Donald Trump on the Current Real Estate Market
The Media Says Now is a Good Time to Buy…Ya Think?????
Even Donald Trump is saying that now is the time to buy. On Larry King, Trump says,“It’s an amazing situation. There are tremendous opportunities. You know what’s interesting, I was begging people not to buy real estate two years ago. And everybody was interested in buying. And now they are less interested, and this is the time they should be going out — not buying, negotiating to buy. This is the time. “Trumps also addresses the foreclosure issue,“TRUMP- But this is the time. You were talking about books. This is the time that people should be going out and making unbelievable deals on real estate. And one other thing, Larry, you read all the about subprime and all about the people (ph). I don’t understand where these people come from. The bank sends them a letter, and they leave. They send them a letter, you have to be out. They leave. Why don’t they call up the bank and negotiate?KING: Yes, everything is negotiable.TRUMP: The bank doesn’t want to take over their house. I mean, the bank, whether they are nice or not. What are they going to do, put security people in there? I mean, the bank, you can sit down. You can make a better deal than you would have made five years ago with the bank.Cut the price, make it interest, make it long-term. The bank needs these people. But what happens is the bank sends them a notice, the people leave. I don’t get it.When it’s a buyer’s market- that would be the time to buy. There is pent-up demand because people get scared, but here’s the thing about real estate- you don’t wait to buy real estate- you buy real estate and wait.Buying a home is a long term investment. You buy a home and enjoy the tax benefits and the pride of ownership and as the years pass you enjoy making a lot of money from your home rising in value. Most of the wealth in this country has come from real estate. Most people who have wealth have made that wealth through real estate- either all or in part, through owning real estate.Of course the market goes through cycles, but if you stay for a while, all real estate (especially in metropolitan areas) goes up in value.
The media as a whole is one of the biggest factors in real estate markets suffering this year. People who know investing know the best time to buy is when everyone else isn’t buying. And in real estate, the best time for buyers to buy is in a “buyers market”. Hence the name...