There are huge wealth building opportunities in the San Diego real estate market…
Local home prices have been rising fast in San Diego, lifting more homeowners above water and fueling the Southern California housing market with more inventory.
The question most have is how much more room is there for local property prices to go up?
From the sensational headlines in the media boasting all sorts of highs and improvements for the San Diego real estate you’d think we’d already be exceeding the peak of the last boom. However, while growth has been good, foreclosures are decreasing and the San Diego market is looking healthier than ever, there is still a lot of wealth awaiting those buying homes today.
There are still many underwater homes in Southern California and home prices on average are still 32% below their high of 2005. As we are approaching a new boom period in which property prices are likely to double and go well beyond previous highs, a lot of money is to be made for real estate investors and a lot of wealth building potential for the average home owner buying homes in San Diego.
Those looking for the best deals on San Diego real estate and the most room for equity appreciation should consider that at least 40 zip codes have above average negative equity rates. This includes Escondido with over 36% underwater as well as Mission Valley and Chula Vista where almost half of all homeowners remain underwater according to Zillow.
Of the 20 San Diego zip codes with the most underwater homeowners, at least 35% are under their peak values, with many barely at 50% of their previous highs, putting many hundreds of thousands of dollars on the table for local home buyers.
