Torrance real estate and homes for sale

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5 Mortgage Musts for Torrance CA Homebuyers

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There are a number of things a buyer needs to do to get a mortgage and the earlier these are done in the process the less stressful theCharts and paperwork process.  Knowing about your financing abilities eliminates many challenges and stresses that may come up in the home buyer process in Torrance and the loan process for any Southern California home.  Also see how a change in your rate can greatly impact how much of a home you qualify for.  Here are 5 essential steps to successfully navigating the mortgage process:

5 Mortgage Musts

  1. Get pre-approved:  In a highly competitive housing market, it’s imperative to be pre-approved to give yourself the best chance of an offer being considered.  Most realtors and sellers won’t even consider an offer with financing if a preapproval letter isn’t included.
  2. Choose a realtor that can help mitigate appraisal problems.  A good realtor will meet the appraiser with the most current information in hand.  As a local real estate expert often knows more than the appraiser, the realtor may have insight and information not readily available to the appraiser.
  3. Know your credit score:    It’s not only important to have good credit and know your credit score, but equally important that your credit score stays the same throughout the escrow process.  No big purchases, no opening numerous new credit lines and no late or missed payments.
  4. Review the closing disclosure forms or CD.  Due to regulations, lenders must provide you with a closing disclosure at least 3 days before closing in order to see fees, details, etc.
  5. Make it through underwriting:  Before you get loan clearance and final approval, your mortgage has to go through the underwriting process.  Be ready and supply the underwriters with all requested documents quickly to avoid the stress of needing to ask the seller for extra time.  Most loan contingency periods are 21 days or shorter so time is of the essence in the loan process.

Torrance Alternative: Remodeled Single Family at 6439 Denmead

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**UPDATE – This home has sold but there are certainly other opportunities.6439 Denmead St

6439 Denmead, Lakewood CA

This is the home you have been looking for.  From the moment you enter you’re struck by the bright and open concept layout perfect for today’s lifeastyle.  The home was recently expanded and extensively remodeled with no expense spared.  Enter through the beautiful glass front doors inset with decorative iron and into the expansive living room.  You are immediately struck by a sense of space found in only luxury homes. This custom redesign and remodel was inspired by the California lifestyle with open spaces and direct access to the oversize yard and patio with indoor outdoor living in mind.

The living room area opens directly to the kitchen and dining areas as well as the sliders to the backyard.  The kitchen is the true showcase of

the home with quartz countertops, gleaming cabinetry, oversized kitchen island, black stainless steel appliances and custom LED lighting.  Perfect for entertaining, the kitchen offers plenty of room for family gatherings and neighborhood get togethers.   Sliders just off of the dining area make for the easy enjoyment of the great yard and patio areas and make for perfect indoor outdoor living.  The huge backyard offers an abundance of space from the large grassy yard to the mature avocado, tangerine, dwarf lemon, dwarf orange, persimmon trees to the raised garden beds.

  • Priced at $715,000
  • 3 Bedroom + office, 2 1/2 Bath
  • 1,850 Sq Feet
  • Huge 8000+ foot lot

With no direct neighbors off of the backyard the yard enjoys a fantastic level of privacy.  The home offers 3 spacious bedrooms including the beautiful master suite.  Enjoying great light with an abundance of windows and doors fronting the yard, the master suite offers the perfect retreat.  Dazzling master bath features include dual vanities, separate tub and frameless rain shower.  The additional two bedroom face the front of the home allowing great light and airflow with beautiful flooring, large windows and brushed nickel ceiling fans.  Hall bath enjoys beautiful tile work, frameless glass shower/tub and more.   Additional details in this wonderful home include a separate laundry room, power room off of the living area, large office area, new air conditioning unit, tankless water heater, solar power, and a two car detached garage.

Contact listing agent Keith Kyle with Vista Sotheby’s International Realty for more information or for a private showing.

As Interest Rates Rise….how Does it Impact Torrance Home Buyers?

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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.

Interest rate impact infographic

Historical Interest Rates since 1972

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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.

Our Latest Torrance Listing Featured in The Daily Breeze

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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

Daily Breeze article on Cota

Beautiful Historic Craftsman at 1323 Cota in Old Torrance – Sold

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1323 Cota, Torrance CA 90501Craftsman homes in Old Torrance 90501

**Update as this beautiful home has sold**

    • $899,000
    • 3 bedroom, 1 1/2 bath
    • Huge 10,500+ foot lot
    • 1,944 Sq Feet

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