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5 Insider Tips to Get Best Deal on Pompano Beach

5 Insider Tips to Get Best Deal on Pompano Beach

Currently, the Pompano Beach real estate market is competitive. Last month, the median Pompano Beach home list price was $434,900, up 6.1 percent compared to the previous year. The median days on the market have increased slightly since last month and last year.

Why Choose Pompano Beach for Real Estate?

There are many perks to living in South Florida. Ed Cook Real Estate points out the top reasons people choose Pompano Beach. They include

  • Beautiful weather 
  • Lots of fun in the sun
  • Pompano Beach is a cultural hotspot 
  • Prime location
  • Top-notch condos
  • Variety of beaches

Featured Properties

The featured properties for sale are five units at 1 N Ocean Blvd, Pompano Beach, FL 33062. They include four two-bedroom units and a three-bedroom penthouse unit.

New Luxury Construction

New Luxury Construction - Pompano Beach

There are four areas under new construction. They include:

Plaza at Oceanside

The Plaza at Oceanside Condos is a premier location in South Florida.

Plaza Loft Collection

The collection has units with four-floor plans available. 

To help buyers and sellers, here are five tips based on Ed Cook Real Estate expertise in the Pompano Beach market.

1. Picking the Right Agent

Picking the Right Agent - Pompano Beach

Whether you are a first-time buyer or seller or have been through the process before, the experience can be stressful and complicated. Eighty-three percent of buyers and sellers choose to work with a real estate agent.

Agents find interested buyers, guide buyers and sellers through the process, and handle contract negotiations. Steps to take when choosing an agent include

  • Go online to compare real estate agents.
  • Get referrals.
  • Talk with a minimum of three agents. 
  • Ask questions such as
    • How long has the agent been in real estate?
    • Do they work primarily with sellers or buyers?
    • How many active agents work for the company?
    • Are they part of a team?
    • What is their specialty?
    • Are they equipped to handle your situation?
    • How do they market a home?
  • Explain how you wish to communicate.
  • Clarify why you are selling or buying.
  • Discuss a selling strategy and how many showings there will be.
  • Agree on all details

2. Be On the Lookout for New Buildings

New construction is an excellent opportunity for buyers. It helps avoid bidding wars and often means the property will be available in five or six months. Seasoned real estate agents can connect you with the property under construction or pre-construction.

They know the communities and have relationships with salespeople for the property. The agents stay on top of construction opportunities, follow property deals, and track projects being built. It is important to contact builders to see what inventory is available.

3. Watch Out for Inflated Prices

Watch Out for Inflated Prices - Pompano Beach

A big mistake buyers make is accepting the seller’s price without question. There may be comparable sales to use to compare with the asking price. Using that information prevents a seller from getting a price higher than the property is worth.

Do research and get multiple estimates from appraisers. Consider the overall market condition and condition of the home. If you are uncertain about the fair market value, offering less than the price the seller is asking is best. Sellers sometimes ask buyers to waive an appraisal. They want buyers to purchase the property even if an appraisal is less than the asking price.

It is a risky venture and could lead to losing an escrow deposit if you back out of the sale or pay cash for the difference between the purchase price and appraisal if your lender does not lend the extra money. 

When the market is hot, sellers may ask for more than a property is worth, and buyers sometimes overpay because they are emotionally attached. The overpayment puts the agent and buyers’ families at risk.

4. Become Familiar with the Neighborhood

Getting to know the people who live in the future neighborhood is the best way to learn about the community. Attend community events. Play golf with the locals and talk to future neighbors. They can recommend people you should meet. 

When you meet the people, ask about properties for sale. Such conversations often mean finding out about property before it hits the market. Learn about the homes you are interested in and be realistic about the price. 

Just as finding affordable items in a luxury store is unlikely, so is finding a bargain for a home in a desirable neighborhood. Research and understand the market before you shop. It helps avoid sticker shock and make informed decisions about where to purchase a home. 

5. Do Not Stop Inquiring

Find an agent like Ed Cook, who will exceed expectations to find the best home for you. Seasoned agents know how to find a property not listed on the Multiple Listing Service (MLS). They knock on doors and mail handwritten letters. 

The effort they put out pays off. An experienced agent has a network of area contacts, which allows them to find the best deals. With the proper strategy, agent, and mindset, finding a dream home for you is possible.

Choosing the Best Real Estate Agent in Pompano Beach

Choosing the Best Real Estate Agent in Pompano Beach

When you are serious about buying or selling a home, hiring an agent should be done within the next couple of months. Unless there is a good reason, such as upgrades or repairs, finding an agent too soon, may cause problems convincing them to serve you because you are not ready to make decisions.

You may make costly transaction mistakes if you wait too long to find an agent. Buyers should hire an agent before they express interest in a property. Sellers should hire an agent before pricing and listing their home online to ensure the agent can leverage their experience and knowledge for you.

Top Performer in Pompano Beach

Ed Cook is a professional real estate agent specializing in Intracoastal and luxury rentals and condominium sales in Pompano Beach, Palm Beach County, and Broward County. He knows the area because he lives, works, plays, owns, and invests at the Plaza at Oceanside in Pompano Beach.

Ed has listed and sold more than $50 million in real estate transactions. Email, text, or call him for answers to your questions. He will help you sell your property or show you The Plaza and other top-of-the-line properties.

Understanding Real Estate Market Trends

Understanding Real Estate Market Trends

For a while, the real estate market has had a low inventory. More properties need to be sold to meet buyers’ demands. While inventory has increased since April of 2023, homes for sale were down four percent at the end of September.

The growth is slow and nowhere near pre-COVID levels. A low inventory means buyers need to be on their toes. The best homes get snatched quickly. In September, the average number of days a property was on the market was 48. That is two weeks less than pre-2020 levels. 

Some advice to buyers includes

  • Sacrificing some wants
  • Expanding your search
  • Getting preapproved ASAP

A home in a great location with buyers’ desired features will get multiple offers. Other trends include

  • Annual home values are rising.
  • Mortgage interest rates are higher.
  • Online real estate services are growing.
  • Risky options are more accessible.

Benefits of Working with a Top Agent

You need more than luck in a competitive real estate market. Whether a buyer or seller, you need a seasoned real estate agent with negotiation finesse, market insight, neighborhood knowledge, and experience with details and contracts.

Reviews and Recommendations

Several sources give Ed Cook a five-star rating. Comments include his dedication, professionalism, and knowledge throughout the process. He oversees every aspect of transactions. His calm and kind demeanor instills confidence. He is ready with up-to-date information and answers about building projects in Pompano Beach.

Conclusion

Pompano Beach is becoming known as South Florida’s newest recreation and dining destination. The vibrant nightlife, active lifestyle, and natural beauty make it the ideal place to escape everyday hustle and bustle. 

Ed Cook Real Estate helps you find the perfect place to call home. We are familiar with the market in South Florida and will make the process as easy as possible. Our clients receive the best possible service. We work hard to find homes people love and we are there every step of the way.

FAQs

What is the average price of a home in Pompano Beach?

The average price is approximately $434,900. Prices vary depending on the property type and neighborhood. Luxury condos sell for over a million dollars.

Is Pompano Beach a safe area to live?

Generally, Pompano Beach is considered safe. Crime rates compare to other cities of the same size. It is important to take safety precautions and research specific areas. 

How does the cost of living in Pompano Beach compare to the national average?

In Pompano Beach, the cost of living is slightly higher than the national average, primarily due to housing costs. The overall cost of living is lower than in many other South Florida cities.

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