Torrance real estate and homes for sale
Search for homes in Torrance CA
Many prospective home buyers are concerned with rising interest rates. While the Torrance interest rates in 2018 are still historically very low, the concern is justified. Higher interest rates mean reduced buying power. With every slight rise in interest rates, the monthly payment increases reducing the price of a home that a buyer can qualify for. See the chart below for an idea of how different interest rates impact monthly payment and what a buyer’s income needs to be to qualify.
Many Torrance CA buyers are concerned with interest rates rising with the Fed making it clear that rates will slowly increats. That’s certainly a valid concern for potential Torrance homebuyers as a higher interest rate means a higher monthly payment which most often means a lower priced home. Taken in historical standpoint the current rates are dramatically lower than at just about any other time. The chart below shows the interest rate on conventional and conforming 30 year fixed rate mortgages. As we’ll see we’ve basically seen rates drop consistently since the high water mark of 16.3% in 1981. It certainly makes todays current rate in the mid 4% range seem pretty enticing.
It’s always a pleasure when one of our listings is recognized by the community as something special. Our listing at 1323 Cota in Old Torrance was mentioned in the Daily Breeze as a home of historical significance. Once owned by the Torrance family themselves, this charming 1914 craftsman on an enormous lot is unique in just about every way.
Take a look at the Daily Breeze article about 1323 Cota in Old Torrance
**Update as this beautiful home has sold**
This California Craftsman Executive Home is a magnificent, rare find. Built in 1914 on huge R2 lot near Nativity Church & Triangle Park, one of the most desirable parts of Historic Old Torrance. This 2 story home has fabulous bones & incredibly retains all its Historic charm and was recently featured in the Daily Breeze. The large front porch that tracks the entire width of the house is perfect for sitting on pleasant evenings. Original front door enters into a large living room with large fireplace. The office features the original built-in desk, a coat closet and is accessed through the original pocket doors. The formal dining room has a grand built-in hutch/buffet & wainscoting. A sunny breakfast room is connected to both the dining room & kitchen. The circular downstairs floor plan is great for entertaining with a separate area for the original staircase that wraps through the center of the house. Upstairs are two large bedrooms & another smaller 3rd bedroom. There are 2 separate two car garages in the rear off the alley. Two additional storage rooms are connected to the first garage. Huge 75′ x 140′ lot (10,500 sqft) has endless possibilities including another one story house (Check with City of Torrance Building Dept). Title & Records Search indicate that this house was once owned by Jarred Sidney Torrance. Truly one of Old Torrance’s best properties & a Once-in-a-Lifetime Opportunity to own a piece of local History. To appreciate this house and its craftsmanship you must see it yourself. Contact listing agent Keith Kyle with Vista Sotheby’s International for more information or for a private showing. 310.251.2344
Here’s a helpful chart to see how the changes in the tax policy impacts Torrance and all California property owners.
| PREVIOUS LAW | 2018 LAW | |
| MORTGAGE INTEREST DEDUCTION | Capped at $1M | Capped at $750,000 |
| STATE AND LOCAL TAX DEDUCTION | Unlimited | Deduction capped at $10,000 (income, sales and property combined) |
| CAPITAL GAINS EXEMPTION ON SALE OF PRIMARY RESIDENCE | Exclusion of up to $250,000 ($500,000 if married) of gain realized on sale or exchange of principal residence if lived in for 2 of the last 5 years |
No change |
| 1031 LIKE-KIND EXCHANGES | Applied to all classes of property (e.g. personal and real) | Limits non-recognition of gain to real property |
| PERSONAL DEDUCTION | Allowed | Eliminated |
| STANDARD DEDUCTION | $6,350 individual and $12,7000 if married | $12,000 individual and $24,000 if married |
| MID FOR SECOND HOMES | Capped at $750,000 | |
| HOME EQUITY LOAN DEDUCTION | Capped at $100,000 | Not deductible unless the proceeds are used to substantially improve the property |
| MOVING EXPENSE EXCLUSION AND DEDUCTION | Incurred in connection with change in work place | Eliminated except for members of armed forces on active duty that move pursuant to military orders |
| CHILD TAX CREDIT | $1,000 for each child | $2,000 for each child |
| DEDUCTION FOR QUALIFIED BUSINESS INCOME OF PASS-THROUGH ENTITIES INCLUDING INDEPENDENT CONTRACTORS | None | 20% deduction of taxable income phased out above $157,000 ($315,000 if married) for brokerage services |
| DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (RESIDENTIAL RENTAL) | Recover period is 27.5 years | No change |
| DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (NONRESIDENTIAL) | Recover period is 39 years | No change |
| DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (LEASEHOLD IMPROVEMENTS) | Recover period is 15 years | No change |
Home staging is an important part of the preparation process when selling a house. Whether fully staging the home using a professional stager, or simply de-cluttering and adding something to the owners current furniture, staging can make the difference between a home selling quickly and sitting on the market. Here are a few pointers to help prepare your Torrance home for sale. If you have given any thought to selling your home in Torrance or the South Bay, we can help. Contact us for information on how we sell homes or find the value of your home in Torrance CA.
