All the best!
List with LAMAR - Matching People to Homes
Speak with your Buyer's Agent for guidance - this question is one of the reasons why your Buyer's Agent is there.
Even though it is a buyers market, and certian websites and books claim you should offer 20% below asking no matter what, buyers have to be realistic when making offers.
As knowledge is power, have your real estate agent provide you with property history and comparable sales in the area. If you do not work with an agent, you should find one ASAP - without one you will probably end up paying more than you otherwise would.
Both Don and myself will of course be happy to help you if you don't currently have an agent...