To paraphrase Warren Buffett's thoughts about the real estate market today, he said this is a buyer's market and he was buying real estate. Warren Buffett said he could not pick the top of any market or the bottom of any market. He knows if he is doing what everyone else is, he will lose. This is why The Warren Buffett's of the world are successful. Those famous words, "waiting and seeing", means you are following the mass. You know what happens to the mass. Everyone is aware of the simple concepts that Warren Buffett uses. The difference, he acts on them.
I have been in real estate most of my adult life, as an investor, and as a real estate agent. I cannot pick the top or bottom of a market, anymore than Warren Buffett. Only the so-called experts (mortgage brokers, bankers, business reporters, financial advisors, stockbrokers), can predict where and when the market will go - up or down. I should include in that group of experts, the weatherman.
I have seen many markets in my life, the late 70's of Jimmy Carter's years, or 2005 Seller's market, as examples. I have not experienced one where the buyer dominates the real estate industry, while long term financing remains low.
"Be fearful when others are greedy and greedy only when others are fearful." -- Warren Buffet
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