For a bank owned home in Silicon Valley - buyers should offer 10% over asking and better be "all cash" in order to beat the competition.
For a "normal" sale - buyers can offer 5-10% below asking and get favorable responses.
For a short sale - buyers can offer less than 10% below asking and get sellers quite thrilled to take that offer to their short selling lender.
Now don't quote me on this - this is NOT completely factual - actually very anecdotal - yet, ask most buyers, sellers and agents in this marketplace and that is typical of what is going on.
