Condos and Townhomes in La Jolla have risen in value by almost 50% on average within the past 3 years’ time. La Jolla homebuyers who chose to wait on the sidelines are not only grappling with the price increases, but also rapidly rising interest rates. At the end of 2021 rates were still in the low 3’s, whereas now they are in the low 5’s.
This effectively knocks most loan buyers down in price point by at least $50K, which we’re already seeing have a significant effect on the current La Jolla real estate market. While I do not expect to see a decline in values due to the low inventory and high demand, I do think it will be much easier for condo buyers in La Jolla to purchase a property this Summer.
Some of the subtle changes we are seeing occur in La Jolla are as follows:
If you are contemplating purchasing a condo or Townhome in La Jolla I would love to chat more with you to see if now is the right time to do so. The real estate market will continue to evolve each month as the feds continue to tamper with rates to try and slow the scorching appreciation we’ve seen over the past few years.
I still believe now is a great time to buy a property, as home ownership has far more positives than negatives. From tax savings to fixing your payment for 30 years to the equity you’ll gain over time, it’s never a bad time to become a homeowner in La Jolla. You can call (619-566-8186), text (same #) or email ([email protected]) me 24 hours a day, 7 days a week.