Homes in our area (Huntington) are selling wihtin 1-5% of their asking price. When a home is priced well, it usually sells pretty close to the asking price. if it is not priced well, it just sits on the market.
As the market depreciates, these owners are chasing the market down. If the market falls 5% in 6months and they lower their price 5%, they are in the exact same position they were 6 months before.
Nevertheless it is a great time to buy and their are great deals out there. Interest rates are incredibly low !!
A buyers agent can negotiate on your behalf. Look for ABR (Acredited Buyers Representative) or CBR (Certified Buyers Representative) designation for an agent trained in buyers representation.