Buyers, Especially First Time Buyers, Want Agents Who Know The Buying Process

Another agent I'm acquainted with in my market told me a story the other day about a buyer she had been working with who enjoyed using the benefits of AI to find out information about his transaction, i.e., analyzing the contract he had signed with the seller

Marina Vista Park

. The buyer was satisfied with getting all his information, at that point, by entering prompts and getting answers back about the contract, in spite of his agent's request to personally meet with him and review, which he refused. But according to the most recent annual buyer profile mentioned below, this is not what most buyers are looking for in an agent. Most people want the guidance and experience of their agent, to say nothing of the fact that a buyer broker agreement has been signed and this knowledge and duty is what the buyer is paying the agent for. There are myriad issues in a transaction that may not be accounted for if the right prompt isn't entered into the AI chat. AI is becoming more and more a very useful tool, but does it handle absolutely all situations? 

The "2024 Profile of Home Buyers and Sellers Highlights" by the National Association of REALTORS®, provides an annual overview of recent home buyers and sellers who completed transactions between July 2023 and June 2024. This edition highlights the challenges faced by buyers due to a housing affordability crisis, limited inventory, and high mortgage interest rates (averaging 7.02% and peaking at 7.79%). 

The following is summarized (about buyers) from the report:

Characteristics of Home Buyers:

• Demographics:
  • Median buyer age increased to a peak of 56 (up from 49 last year).
  • First-time buyer median age: 38 (up from 35).
  • Repeat buyer median age: 61 (up from 58).
  • Married couples: 62% (increased). Single females: 20% (slightly increased). Single males: 8% (decreased). Unmarried couples: 6% (decreased).
  • Ethnicity: 83% White/Caucasian, 7% Black/African-American, 6% Hispanic/Latino, 4% Asian/Pacific Islander.
  • Sexual Orientation: 88% heterosexual, 3% gay/lesbian, 2% bisexual.
  • 73% of buyers had no children under 18 in their home (highest recorded).
• Multi-generational Living: 17% purchased multi-generational homes (all-time high), primarily for cost savings (36%), elder care (25%), or adult children moving back/never leaving (21% each).
• Reasons for Purchase:
  • 22% desired to own a home of their own (64% for first-time buyers).
  • 43% said the timing was right; 23% had to purchase.
• Distance Moved: Median distance between previous and new home was 20 miles (down from 50 in 2022, but still elevated from 15 miles in 2018-2021).
• Location: 45% purchased in a suburb/subdivision, 23% in a small town, 16% in an urban/central city (highest since 2014).
• Neighborhood Factors: Quality of neighborhood (59%), convenience to friends and family (45%), and overall home affordability (36%) were most important. Convenience to job declined to 34% (from 52% in 2014).
• Expected Length of Ownership: Median of 15 years; 25% expected to never move.

Based on the "2024 Profile of Home Buyers and Sellers Highlights" report, the average home buyer primarily wants an agent who can:

• Help them find the right home: This was the top reason, with 49% of buyers seeking assistance with this task.
• Negotiate terms of sale: 14% of buyers wanted help with negotiations, and 11% specifically for price negotiations.
• Assist with paperwork: 7% of buyers sought help with managing the necessary documentation.
• Understand the home-buying process: Over half of all buyers (53%) found their agent invaluable in helping them understand the complex buying process, a figure that jumps to 80% for first-time buyers.

In summary, buyers seek agents who are knowledgeable, responsive, honest, possess good people skills, and can effectively guide them through finding a suitable home, negotiating the deal, and handling the intricacies of the transaction.

I have been helping buyers since 1994, the market and market conditions have gone through many growth phases since then, and I have the advantage of knowledge and experience. Just let me know how I can assist you!

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

The Long Beach Average Home Price in August, 2025

Ma and Pa Grocery - Belmont Heights Favorite

The Long Beach average sales price for a single family home has been jumping around since the beginning of the year:  

January - $1,132,231

February - $1,058,802 

March - $1,188, 403

April - $1,070,180

May - $1,069,937

June, $1,266,298

July - $1,089,619

August - $1,160,302 

Looking for a lower price? the neighborhoods in 90810, Westside and Upper Westside, averaged $760,200 in August; 90804, Rose Park and Zaferia areas, was $750,400; 90806 in the Wrigley area was $700,555;  

The overall August inventory level is up to 3 months now, and selling price to original list price ranges from 98%-100.3%.  Active listings have increased since January (269) to 327 in August. An easier time for buyers because there's more inventory, however, considering the higher number of listings in August, there were 128 closed sales, the January market was even slower with 91 closed sales.

