I have been looking for some land in the country for a few years. I would bet the housing market is seeing the same thing I am seeing in land. Sellers are still asking ignorantly high prices (50% above comps), the sales volumes have fallen off drastically, and the buyers are sitting on the sidelines waiting for this to all unfold.

I personally think rural land is going to come off in the next year to year and half. It's like the stock market. First volumes break down and then prices follow. Step 1 is complete. I guess the question is when are the sellers going to stop thinking this is 2022?

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If you're talking about raw, rural land…..then most of it what is for sale has been owned for many years or decades and country folks tend to think of it as savings that will incur significant capital gains if sold (due to very low basis). The holding cost is low as very little of it has debt service and most of it has ag or wildlife exemption. And much of it produces a bit of positive cash flow from leasing for or actual cattle production.

When the market moves enough upward, folks will say "sure, if someone's willing to pay that then I'll sell." There's just very few raw, rural land tracts where there is much anxiousness to sell. So when significant market prices occur, quite a bit comes on the market and then much of it slowly expires once the boom ends and the savings account remains unchanged while they or their children wait for the next boom.

The limited anxiousness you might find tends to be from folks that recently purchased and decided not to build/move or their circumstances have changed.