"Perceived value" is not a finite number. Apparently, the perceived value of this home from the seller's point of view is the listing price. It may have a different perceived value from a buyer, an appraiser, or the tax assessor!
There are many factors involved in negotiations and there is no magic number (ie 5% off listing price, etc.). In fact, I tell my buyer clients to ignore the listing price altogether. If you find a house you like that meets your needs, we do an in-depth analysis of what the true market value is, based on the same criteria appraisers use. The market value may be above or below the list price, but that is the number you should start with. Then you need to decide what the house is worth to you. It is a fairly scientific process. After we have that number, we can look at how long the house has been on the market, what we can find out about the seller's motive for moving, etc. to see if there are any factors that may influence their flexibility on price.
There are actually a lot of buyers looking in the Hilliard area right now, so if a house is in great condition, a good location, and is priced right, it will sell at or near market value. Hilliard is a very convenient location with excellent schools, good city services, and a wide variety of housing choices. I think it will always be a popular choice for homebuyers.