UPDATE: OFFER ACCEPTED AT $1,625,000!
This is barely worth writing about here, one instance from one broker. Just to make it interesting I'll spell out all the details;
Asking price $1,795,000
We bid $1,650,000
Counter at $1,700,000 (looks like we'll get there!)
Before we can react, client was considering $1,675,000, seller changes counter to $1,750,000 firm.
We politely decline and rescind our offer.
Yada yada yada a week goes by, listing agent emails me are we still interested? I call client and after some discussion I am told they would like to lower their bid to $1,550,000. They have watched a significant portion of their portfolio evaporate the last few weeks and the market volatility/geopolitical events have them unnerved. We are not holding our breath.
I am of the opinion that this volatility in the stock market will have a minimal affect on the current market, however I will take what I can get. If for some reason this is more than a temporary bull market correction, perhaps we will see some meaningful capitulation from sellers.