While there are still misconceptions among some buyers about how much down payment is needed to buyer, just remember that FHA loans and VA loans are out there and can  be very helpful when you don't have 20% down.  Try the down payment resource search to assist you -- feel free to contact me with questions about this guide. And for prices in other local markets, take a look at the Market Reports while you're on my website, link below.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Long Beach Festival Events August through November, 2025

Long Beach Events August, September, November 2025.   Location Aug 30  12pm             Long Beach Greek Festival          5761 E. Colorado Street Long Beach, CA 90814
				Location
	Aug 31	12pm	Long Beach Greek Festival	5761 E. Colorado Street Long Beach, CA 90814
				Location
	Sep 1	12pm	Long Beach Greek Festival	5761 E. Colorado Street Long Beach, CA 90814
				Location
	Sep 13	12pm	Westside Promise Festival	Admiral Kidd Park
	Sep 13	12pm	Westside Fest Sign Up	Admiral Kidd Park
	Sep 19	7pm	Queen Mary's Dark Harbor
	Sep 20	7pm	Queen Mary's Dark Harbor
	Sep 26	7pm	Queen Mary's Dark Harbor
	Sep 27	7pm	Queen Mary's Dark Harbor
				Location
	Oct 4	2pm	FAM (Food Art Music) Festival	1336 Gladys Avenue
				Location
	Oct 7	3pm	Filipino Festival	City Hall Plaza
				Location
	Oct 10	6pm	Be Proud! Fest	Rosie's Dog Beach & Bike Path
				Location
	Oct 11	9am	20th Annual Japanese Classic Car Show	Marina Green Long Beach
	Oct 11	12pm	Be Proud! Fest	Rosie's Dog Beach & Bike Path
	Oct 11	4pm	Party on Pine	Pine Avenue between 3rd Street & 5th Street
				Location
	Oct 12	9am	Ready Long Beach - Disaster Preparedness Fair	Veterans Memorial Stadium - 5000 E Lew Davis Street
	Oct 12	10am	Pagan Pride Day	Rainbow Lagoon
	Oct 12	12pm	Be Proud! Fest	Rosie's Dog Beach & Bike Path
				Location
	Oct 17	10am	Formula Drift Pro Championship Round 8	MG/RL/LBCC Parking Lots & Shoreline Drive
				Location
	Oct 18	10am	Formula Drift Pro Championship Round 8	MG/RL/LBCC Parking Lots & Shoreline Drive
				Location
	Oct 25	8am	TCC Family Health Beach Walk	Shoreline Park
				Location
	Nov 8	10am	Veteran's Day Celebration	Houghton Park, Long Beach
				Location
	Nov 9	2pm	Salvi Fest 2025	Shoreline Park

For a complete listing of all types of city events, got to https://www.longbeach.gov/events/.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996 

California Homeowners Associations: Do You Belong to One?

There are over 49,000 HOAs in California, and over 14 million people live in California homeowner associations. That's 35% of the of the California population and almost 25% of the total of California homeowners. 

Associations are made up most commonly of multiunit condominium buildings, PUD (planned unit developments) with single family housing, or other community apartment (own-your-own) associations, or stock co-operatives, making up a total 5.45 million homes. (Long Beach has all three types.)

If you were represented in the purchase or sale of a property inside of an association by a Realtor, your transactional documents make it clear that the buyer is wholly responsible for reading the CCRs and other HOA documents. Were the CCRs recorded? is the property defined as a "unit" or a "lot"? What are the use restrictions?  Has the required balcony/walkway/elevated elements inspection been completed and a report been made to the HOA? 

Has the HOA insurance been renewed? PUDs have an HO-3 policy, which is coverage for the entire lot and everything on it. Condominiums, co-ops, OYOs, and other community apartment projects have HO-6 policies, or "walls in" which is the airspace inside the unit (master policies cover the commons areas). 

