Warren Buffet is buying. Of course we are referring to stocks, not real estate. However, I could not help but think of the Sarasota real estate market when I read his recent quote about his investment strategy.
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors." - Warren Buffet
It reminds me of the old saying - "The rich sell when everyone else is buying and buy when everyone is selling."
The real estate market will rebound eventually. Right now there are tremendous values out there. Financially strong buyers can take advantage of the housing turmoil. The keys to finding the best deal are patience and flexibility. In many cases locally, cash buyers can acquire properties for .50 to .60 on the dollar.