Clearly you, as buyers, are now in bargaining mode … and it’s understandable. It’s been quite some time since you’ve had the upper hand. While you’re waiting out the market, don’t forget that no two situations or sellers are alike.
Following up on Noah Rosenblatt’s “Pricing in a Downturn Risk May Lose A Dream Home“, avoid approaching all situations with the same strategy (i.e. offering 25% off the top, come hell or high water). Some properties have already priced in future market deterioration and require separate consideration (while others clearly have not).
Consider each property on a case by case basis and do price in the benefit of living in the property of the next year after you calculate the additional downturn risk to yield a more fruitful offer.