Many sellers have begun pricing very competitively. If you offer too little, and you really want the house, you may find someone else beating you to the contract.
30 Days of market time, in this market, is not a long time at all. It may take 30-60 days for a dilligent buyer to make time to view the choices in the market.
Look at the recent sales closely. This will give you a very good idea of value. If you use good quality comparables as a basis for your offer, and you don't get the house, you will have less regret. If you do get the house, you'll be more confident that you are getting a good value.
A good Realtor could help you with this.