Very interesting article in Detroit News today about metro Detroit’s home prices dropping first time since 1993. Job losses and excess inventory in some suburbs is to be blamed for the dip. Sellers are being forced to drop prices and the market is becoming a buyer’s dream.

I have beating this drum for the last 6 months to everybody in my coaching group that this is becoming fast the hottest market to be a real estate investor. You can negotiate more, banks are taking a beating on all price points and for sale by owners nutcases are realizing that they cannot ask whatever they fancy from buyers.

Now what is the deal side of the equation – most sellers are having a hard time selling homes because they are pricing their homes correctly – they are dropping prices but that does not help most buyers in the real world – a better strategy would be to give aggressive seller concessions / down payment assistance to make the house “best on the block” without wasting any money on renovations thinking a new kitchen (that adds another couple of thousand dollars to your cost of the house) will move the house faster.