Real Estate News March 2022


Spring is normally the best time of year to sell a home. The days seem longer, the flowers are in bloom and many people like to be in their new home by summer. Things that are different this year – the war in Ukraine (pray for peace) – supply chain issues – big spike in gas prices – inflation climbing to the highest levels since the early 80’s, stocks correcting and interest rates rising. However employment, very importantly, is good.
Mortgage rates have jumped to over 4% for the first time since 2019. If rates continue to rise over the course of the year and exceed 5%, we could expect to see price appreciation of homes dissipate, bidding wars disappearing and the hot real estate market we have enjoyed for years slow way down. Torrance still remains a great place to live and will always be in demand. Torrance was named one of the best 23 cities in the USA to live in.

In 2022 we could return to a “normal market,” when the number of qualified buyers willing to purchase equals the number of homes for sale. This would replace today’s “seller’s market,” where the number of qualified buyers willing to purchase exceeds the number of homes for sale.

Millman Team steps to a successful home sale:
1) Take time to do needed repairs.
2) Improve cosmetics like paint and landscaping.
3) Complete a spring cleaning and declutter.
4) Make it easy to show to qualified buyers.
5) Set a reasonable asking price to start.
6) Hire a full time professional Realtor with a
proven track record to represent you.