Torrance, CA Real Estate News

By Krystyna Baty Ryan, HONESTY TRUST TECHNOLOGY SERVICE RESULTS
(Broker)
South Bay Real Estate Report for August '23South Bay real estate market is now a seller's market due to the very low inventory, stagnant home sales, high interest rates reducing the buyer pool.  While the sales numbers are down, the prices are steady or a bit higher when compared to a year ago. See our July Report to compare numbers on the month to month basis. Higher interest rates have impacted buyers but the low inventory dampens their impact on home prices.Below are real estate market reports for selected major markets in South Bay CA and Beach Cities - Torrance and Redondo Beach. Below you'll find property selling data in August '23 vs. August '22, broken down by property type. Torrance home sales were down by 9 percent while the average sales price for single family homes was up b...
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By Larry Tolliver
(Keller Williams Realty)
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Moreover, it doest not require an income or credit qualification. Basically all you need is to own your own home or condominium, and be 62 years of age or older. During the duration of the loan you will not have to make any monthly payments, meaning the balance will grow and equity will get smaller because the interest will accrue to your balance. Now if you decide to move from the property and it is no longer your principal residence, then loan will become due and payable. Other factors that can contribute to this are, the last surviving borrower sells or passes away. A reverse mortgage can used for everyday living expenses, such as hom...
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By Larry Tolliver
(Keller Williams Realty)
 I can’t over emphasize the importance of a Home Inspection Report. For sellers this report should be included in your listing package, for buyers this will provide a clear view of any defects the home might have. Home sellers this report should be attached to your TDS (Transfer Disclosure Statement), on receipt of the report, the seller act to eliminate some or all of the deficiencies noted in the home inspection report. . When you bring any defects to code a new report should be ordered immediately. Home sellers will be protected down the road, by demands to correct defects or to adjust the sales price in order to close escrow. The listing agent should order this report on the seller’s behalf. The listing agent will lose control over the marketing and closing process, and expose hims...
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By Julie Lockwood
(RE/MAX Execs- South Bay)
I want to share with you some business thoughts on whether this is a good time to buy or continue renting. First you must understand how basing your investment decisions on short-term results are detrimental to your long-term financial health. Let me explain:In South Torrance property values have doubled 5 times since 1970!Do you believe that prices will be higher in 7-10 years? I do.  Historically speaking, it is a known fact that properties values have gone up... and up... and up over time.  Take a moment to think about how much a home cost when you were a child. Or how much your grandparents paid for a home.  Let's assume you purchase a home for $700,000 today. We can assume in 10 years it will be worth $900,000. That's a $200,000 profit. If your down payment is 10% ($70,000) and the...
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By Larry Tolliver
(Keller Williams Realty)
As a realtor in today's market, my job has been hampered by the "bad market" cliché. Everyone seems to have the Chicken Little "the sky is falling" mentality. I definitely agree that lenders have tightened their lending criteria. However, there are still transactions being conducted on a daily occurrence. . When I prospect for clients the first question they ask me is "Is the market as bad as the experts say?" My reply is yes and no. Yes, because where foreclosures are high in numbers usually results in vacancies and short sales plunging the market south in depreciation. No, because there are markets that are high in demand and home appreciation is on the rise. Think about it, the two things that the United States government endorses is small business and home ownership. Lending across ...
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By Hayden Gerson
(HPM Financial LLC)
In the last year over 100 mortgage lenders have gone out of business due to the "mortgage meltdown" as most of you might now it is getting much more difficult to qualify for mortgages in Torrance. The reason it is difficult to qualify for your Torrance mortgage is because guidelines have changed drastically. Even reverse mortgages in Torrance are getting harder to qualify for, leaving many looking for a honest mortgage company in Torrance.Since many mortgage brokers in Torrance are going out of business, and others are not able to get you qualified, you need to call a reputable company to help you with your home mortgage in Torrance. We here at America One Mortgage Group are a national company headquartered out of Southern California. We have offices in many states and fund millions of ...
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By Larry Tolliver
(Keller Williams Realty)
When you sign a promissory note and record a trust deed, it becomes an acknowledgment of debt. A trust deed is used as the security device of preference to impose a lien on real estate. Your trust deed and notes are comprised in your loan doc's, they explain your interest rate, if your loan is fixed or adjustable, and the life and terms of your loan. A trust deed contains elements and characterizations that identifies all three parties in the trust deed. The parties in the trust deed are the owner, called the trustor (who voluntarily imposes the Trust Deed Lien on his property), the middleman, called the trustee, (who has power of sale over the property), and the lender or carryback seller, called the beneficiary (for whose benefit the trust deed lien encumbers the property). There are ...
