Some might be shocked at the speed of the housing recovery, with new records being set across the country. Still, the reality is that this is just the beginning of the new upturn. Of course, after seeing rapid double digit growth in home prices last year some areas may see a slight slowdown. So for those buying a home and looking for the best growth, where should they be looking in 2013?
The good news for those buying a home is that there are still plenty of good buys, even in sizzling Southern California, providing you know where to look…
While San Diego County as a whole saw foreclosures dive 37% in the fourth quarter of 2012 there are still discounted deals hiding.
Just consider that from November to December 2012 alone foreclosures in Escondido jumped 28.6%, while Chula Vista saw its own foreclosure rate leap 40% during the same period. That doesn’t mean that these are not great markets for buying a home. In fact it suggests a clearing out of a backlog of delinquent mortgages and communities primed for growth.
Demand may be strong all over Southern California but not all of these homes have hit the market. Plus investors have been busy rehabbing and remarketing homes in the area, lifting up values and creating bigger spreads and more value for those who can get their hands on distressed deals locally.
It’s the perfect time for home buyers of all types. However, perhaps a slightly trickier time for home sellers. If all your neighbors are being foreclosed on you might want to get out and sell for cash now before they affect your value or be ready to sit tight for a while. On the other hand if nearby homes have already been recycled you could be enjoying the most equity you’ve had for years.