There was a common practice in the past where property managers would charge sometimes excessive amounts for the transfer of HOA documents to a new owner, until a California law was passed stating an additional fee cannot be charged for electronic delivery, but the fact is that there is still a fee charged by management companies for their work time and effort even if delivered electronically. 

HOA members are required to follow rules in associations, along with all the laws which govern them and there are many, so if you're considering buying into an association you should do a self-assessment on your fit into this type of living situation. There are other restrictions such as parking, fines for not  following the rules, if you can rent out your unit or not, smoking and nuisance issues, can you use the unit for childcare, and is your view protected? 

Are you considering a unit located near the community pool? Maybe there will be noise issues at certain times. Know the difference between a Pet and a Emotional Assistance animal, different rules may apply.

Is the HOA self-managed (not unusual in small associations) or does it have a property manager, how well is the association funded (look at the reserve study)?  

Many buyers are attracted to HOAs as affordable options in more expensive SFR neighborhoods, they also require some study due to age of the infrastructure, insurance, HOA dues, purchase financing (is it VA or FHA  approved?) and other requirements imposed on owners.  

Condos are a road to ownership, and if you're a buyer find an agent with HOA experience.

 

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Benefits of a Revocable Trust vs. Probate in California

House with Tile Roof, 3 car garage

I wanted to take a moment to share some insights on the significant advantages of placing residential property in a California trust, and why this is an important step for both property owners and their heirs. If you own property but do not have a trust, this may be important information for you  at this time. This is a rather lengthy post, but one that could be helpful.

Benefits of a California Trust for Residential Property

One of the primary reasons people place their residential property into a trust is to ensure that their assets pass seamlessly to their heirs without the need for a lengthy and costly court process. A California revocable living trust can hold title to your property, allowing it to be distributed according to your wishes upon your passing. If something happens do you want to be the one that makes the decisions of where your assets go or do you want the state to make the decision for you?

How This Helps Heirs

A key benefit for your heirs is that, upon your passing, your property can be transferred directly to them without the delays of probate. Probate, which is the legal process of administering an estate, can take months or even years to resolve. It often involves public proceedings, legal fees, and court delays. By using a trust, your heirs will avoid these complications, receiving their inheritance much more swiftly and privately.

Importance of Keeping Your Trust Updated

It is essential to periodically review and update your trust, particularly if there are significant life changes—such as the acquisition of new property, the birth of a child, or changes in your family dynamics. An up-to-date trust ensures that your current wishes are reflected and that all assets are properly accounted for. Failure to update your trust can lead to unintended consequences, such as certain assets being excluded from the trust, leaving them subject to probate.

Why Probate Court Should Be Avoided

Probate is often a lengthy and expensive process. In California, the cost of probate can be substantial, including court fees, executor fees, and attorney fees, which are generally based on the value of the estate. These costs can quickly eat into the value of your estate, diminishing the inheritance left to your heirs. Furthermore, the probate process can be a public affair, meaning that the details of your estate, including asset distribution, may be accessible to anyone. This can lead to unwanted scrutiny or potential family disputes.

A trust, by contrast, allows for a much smoother, private, and efficient transfer of property. Assets held in the trust are not subject to probate, and your wishes are carried out according to your instructions, without the need for court intervention.

In summary, placing your residential property in a California trust offers significant benefits, including avoiding the hassle of probate, ensuring that your heirs receive their inheritance promptly, and maintaining privacy throughout the process. I strongly recommend that you consult with an estate planning professional to create or review your trust to make sure it reflects your current desires and protects your heirs from unnecessary legal complications.  The Los Angeles County Tax Assessor has additional information to help you: https://assessor.lacounty.gov/real-estate-toolkit/wills-and-trusts -- find out more about trusts and tax savings.

PROBATE 

Many people do not realize how much probate fees may impact an estate.  Let's dive into the probate costs in California for an estate valued at $900,000.

In California, probate fees are determined by a statutory fee schedule, which is based on the gross value of the estate (before debts and expenses). These fees are set by California's Probate Code (Section 10810) and can be quite significant, especially for larger estates.

Example:  Probate Fees for a $900,000 Estate

1. Probate Court Fees*:

   • First $100,000 of the estate: 4% of the value.

   • Next $100,000: 3% of the value.

   • Next $800,000: 2% of the value.

