Its the same as any other time in a way. It depends on your negotiation skills and financial position and more importantly it depends on the situation that the vendor is in. There are alot of variables in both upwards and downwards markets. Why don't you test the market, find a house you really like and if you are serious about it try and get it for as low a price as you think you can. If you set yourself a ceiling price and don't go above it you might get yourself a bargain, but nobody gets a deal by sitting back and wondering what to do.