'The Donald' Breaks Down the Market
Donald Trump gives advice on how to navigate the difficult economy.
Aug. 12, 2008 — -- The nation's economic downturn may have strangled the real estate market, but entrepreneur Donald Trump said the upside is that there's never been a better time for wannabe home owners.
"'If you want to buy a house there's probably never been a better time," the real estate mogul said on "Good Morning America" today when he dropped by to give his advice on how to handle the soft market.
Trump, who has made millions navigating the market during his extensive career, said people seeking to sell their homes should hold off if they're able to do so.
"It's a tough market. It's a horrible market," he said. But "this is the absolute time to buy. It's not the time to sell."
"The fact is that most of the country is very, very weak," Trump said, adding that buyers should use that to their advantage.
According to Trump, the golden real estate rule of location, location, location still applies, which is why he suggested some consumers may want to consider moving to a city with a booming real estate market.
"You're just going to be better off," Trump said, while acknowledging, "I know not everybody can do it."
But he said leaving what he called "disaster cities" — regions that he said haven't seen much growth in several decades — could be beneficial in the long run.
But for those who find themselves in a must-sell position, the man known as "The Donald" said sellers should "make sure the house is in great condition."
It could mean more money for you home, he said.
While some are searching for homes or trying to sell, many Americans are in danger of losing their homes thanks to the credit crisis.
For those home owners who find themselves in danger of losing their homes, Trump said all hope isn't lost — even if a bank has given a foreclosure notice.
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