Here's how the breakdown works for a $900,000 estate:

• First $100,000:
  4% of $100,000 = $4,000

• Next $100,000:
  3% of $100,000 = $3,000

• Next $700,000 (for the remaining value over $200,000):
  2% of $700,000 = $14,000

Total Probate Fees for the Estate

Adding these amounts together: The total probate fees for a $900,000 estate would be $21,000.

Additional Costs to Consider

In addition to the statutory probate fees, there are other potential costs that can add up:

Executor’s Fees: The executor (or personal representative) of the estate is entitled to a fee, which is the same as the attorney's fees (based on the same statutory schedule). For a $900,000 estate, that’s an additional $21,000 in fees.

Attorney’s Fees: Probate attorneys are usually compensated based on the same statutory fees as the executor. This means that the total legal costs (for both the executor and the attorney) could be around $42,000.

Other Court Fees: There may be additional costs for filing fees, bond fees (if a bond is required for the executor), and other miscellaneous administrative costs.

Time: The probate process in California can take anywhere from 6 months to over a year, depending on the complexity of the estate, and during this time, your heirs may not have access to the property or other assets.

For an estate valued at $900,000, the total probate costs (including court fees, executor fees, and attorney fees) could easily reach $42,000 or more. These costs can significantly reduce the value of the estate and cause delays for the heirs. That's why many people choose to place their property into a trust to avoid the lengthy probate process and the associated expenses. *See California Probate Code Sec. 10810 for a complete description of fees.

If you'd like more detailed information on how to sell a trust property or a property that is going into probate, or have any follow-up questions, feel free to ask.  Note:  I am not an attorney, but as a Realtor I can provide information required to complete the listing and sale of a property in a trust or probate. For legal handling of setting up a trust, or what to do if you are an heir to a property, please consult a trust/probate attorney. 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

June Sales Information for Long Beach and Los Angeles County

Long Beach June Market

 This year-to-date, published every month in the third week, shows county/city market information. In this case, the screenshot is narrowed to a few cities which include Long Beach single family housing.

The number of single family houses sold by the end of June in Long Beach came to 505 SFRs, which is 1% more volume than same time last year.  The median price growth increased by 7%, and days on market was 23. Sales over list price was 47%, which is how many homes sold this year sold over list price. 

The top line is the total number for Los Angeles County for the month of June. 

 This dashboard includes all counties in the state, and cities in each county -- it's available if you'd like to request the information.  This is a California Association of Realtors (C.A.R.) publication, and I  can make it available to you on request.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Aerospace Company Making Long Beach its Headquarters

Commercial space station model- Photo: Thomas R Cordova

 

 

Vast is building an 189,000 square foot campus neat the Long Beach Airport, to create and launch the next commercial space station. The company now has a 950 person workforce, starting  from 40 in 2021.

This is an ideal time to search out the area for a new home to be near this latest addition to Long Beach industry and economy.

 If you're in the market, or just want to find out more, it's an ideal time to start laying the foundation. 

 Check out Long Beach zip codes, including 90808, 90815, 90814, 90803, for homes on the market. A quick search is on my website below at the property search, or contact me for more buying information!

  

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

How Are Interest Rates Impacting Long Beach Buyers?

Downtown Long Beach

The Long Beach housing market in early 2025 has been shaped by high mortgage rates and tight supply.

By June 2025, the median Long Beach home price hit $1,075,000 (up ~7.4% year-over-year).  Sales volumes rose modestly (around 240 homes sold in June, up 11.4% from 2024, but homes took longer to sell, the median was 30 days on market, about 12 days longer than last year.  In other words, prices remain elevated despite rising rates. Nationally, 30-year fixed mortgage rates have hovered near 6.9% in mid-2025 after a low of 6.5% in March (investopedia.com). This high-rate environment is a headwind for affordability even as demand persists.

Rising Rates & Monthly Costs

Higher interest rates translate into much larger mortgage payments and carrying costs. For example, at 6.9% interest, a 30-year loan of about $732,000 (20% down on a $915,000 home) has principal-and-interest around $4,800/month. When you add ongoing expenses, the total monthly housing cost exceeds $6,000. Typical breakdowns for a median Long Beach home are approximately:

• Principal & Interest: = $4,800/month (30-year at 6.9%).

• Property Taxes: $950/month. Long Beach’s effective tax rate is 1.25% (plus other indebtedness measures) so a $915,000 home has about $11,400/year in taxes (≈$950/mo).

