If sellers think they can get 80% more in two years, then buyers can "lowball" just by that much. How many will have the guts to do so? I don't know, probably not many at this stage, but buyers have reached a breaking point and are ready to tell sellers to go eat shit, and I think that's great, because they've been too submissive and agreeable for 2 years. Time to get aggressive and be ready to offer WAY below ask on multiple properties, even if for the principle of it and already willing to walk away.

***Update: you're taking the "80%" less too literal, geez. But, really, what's so insane about offering pre-covid levels plus a little more? E.g. Pre COVID value: 350K Current "value": $520K Low ball: $380K That offer is still a 30K appreciation in 2 years for a now older house (or about 4.5% appreciation per year). And let's not even mention 2019 was already getting rough before the mania, places were starting to get some small price cuts in fact. I understand it's likely to get rejected but why not offer what you are willing to pay? What happened with "A house is worth what I am willing to pay for it"? Pretty sure it does not work one way only.

If few people do it, it doesn't do much, but if it's done in mass, what do you think it would be the effect?

Anyway, just open to discussion, don't take it too damn serious, it's just an idea.