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By Larry Tolliver
(Keller Williams Realty)
What can be more depressing, frightening and confusing when a foreclosure ends with an eviction? Here in California foreclosures has been growing steadily and with that comes an increase in evictions.There are certain ramifications that come with an eviction for example, if you are a tenant occupying a property that has been foreclosed there may be a different set of rules if you reside in a area that is rent-controlled you can't be evicted the bank will have to sell the property as a occupied property. If you are the original borrower there is no escape from the inevitable the eviction attorney will file what is called a Notice To Quit these generally expire after thirty days. The Summons and Compliant will follow next leading to a Hearing Date. Once a Judgment of possession has been g...
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By Larry Tolliver
(Keller Williams Realty)
FHA was established in 1934 and is a part of the US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD).  A loan can be Conventional, FHA or VA.  Meaning who is insuring the loan.  Conventional loans are insured by PMI (private mi companies), FHA is insured by HUD, VA loans are insured by the Veterans Administration.    FHA was established to make home purchasing easier to qualify than conventional.  FHA ARE FULL DOCUMENTATIN LOANS. With the changing in underwriting for Subprime Loans, FHA is a valuable option. For the following reasons:  FHA loans are not FICO DRIVEN.   The client can have a FICO score under 600, or no score or no credit. FHA  loans allow down payment assistance from other programs as secondsFHA has a 3% down requirement (REGARDLES IF IT IS 1 - 4 UNIT BLDG)You do not hav...
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By Larry Tolliver
(Keller Williams Realty)
In case you have been living underneath a rock the mortgage industry has been getting hammered by the subprime fallout. Adjustable Rate Mortgages has been on the rise and homeowners have not been able to keep pace with their increased interest rates. So what's next you have not made a mortgage payment in the last three or four months your lender files a NOD (Notice Of Default) it can be devastating news, but don't throw in the towel yet. Here are some viable options to consider  1 Refinance- Obtain a new loan to pay off the one in default2 Foreclosure Consultant- Seek the services of a Financial Advisor or investment counselor. For a fee they will prevent lienholders from enforcing or accelerating the note, or help reinstate the, or get an extension or last but least arrange a loan or a...
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By Larry Tolliver
(Keller Williams Realty)
Mortgagors have an agreed date for payment each month with their lender with a grace period of a few days. Some mortgagors would prefer to pay half of their monthly payment 15 days prior and the remainder on the due date. Your lender says this can done, but through a third party company, which will charge you a sign up fee for several hundreds of dollars plus a monthly fee. There are third party companies for a fee that will deduct from your checking or saving account half of your regular principal and interest payment every two weeks. This will equate to 13 monthly payments for 12 months, thus shortening your note by at least 7 years and saving a huge amount of money. Here's the catch you can do this yourself at no extra charge. Simply divide your monthly mortgage principal and interes...
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By Larry Tolliver
(Keller Williams Realty)
CA Governor Schwarzenegger sign three mortgage related bills aimed at protecting homeowners and increase affordable housing. Foreclosures in CA hit 17.408 for the three months ended June 30 up 799% from the same period last year, according to DataQuick Information Services, a La Jolla firm.      One of the three bills signed would permit state agencies to adopt emergency regulations to ensure that all mortgage lenders and brokers are subject to federal guidelines on non-traditional mortgages. Those guidelines, aimed at reducing the number of loans to people who can't afford them, apply to national banks but not to state-licensed lenders.    The second bill would make it a crime for appraisers to become involved in valuing properties for transactions in which their compensation is tied t...
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By Larry Tolliver
(Keller Williams Realty)
American Agent Online is a unique way to communicate with buyers and sellers. The setup is simple, easy, and FREE. You get one free zip code to work with any additional zip code are $5 apiece. This is how it works you login, I suggest minimizing your screen you would here a sound that will alert you that a person wants to chat with you, now this person is located in a zip code you chose to work. It is a great way to network especially with potential clients. I say try it out what do you have to lose. I give it two thumbs up it's free to sign up depending on the zip code you choose there may be a surplus of buyer and sellers that need your expertise in real estate.  For consumers both buyers and sellers the first step you need to do is enter your zip code or list of zip codes you might b...
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By Larry Tolliver
(Keller Williams Realty)
Your credit score, (also known as your FICO score) is extremely important. Your credit score determines what you can or cannot purchase and how much it will cost you. For example, you qualify for a home loan but your qualifying interest rate is through the roof. This is because your FICO score from Experian, TransUnion, and Equifax suggest that your rate should be higher due to poor credit history. Wait did you check you FICO score before applying for that home loan? This should be the first step before applying for a loan. The second step is to order your credit report from the three credit reporting agencies. Your FICO (Fair Isaac Corporation) score determines the amount of interest that you would pay on a particular loan. It is safe to say that you need to know your FICO score and de...
