Word of WARNING -- this is purely my observation based on recent experiences.

Buyers who are expecting to offer more than 5 - 10% less than asking are in for a rude awakening.  We are seeing multiple offers on most "tier 1" properties.  When a property comes on the market, and you love it, if it's priced well, then you better be certain that others are thinking the same thing.  "I want to buy this house,today."  What happens then?  The best offer wins.  Multiple offers, multiple people want the house and one person will get to purchase this great house.  Will it be you? 

Find a great local Realtor.  Most good Realtors will ask around to see what other real estate agents have coming up.  Frequently an agent will have a listing 3 - 10 days prior to the home being listedin the MLS.  Do yourself a favor if you really want a particular house -- offer what you want to pay -- not necessarily how little the bank will take.  Use a great agent, and trust them

Happy home buying.