"I need to sleep on it." Can be translated in many, many ways. When a buyer says they need to sleep on it I tend to lose confidence that I can help them buy the home they're interested in, esepcially if it is in a sellers market. Odds are, the home that they are in love with won't be around for "a couple of days." Buyers who are serious about buying need to be decisive, ready to pull the trigger and ready to write a check for the earnest money if they're certain about their real estate goals.
Sellers who need to sleep on it during a sellers market should enjoy dreaming, rolling over in bed and making paper airplanes out of low ball offers.
Houston and the surrounding suburbs have been enjoying a very, very strong sellers market. Overall the year over year sales have generally improved.
It is perfectly acceptable for a seller to give it a day or day and a half to decide on an offer, or perhaps wait for several offers before making a final decision. Sellers sleep better in a sellers market. I've been in situations where sellers will attempt to make all the buyers wait for 2-3 days. There's no requirement or written rule when an offer must be accepted or countered, but it's considered unprofessional and rude to make buyers and their agents wait for multiple days.