Buyers' market or sellers' market?

When people talk to me about the real estate market, they are often under the assumption that we're in a complete buyers' market. A buyers' market means that less than 45% of available homes are selling every month. This in turn shifts power to the buyer and gives them the ability to ask the seller for more concessions.

Articles in the media (such as this one) make the public think that they can submit low ball offers that ask for all closing costs to be paid and the seller's first born child.

In Seattle, certain neighborhoods and certain price ranges actually reveal a different story. Tons of 1st time buyers are in the market and snapping up single-family homes under $400k. In most of the in-city neighborhoods of Seattle, sellers actually hold much of the bargaining power.