By: Diana Walkosak, Assistant to Peter and Judy Corrente, Prudential CA Realty

The La Jolla/San Diego real estate market:  True it is not the incredible market it was a couple of years ago but what most people have forgotten or perhaps didn't know is that the amazing market it was, it was not normal.  It was extraordinary.  Now, we are getting back into our normal market.  San Diego County is still a sought after area and La Jolla remains a remarkable and distinguished part of Southern California which draws buyers and investors to its shores.

The time on the market for homes has increased for the average property.  The market is in great shape for the Buyer looking to move into La Jolla so if a Seller is looking to list their property and puts it up for a reasonable list price, they should see offers but consider it may take a couple of months, not the 2 weeks it took in 2005.  True, the average sale price has come down slightly but it isn't as drastic as the media is making it out to be.  In La Jolla the median sales price for single family homes in 2004 was $1,438,500, in 2005 was $1,750,000 and in 2006 $1,700,000.  I'll be curious to see what 2007 averages are.  (Statistics gathered from California Title Company)

People in search of a home here are turning towards the internet and finding a lot of information available to them.  With the addition of Zillow and Trulia as well as Realtor.com and other sites there is plenty of information to be had in the form of public accessed forums and websites.  We have clients tracking statistics online but are wise enough to report what they are finding and ask The Correntes their opinion on it.  What some people may not know is that the information is not always up to date nor does it include the human factor so what they think is fully accurate information that they have come by is not necessarily so.  Some of the sites rely on the tax assessor's information which isn't updated often enough for the market changes here.  While I encourage everyone to do their own research and to educate themselves on the area and the properties available, Buyers and Sellers should seek the professional guidance of a licensed, experienced Realtor now more than ever.  Consider the complexity of the contract and numerous disclosures needed for a transaction not to mention the expertise of the marketing and advertising produced through a real estate agent.

I have been in different areas of Real Estate since 1991 and I have had the opportunity to work with some of the finest Realtors in the business and I will always use a realtor and recommend hiring a professional Realtor to everyone I come into contact with. Just the local area and neighborhood expertise alone is enough reason let alone consider the documents, fine print and city/county requirements necessary for a sale. 

What does a Realtor do to earn such a commission?  Most full time professional Realtors will spend thousands of dollars on advertising per property, give professional advise that has taken years of experience, education and networking to accumulate and provide the coordination of inspections, repairs, maintenance, etc as well as making themselves available to the client weekdays, nights, weekends and often holidays. Being a licensed assistant has provided a unique perspective to see exactly how much a great Realtor will do for each client, often behind the scenes.

La Jolla is a wonderful place and that won't change anytime soon.  Chances are there will always be buyers looking to move to our lovely area and with some guidance they will find that fantastic home they've been hoping for and hopefully they'll be smart enough to go through a Realtor to do it.