Carlsbad, CA–The San Diego real estate market has been named a top buy by ABC News –or at least makes their top five list of the sweetest real estate markets in the country. Others on the list include Virginia Beach, VA, Albany, NY, Austin, TX and Madison, WI.
Why buy a home in San Diego? ABC says:
More than a third of homes in San Diego are foreclosures, which could result in possible bargains in a normally costly market.
The home values are falling, but statistics indicate San Diego will bottom out in the next year.
And what about about the national backlog of foreclosures, which includes more than a few in San Diego County?
Most will likely be absorbed by hungry investment and first time home buyers who are seeking San Diego real estate bargains, many of which are already overrun with multiple offers. Almost daily, we receive call from potential buyers seeking foreclosure deals in Carlsbad, Encinitas, Del Mar, Oceanside,or other coastal communities. We believe these areas will absorb pending foreclosures quickly.
Neighboring inland areas like El Centro (Imperial County) are not so fortunate. Home values there have plunged 37.6% year-over-year (second-biggest drop in the country), and are also burdened with an unemployment rate of 27.5% which can’t help but decimate a real estate market–and pull down economic stats for Southern California as a whole.
And just for fun: Things to Do in San Diego