A Question About Steam Refunds

Refunds are designed to remove the risk from purchasing titles on Steam—not as a way to get free games. If it appears to us that you are abusing refunds, we may stop offering them to you. We do not consider it abuse to request a refund on a title that was purchased just before a sale and then immediately rebuying that title for the sale price.

It's just an automated message.

Well two refunds in two months can be a bit suspicious, to be honest. Let alone 5! refunds in 2 months as jims9350 commented, I can't believe they didn't ban him from the refunds already O.o

I got that message last sale after I returned a couple games that were in my inventory.
I just recently did another refund during the current sale with no such message and this time the game was in my library.

Refunds lately have been a pain for me. Couldn't refund 200% due to having bought it over 2 weeks ago, even though all my other refunds have been far past 2 weeks.

Lately more and more getting this. It seems like after the abuser's "refund for a free game trial" approach, Steam decided to take action against all (we will also suffer because of them). This being relatively new, there is no "exact" rules nor expected to be public in the future then abusers will also push the limit once they know what it was.

So Steam gives you heads up and warns you (they might have reviewed your refunds just before). You can either try to find and use to the limit. Or you can be more careful in the future such as reviewing gameplay videos, family sharing that game via friend, checking requirements beforehand etc. etc. Your account, your call...