We thought we'd make another offer after the other folks see it. That are the chances they'll make an offer?? This property does mark all the boxes we were looking for in a property.
I think there are a number of considerations, and perhaps no obvious best path so you will need to use your own judgement.
The seller dropped the price and it brought in another prospect, so they are probably feeling better about finding buyers. At a minimum, I would expect them to see if the new prospect makes an offer in hopes of doing better than your offer. If they do come in with a better offer, you might lose the place to them.
But if the new prospect doesn't make an offer, then the seller is left wondering how when they will sell. They could accept your offer, or make a more attractive counter. Or if they really think their price reduction will surface other prospects, they may continue to wait rather than come back to you. You could re-offer at any time, keepign in mind that the longer the seller goes without any other interested buyers, the more likely they are to accept an offer from you.
If you make a new offer shortly after the new prospects see the place, I think it signals that you really want it, and at a time when they potentially have multiple people interested. That's the ideal situation for a seller - having multiple people interested who you can leverage to get the best price and terms. This makes sure you are part of any bidding, but will also likely cost you the most $$.
And the other alternative is to just meet their price and buy it. I think I have only ever bought one property where looking back on it, I think I paid too much. And I have bought quite a few parcels very much like the one you are looking at.
It all comes down to balancing the price you can get against the risk of losing the place to another buyer.
