La Jolla is known as San Diego’s Jewel by the Sea, and it’s no surprise why. This charming seaside neighborhood located within the greater San Diego area is a top-rated destination for everything from beaches and restaurants to outdoor activities.
La Jolla is consistently ranked among the best places in the country for life outdoors. Last year, La Jolla Shores was ranked 14th on Tripadvisor’s list of Top 25 Beaches in the United States, making it one of only four beaches in California to make the list. Here’s what you should know about La Jolla’s highly competitive real estate market.
Prices are going up, up, up
La Jolla continues to be one of the most sought-after markets in the country and in San Diego in general. Prices have always been relatively high in San Diego and Southern California. The area is brimming with jobs, ideal weather year-round, great schools, and a close-knit community.
Though real estate and migration experts have worried that the changing face of the climate might tempt people away from the area, that does not seem to be the case. La Jolla real estate prices are expected to continue to rise through 2022 and beyond.
When the pandemic seemed to have no end in sight, those home offices answered the call of the times. Many expanded or reworked their space to incorporate the new way we work today. Two years and a few variant surges later, those home offices started to look very inviting.
Today, many people prefer working from home and have started to bemoan the days of commuting to an office in the city. Homebuyers, if anything, are looking to upsize, expand and rework their space to accommodate this new style of living, and La Jolla homes for sale are in short supply.
Competition is fierce
In simple economics, when the demand outweighs the supply, competition and prices increase. Those looking to purchase La Jolla homes for sale should be wary of this. According to Redfin, the majority of homes in the area sold for 2% above list price in 2021. If you are hoping to buy, be prepared to offer more than the going rate to secure your perfect home.
Low mortgage rates
The buying frenzy for La Jolla real estate and in the larger San Diego market is expected to continue. However, the frenzy may slow as interest rates rise later in the year. For now, hopeful buyers should try to take advantage of the low-interest rates — that is, if they can find a home for sale.
It’s a seller’s market
Are you a homeowner looking to move away from the La Jolla area? You’re in luck! Low mortgage rates and changing preferences for living and working spaces are encouraging buyers to take the leap. Low inventory, high demand, and rising prices make for the perfect storm for a seller looking to cash in on their investment.
La Jolla, the picturesque seaside community located within the greater San Diego area, has quite a lot to offer. It’s no surprise that La Jolla homes for sale are in such high demand. Low inventory coupled with the changing way we live and work and the enticement of low-interest rates have contributed to this competitive seller’s market. It doesn’t look like the hype will wane anytime soon.
If you are looking for La Jolla real estate, look no further! Tiffany Torgan and her dedicated team have experience helping both buyers and sellers negotiate their way into the best home for the price. Reach out to Tiffany to find your perfect La Jolla home.