All these comments are interesting, especially the cheeky ones!! It will be interesting over the next several months to a year to see whether entry level houses, near where people want to be come down in price.
I might start making lowball offers in July. In general though when making serious offers in this market would one want to come in 10, 20, 30% lower than the lowest price on a post, Or at this point do you just put in an offer where you feel the house will settle at?