The term is thrown around in the media and around the water cooler, but what does it really mean?
A buyer's market is when there are more HOMES for sale than there are buyers looking to buy. This means that buyers have the advantage since there are (theoretically) lots of homes for them to choose from.
The reality is that there are really only one or two homes that will meet all your needs and wants, even in a buyer's market. This means that when you find the home you want, it's very important to make a serious offer.
Just because it's a buyer's market doesn't mean that sellers are going to accept any offer. A lot of the deals that are on the market today only exist because we are in a buyer's market. The price that they are listed at is (usually) already so low because of the market conditions.
When you find the RIGHT house, you are usually better off making a strong offer that you feel good about, than trying to low ball the seller. Talk to your agent about recent comparable homes that have sold. Looking at the same information the seller is looking at will help you structure an offer that is a win win for everyone!