You probably either love him or hate him but you must admit Donald Trump knows real estate. In an interview last night on Larry King Live, Donald Trump said "this is now the greatest time maybe ever, maybe in history, to buy a house." Please see the transcript below:
KING: Latest report, housing up in the last month, in February. And it was up in units that were apartment buildings. What do you make of that?
TRUMP: I think it is the beginning of a positive trend. Real estate has been absolutely beaten down. And this is a great -- as I told you before, I am buying a lot of real estate now. This is a great opportunity to buy real estate. It is a great opportunity for somebody, even with not a lot of money, to go to a bank and buy a beautiful house, better than they ever thought they would buy. The bank will take back financing. They won't give you financing. But if they have a house, they will take back financing. You understand the difference. If you go to the bank and say I want financing, I have the greatest credit rating, they won't give you 10 cents. But they will take back a lot of paper. And that is -- this is now the greatest time maybe ever, maybe in history, to buy a house.
KING: Really? The greatest time ever to buy a house?
TRUMP: I think so.
KING: Will the bank help you buy the house?
TRUMP: You must buy the house from a bank, and they must take back virtually 90 to 100 percent paper. If they've don't, you have no interest in buying a house. You go to the bank; you look at one of their thousands and thousands of houses. You buy that house, but they have to take back financing.
Mr. Trump is on to something. In our market I have found that the banks are more willing to accept offers on houses they own when they will also be providing the financing. There are many great options out there right now for the first-time home buyer to the investor. Contact me to find out how you too can take advantage of this exceptional buyer's market. Let me put my expertise to work for you!
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I don't know about the best time ever. I think Donald may of got carried away with that statement, but who knows. As you look around the country, all the areas that have dropped heavily in price have pick up in volume the past few months. Areas such as Florida, Arizona, Southern California and Nevada, are the areas that didn't go up as much and have not come down as much are not seeing the same higher volume. The combination of price, interest rates and now mortgage availability seem to be making the difference.
In many parts of the country the market volume has picked up. In Florida which is one of the hardest hit, volume is now up for 5 months in some areas. The same goes for Southern California, Nevada and many other areas. Bergen County has not been hit as hard as these areas and did not go up as much as they did. Bergen was lucky not to be that speculative of an area. The bottom has been forming in my opinion, although it is taking time, there is a lot of money coming back into the market from the federal government in many forms. It will really start to be felt in the next month or so.
With all this money coming in and the accomadative back drop, there could be a major run here. All this money has to come out somewhere, Maybe in a different way, but it still a lot of liquidity.
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