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By Mary Walker
(The Real Estate Group)
For those of you who missed the recent Daily Breeze publication of the South Bay's 2006 scores and rankings of local schools, Torrance area schools received high marks once again. This is good news for local area realtors, who can tout great schools along with good weather, less crime, and close proximity to the beach among the pros of living in Torrance. With schools being one of the top concerns of parents looking to relocate, prospective homebuyers will be happy to learn that the vast majority of Torrance schools scored well above the 800 points needed to pass the Academic Performance Index. This is a major feat if you take into consideration that less than half of California schools passed this important benchmark. Only six out of twenty-nine Torrance schools missed the mark, but sc...
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By Mary Thomas BH,MB,HB, PV, Estates LA+, Mary C. Thomas Your Agent around the Globe
( Remax Estates Properties)
Real Estate Myth Buster #1-Buying From the Listing Agent So somewhere along time ago a rumor was started in a really tough Seller's market that if you deal directly with the selling agent that you will save money. Yes, you may save a part of the real estate agent's commission but you usually spend more money on the sale price of the house. By allowing the listing agent to negotiate the lowest price for your home can and does most of the times cost you more money.  In only one case you may get the property and save a few thousand which is in the old days of short inventory when houses were scarce and if you made an offer through the listing agent some people believed that the listing agent would push it through because he or she would get both commissions. Which may have been true but no...
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By Mary Thomas BH,MB,HB, PV, Estates LA+, Mary C. Thomas Your Agent around the Globe
( Remax Estates Properties)
  Are  you looking for more that your 12 step group can give you?  I am a strong believer in AA,ALanon-(my home group),Overeaters Anonymous, etc... I heard of Celebrate recovery and I was totally against any new group that was not AA/ALanon....Well, Was I wrong,,, Celebrate Recovery, a group developed by Asst. Pastor John Baker of Saddleback Church.  Pastor Rick Warren (author of the New York Times Best Seller- A Purpose Driven Life and Pastor of Saddle Back Church) encouraged Pastor Baker to start this in 1990.  Since then Saddleback grew from 600 to currently 6000, all through the Celebrate Recovery members joining Saddleback after working the steps at CR.(Celebrate Recovery) This Celebrate Recovery has flourished all over the World,  People come from Asia,Japan, Europe once a year to...
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By Mary Thomas BH,MB,HB, PV, Estates LA+, Mary C. Thomas Your Agent around the Globe
( Remax Estates Properties)
  Torrance California Market Trends price per square foot are still going up. As you can see by the chart below, South Torrance prices are still rising per square foot over all from 2007 to 2008.  The real estate market is still going strong in the South Bay area of Los Angeles County as per the latest market graph from Trend Graphixs. As you can see the market is picking up in the sales, 16 homes for sale this month, 9 sold and 6 homes are pending in escrow. The rumors from the experts are that the market has reached it's bottom. Now we need to get the lenders moving before the interest rates go up.. Market Charts are also available with a more individualized market analysis of your individual home and neighborhood This service is provided by Remax Palos Verdes, Mary Thomas to keep Tor...
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By Mary Walker
(The Real Estate Group)
Helpful Links for Torrance and South Bay Real Estate: Check out these helpful search engines. You can also contact me to set up automatic emails to be sent to you with newly listed properties that fit your criteria. Just call or email me to get started. Whether you are just looking for fun or are ready to buy or sell, check out all these helpful links and call me when you're ready. Know a friend or family member who needs a realtor? Please pass my contact information along...I love referrals!You can find great local California real estate information on Localism.com Mary Walker is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.< Examples: "Palo Alto, CA", "San Diego", "94114"...
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By Mary Walker
(The Real Estate Group)
Are you interested in buying a co-op? Do you even know what a co-op is? Read on for some interesting facts about co-ops in Torrance, CA: Torrance, CA co-ops are more affordable than identical condominiums. You can pay $50,000 to $100,000 more for a Torrance condo, generally because people are more comfortable with the term condo, and simply don't know what a co-op is. Co-ops are structurally the same as other types of real estate such as condos, single family residences, townhomes, or mobile homes, in fact some condos used to be co-ops. Co-ops require financing from a bank that specializes in co-ops. Co-ops usually require a higher down-payment, usually from 10 to 20% depending on the association.  Buyer will hold a share in the corporation that owns the building. This stock certificat...
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By Mary Walker
(The Real Estate Group)
Buy A Home in the South Bay Los Angeles' South Bay area is a perfect combination of good weather, great neighborhoods, beautiful beaches, and more. If you're wondering where to move in the Los Angeles area, the South Bay is where you want to be. South Bay cities include: Torrance Redondo Beach Hermosa Beach Manhattan Beach El Segundo Palos Verdes San Pedro And more.... Some of the highlights of living in the South Bay are great schools, good jobs, nice area hospitals, and phenomenal shopping and surfing. Places of Interest: Riviera Village is a quaint seaside area of Torrance (with a Pasadena-like feel) that hosts many restaurants and small shops in a "walk-around" atmosphere. Del Amo Mall (also in Torrance) is one of the biggest malls in the country, with a new outdoor addition (2006) ...
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