4:15pm | Editor’s note: This is the first in a series of question-and-answer sessions with Long Beach real estate experts — Realtors, mortgage brokers, bankers, economists. There’s a lot of information about the national real estate market out there, but it’s tough to find good local information on residential real estate — until now.
Experts in the greater Long Beach real estate scene are invited to submit themselves as a Real Estate Q&A candidate regardless of whether they have good or bad things to say about the local market. Interested parties should send an email to [email protected].
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Before becoming a Realtor, Helen Najar made a name for herself as a political activist and has become known for her involvement in, and passion for, local issues.
Q) There’s a lot of uncertainty in the market. How do you discuss this with your clients?‘
A) Are you buying to live there or as an investment? Once my buyers determine they are buying a house to live in, their uncertainly goes away. My job is to make certain they are in a house they can afford.
Q) Which sectors are hot, and which are not? (luxury, middle-range, entry-level, condos?)
A) Are you buying to live there or as an investment? Once my buyers determine they are buying a house to live in, their uncertainly goes away. My job is to make certain they are in a house they can afford.
Q) Which sectors are hot, and which are not? (luxury, middle-range, entry-level, condos?)
A) I’m seeing more buyers in the past 60 days looking at houses in the upper range – everyone one is looking for a “deal” and if a house that is in a $1 million-plus neighborhood and selling below $1 million they found their “deal.” I’m not seeing interest in condos right now, but that is more likely due to my clients, not a trend. I’m seeing more people buying houses as a first time investment in the mid-price range.
Q) Where in Long Beach, or surrounding areas, can one find any deals?
A) Every area of Long Beach has a deal — you just have to find it. A deal for you can be something completely different to someone else.
Q) Where in Long Beach, or surrounding areas, should buyers avoid?
A) Don’t buy the house for the street address. If you know you are priced right for the home you plan to buy and the neighborhood gives you what you want (parks, schools, entertainment), you’re in the right area.
Q) Where in Long Beach, or surrounding areas, should buyers avoid?
A) Don’t buy the house for the street address. If you know you are priced right for the home you plan to buy and the neighborhood gives you what you want (parks, schools, entertainment), you’re in the right area.
Q) Speaking of deals, where are all these foreclosures deals we’ve all been waiting for? Are they happening, or going to happen? If so, where and when?
A) When you find out, would you let me know? Seriously, not every foreclosure is going to be a “deal.” Your investment doesn’t stop at the purchase; factoring in your costs for repairs and/or renovations will put you in the best position to get the deal you’re looking for. Today’s foreclosure market knows no geographic boundaries; today’s foreclosures are down the street or across town. It’s reasonable to assume that many of today’s houses on the short sale market may not sell and will be tomorrow’s foreclosures.
Q) When the last spate of foreclosures hit Southern California, it negatively impacted many communities, creating blight in the form of unoccupied homes and uncared for communities. Are you seeing this in Long Beach? If so, which communities?
A) Long Beach has come a long way in their efforts to avoid a foreclosure from becoming a blight, but we’re not there yet. I’m not seeing as many “green” pools out there and that’s an improvement over past years. It’s incumbent on the agents and neighbors to let the city know if a house is becoming a blight.
Q) Is the bottom here, near or in another year (or more)?
A) When you find out, would you let me know? Seriously, not every foreclosure is going to be a “deal.” Your investment doesn’t stop at the purchase; factoring in your costs for repairs and/or renovations will put you in the best position to get the deal you’re looking for. Today’s foreclosure market knows no geographic boundaries; today’s foreclosures are down the street or across town. It’s reasonable to assume that many of today’s houses on the short sale market may not sell and will be tomorrow’s foreclosures.
Q) When the last spate of foreclosures hit Southern California, it negatively impacted many communities, creating blight in the form of unoccupied homes and uncared for communities. Are you seeing this in Long Beach? If so, which communities?
A) Long Beach has come a long way in their efforts to avoid a foreclosure from becoming a blight, but we’re not there yet. I’m not seeing as many “green” pools out there and that’s an improvement over past years. It’s incumbent on the agents and neighbors to let the city know if a house is becoming a blight.
Q) Is the bottom here, near or in another year (or more)?
A) As with all market trends we won’t see the bottom until we’ve passed it. Prices on properties I’m watching or making offers on are holding steady or slightly rising
Q) Where are you seeing the good deals out there and why is it a good deal?
A) There are some homes in popular or higher priced neighborhoods that have dropped enough to be more affordable: Park Estates, Belmont Heights, Los Altos, Country Club.
Q) What are a few things about foreclosures that might surprise potential buyers? Is there anything they need to look out for?
A) Again, there’s no “foreclosure neighborhood.” Foreclosures are not always a deal. Expect it to be likely there will be delays and challenges when dealing with banks.
A) Again, there’s no “foreclosure neighborhood.” Foreclosures are not always a deal. Expect it to be likely there will be delays and challenges when dealing with banks.
Q) Do you think the job market and economy has shaken the confidence of some prospective homebuyers?
A) Absolutely. The current state of the economy is negatively impacting certain areas of the local job market. Not everyone is on an even playing field when it comes to their job sector. Example: A hotel manager who needs to buy another house because of a growing family may feel it’s better to relocate and buy in a state where the economy is growing and more stable, giving him more job security. On the other hand, someone in the local shipping industry will feel more confident about long-term job retention and less likely to let it factor into a home purchase decision.
Q) Real estate is an extremely local business. How is Long Beach different or unique compared to other communities?
A) Long Beach is a great town and buyers looking to make their home in Long Beach know they want to live here. Long Beach is several different towns in one city. I can’t be objective about Long Beach. It’s my town and I love it.
