Warren Buffett Voices Confidence in the Future of Texas Real Estate at Prudential Summit

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Warren Buffett shared his candid optimism in the future of the North Texas real estate market at the HitPLAY Prudential Real Estate Convention held March 10-12 in Las Vegas, and also talked about why his own investments in the Texas market through his newly branded Berkshire Hathaway HomeServices enterprise would have the lasting power that people have come to associate with Buffett's financial ventures.

Prudential Texas real estate

Berkshire Hathaway CEO Warren Buffett says the market is just beginning to heat up. (Photo by Norm Betts/Bloomberg News)

The coming years are going to be a lot better. We’re in all aspects of housing, and they’re all coming back strong.

When a man who is arguably the most successful investor in the world is taking a stake in North Texas real estate, it may just be time for Texans adhering by conservative home buying and selling philosophies to breathe a collective sigh of relief about the market’s future.

At the HitPLAY Prudential Real Estate Convention held March 10-12 in Las Vegas, CEO of Berkshire Hathaway and famed finance guru Warren Buffett treated attendees to a candid state-of-the-union speech on the real estate market that should have Prudential Texas shareholders and client’s feeling very optimistic about the future of home sales throughout the Lone Star State.

“The coming years are going to be a lot better,” Buffett said, referring to his own business ventures, specifically citing his recent expansion move that includes Prudential Real Estate management dealing in Buffett’s newly launched Berkshire Hathaway HomeServices enterprise. “We see it in all our housing related businesses. We have a brick business, we have a carpet business, we have insulation. We’re in all aspects of housing, and they’re all coming back strong,” Buffett told the crowd to inspired cheers.

Click HERE to see how the local Texas market is performing.

Buffett also further solidified his confidence in the future of Texas real estate by speaking openly on his company’s long-term direction, saying, “The business is going to be around forever; Berkshire’s going to be around forever. And we want to be in the businesses that are very enduring.” Buffett added that he feels like all the main facets that make Berkshire Hathaway as successful as it is today will be in place 100 years from now, quelling any concerns that the company starts and ends with the financial wizard himself. He continued, “Berkshire Hathaway is built to be around forever ... In terms of permanence, we’ve got an organization that not only can’t be topped by anyone, it can’t be matched by anyone.”

DD Flynn, VP of Marketing with Prudential Texas Properties, cited a jump of over $25,000 in the median price for Dallas homes since January that backs up Buffett’s contention that the market is only beginning to heat up. “The North Texas real estate market is coming back stronger than ever,” said Flynn. “And hearing Warren Buffett place not just his confidence, but his financial support and brand into the market, is about as much assurance as Texas home buyers could ask for that now is a great time to invest.”

Addressing families, smaller brokers and those who are looking to see what companies like Prudential Texas can do for them in the future, Buffett said that he knows that buying a home is one of the biggest decisions many families will make in the course of their financial history, and that he feels very confident that having the Berkshire name behind those decisions will provide an added edge of security, as Berkshire is one of the most well-recognized and successful names in finance, employing hundreds of thousands of workers during a time when other companies are downsizing. “The name really means something,” said Buffett. “It can help the home services brokers, and we love that home services is a part of Berkshire and we’d love to see it grow a lot, so if our name helps, I’m glad to have it out there.”

Buffett’s upbeat tone and confidence in the resiliency and endurance of the real estate market resonated as a message that had conference attendees cheering like a crowd at Cowboys Stadium. Recent numbers have shown that the North Texas real estate market is only beginning to kick into high gear. So if potential home buyers and sellers need further incentive on why now is the right time to dive into the market, just take Buffett’s closing statement into account: “Get on the train that’s going 80 miles an hour. Don’t get on one that’s stuck on the sideline.”

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Rachel Rusnak

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