For quite a while now, we've been operating in a market where nearly everything sells at or over the asking price, sometimes with multiple offers.

Thus, many buyers assume a seller will only sell for the asking price and it isn't worth making an offer below the asking price.

Sometimes this is, indeed, the case -- especially in the first few weeks that a house is on the market. At this stage, home sellers are typically still rather confident and/or hopeful that their asking price is appropriate for the market.

But after a house has been on the market for a few weeks, what's the downside of a buyer making an offer below the asking price? 

When a buyer views a house that has been on the market for a few weeks, and they don't like it enough to pay the list price... they often just move on and decide not to make an offer.

I think many buyers should, instead, consider what price they WOULD pay for the house.

If you like a house, but just not at the current offering price -- make an offer of the price you would be willing to pay for the house.  Who knows, the seller might surprise you, and might be willing to negotiate to a price that would work for them and for you!