To give a simple answer to your question - "is it better to make a low offer now, or wait " - my advice is MAKE the offer now - if you wait for a price drop, you could be dealing with competiton from other buyers who were waiting for the price drop, too. If the home is newly listed, the seller might not be receptive to an offer 10% below the list price, BUT........go on record and make your offer - you have nothing to lose. If they don't accept it, or choose not to negotiate further with you at this time, you can always wait , and resubmit your offer at a later time. A listing of mine is closing this Monday at a price that the seller originally rejected when the house was first listed. The buyer waited, and resubmitted his same offer 3 months later. The owner finally accepted it (not happily, but accepted it nonetheless). The offer was 13% below original list price.
In this market, time is usually on the buyer's side. Some sellers may never reduce their list price - these are not motivated sellers. You can't predict what a seller will do, however - make that offer and find out.
As others have said, rely on your realtor for up to the minute advice on your area and comparable listings.
Good luck with your offer!