Your dream home will be offered at an established asking price, but just because this is what the vendor has asked for, it doesn't follow that it's all they'll accept. This is where the fine art of haggling comes in. You make an initial offer, which is usually lower than the asking price. If you're lucky the vendor will accept it, and you'll have bagged yourself a bargain. If however they turn you down, then you need to keep coming back with counter-offers until both you and the vendor reach an agreement.
You need to decide how low your first offer can be, without risking losing the property or insulting the owners. Equally importantly your maximum price can't be more than you can afford, no matter how much you like the place. If the property you're after is particularly popular and you think someone else could come along and snap it up, then you may want to offer the asking price, or higher. Once your offer is accepted make sure that you get it confirmed in writing, by the vendor if it's a private sale, or an agent if it's not.
Offers are normally made over the phone, but if you are asked to put something in writing then make sure you write "subject to contract and without prejudice" at the top of any related correspondence. Nothing should be legally binding until contracts are exchanged, up until that point either you or the vendor can pull out at any time.
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