You can offer what ever you like and your agent must present your offer. Think how much you want this house and ask your agent (buyers agent) to pull comps for you. What usually happens is if the bank is not getting any offers on the 479 number they will drop it maybe 10% and wait for offers at that number for 30-45 days. It is unlike the bank will take 400 on 479 without dropping the price 1st.
But it never hurts to try!!
Have you Realtor show you recently sold homes in that direct area for the last 3 months. Look directly at homes that are fairly close to your size and condition. List price has very little value it is the comps that will determine what the bank will actually accept. From that data you will be able to have a more realistic view of what price is a good price to put offer at.
I completely understand your point of view. You need to ask yourself a few questions first. If you do end up purchasing this home, do you plan to sell next year or the year after? I ask this because unless you plan to sell or your getting in over your head and will need to sell (based on your down payment and credit scores it appears your a responsible borrower) then it doesn't matter what the property is worth next year. As long as you plan to be in the home for some time, the market has historically ALWAYS rebounded. Its just a matter of how long.
Second, how badly do you want the home? If this is the "perfect house" then its sounds to me like you really want this home. Based on your research you know the home is already worth more than the asking price. So my recommendation based I what you've told me thus far is make a more reasonable offer (say 10% below asking price). You are much more likely to get a counter offer and still get a discount on what appears to be a reasonably priced home. I also recommend you make your offer contingent upon a home inspection, just in case there is something major that you're not aware of. Best of luck!