• Homeowners Insurance: $90–$100/month (average California premium ~$1,148/year (moneygeek.com).

• Utilities: ≈$364/month. Long Beach residents pay roughly $364 per month for basic electricity, water, gas, internet and trash (viprealtyca.com.)

Each of these costs strains a buyer’s budget. 

 Key components: 

    30-year mortgage at 6.9% investopedia.com, | taxes at 1.25% of value | home insurance at $1.15K/year moneygeek.com, and | utilities at $364/mo viprealtyca.com.

First-Time Buyers Face an Uphill Climb

First-time buyers have been hit hardest by the rate surge. National data show their market share fell to just 24% in 2023–24 (from 32% a year earlier) nar.realtor.These buyers typically have lower incomes (median ~$97,000 and smaller down-payments (~9% of price nar.realtor). In Long Beach’s expensive market, high rates and prices squeeze them further. National Association of REALTORS notes that “first-time buyers face high home prices, high mortgage interest rates and limited inventory” making it difficult to enter the market. For example, a first-time buyer using an FHA loan (3.5% down) on a $915,000 home would still borrow $882,000, resulting in principal and interest well above $5,400/month before taxes/insurance.

Unfortunately, the city’s First-Time Homebuyer Assistance Program has closed for now, but see City of Long Beach buyer programs. Programs like these can help cover down payments or closing costs. More information about down payment programs are available at this link for down payment help. Still, buyers must plan for big monthly payments and save aggressively. In practice, many first-timers are waiting longer (the average age is 38 now) and relying on gifts or loans from family (in 2024, 25% used family assistance) nar.realtor.

Repeat Buyers and Cash-Purchases

Current homeowners (repeat buyers) are generally better positioned. Many have built-up equity or savings. In 2024, the median down payment was 18% of home price (vs 9% for first-timers) and a record 26% of buyers paid all cash nar.realtor. This capital advantage lets sellers “trade up” or buy with big down-payments instead of high-rate loans. In practical terms, a Long Beach homeowner selling an older home can put significant cash down on the next purchase, or even skip a mortgage entirely. That means repeat buyers feel the rate pinch far less than first-timers. Nonetheless, rates above 6% still encourage many repeat buyers to negotiate harder – for example, by asking sellers to buy down the rate or reduce price.

Looking Back and What’s Next

Compared to earlier years, Long Beach’s spring 2025 market is relatively stabilized by high rates. In 2022–23, record-low rates (3%–4%) and surging demand sent prices skyrocketing. By mid-2023, rates had already climbed above 6.5%, and sales activity cooled. The 2024–25 data show prices still above pandemic-era levels but slowing: e.g., a 7–8% year over year increase in mid-2025 versus double-digit leaps in 2021–22. National forecasts expect rates to remain “mid-6%” through 2025 realtor.com, so affordability will not improve dramatically soon. As one Realtor.com report puts it, home buying in 2025 should be “friendlier [to buyers] than in past years” due to higher inventory and slower pace realtor.com, but it will still be “costly due to stubbornly high mortgage rates and home prices.” Buyers should expect a more balanced market than the frenzied seller market of 2021–22.

Practical Takeaways for Buyers

• Budget for High Rates. Current 30-year fixed rates are near 6.9% investopedia.com. Lock a rate early if possible.

• Include All Costs. In your monthly budget, add property tax (1.25% of home value, and insurance ($1,150/yr on top of the mortgage. Don’t forget utilities (roughly $364/mo in Long Beach).

• Plan Your Down Payment. First-timers often put down 9%, while typical buyers put down 18% nar.realtor. Larger down-payments (or any cash) reduce monthly payments. 

• Use Assistance Programs. Check local help for first-time buyers. 

• Shop Around. Compare lenders and loan options (e.g. jumbo vs conventional) to get the best rate.

Finally, remember that an experienced local REALTOR can be your greatest ally. A knowledgeable Long Beach agent knows how to navigate bidding wars, negotiate concessions (like rate buy downs), and connect you with loan officers offering competitive rates. In a market burdened by high rates, having the right team – lender, agent and possibly financial advisor – is key to finding the most affordable deal.

Thanks for making your way through this lengthy post. For more explanation, please contact me!

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996