At Broward Property Buyers Pro, we're committed to offering fair, competitive prices for Hollywood homes. Our team of local real estate experts uses advanced market analysis tools and on-the-ground knowledge to craft offers that reflect current market conditions. We analyze recent sales data, Hollywood's specific market trends, and your property's unique features to ensure our offer is both fair and competitive.

Here's how our approach can benefit Hollywood homeowners:

1. Real Estate Agent Commissions:

• The average commission in Hollywood is 5.37% of the home's sale price.

• For a median-priced home in Hollywood ($470,000 as of August 2024), this amounts to $25,239 in commissions.

• By selling to us, you avoid this substantial fee entirely.

2. Closing Costs and Fees:

• Average seller closing costs in Hollywood: 3.23% of the home's purchase price (approximately $15,666 for a median-priced home of $485,000)

• Real estate commissions in Hollywood: 5.37% on average (2.82% for listing agent, 2.55% for buyer's agent), totaling about $26,045 for a median-priced home

• Buyer incentives: Sellers typically spend about 2% ($9,700 for a median-priced home) on incentives to secure a sale• Property tax rate in Hollywood: Approximately 1.53%, higher than the Florida average of 1.14%

• Total selling costs: When combining closing costs, realtor fees, and typical buyer incentives, Hollywood sellers can expect to spend about 10.6% of their home's value in the selling process, which amounts to approximately $51,410 for a median-priced home.

3. Repairs and Renovations:

• The average cost of preparing a home for sale in Hollywood typically ranges from 1% to 3% of the home's value.

• For a median-priced home in Hollywood ($478,402 as of August 2024), this could mean spending $4,784 to $14,352 on repairs and updates.

• Cash buyers in Hollywood, like Broward Property Buyers Pro, typically purchase homes "as-is," eliminating these expenses for sellers.

4. Holding Costs:

• Homes in Hollywood stay on the market for an average of 75 days.

• For a median-priced home, total holding costs for this period could amount to approximately $7,000.

5. Home Staging and Marketing:

• Professional staging in Hollywood can cost $1,200 to $3,500 initially, plus monthly fees.

• Marketing expenses can add an additional $400 to $800.

• These costs are eliminated when selling to us.

6. Seller Concessions:

In traditional sales in Hollywood, sellers are increasingly offering concessions to attract buyers in the current market conditions.

• According to recent data, approximately 24% of single-family properties and 13% of condominiums in the Miami MLS (which includes Hollywood) sold with seller concessions in early 2024.

• The median seller contribution as a percentage of the sales price was 1.3% for single-family homes and 0.9% for condominiums.

• For a median-priced home in Hollywood ($478,402 as of August 2024), this could amount to approximately $6,219 in seller concessions for a single-family home, based on the 1.3% median contribution.

On average, you can expect to pay around $49,288 in total costs for a median-priced home. Keep in mind that these figures are estimates based on median home values and average costs in Hollywood, and your actual expenses may vary depending on your specific situation and the current real estate market conditions.

“We Buy Houses” companies typically offer 70-90% of a home's market value. While this may seem low at first glance, when you factor in the savings on the above costs, the net proceeds can be comparable or even favorable to a traditional sale, especially for homes needing significant repairs or for sellers prioritizing a quick and easy transaction.

In South Florida specifically, cash sales are particularly common. In April 2024, about 25% of single-family home buyers in Miami-Dade and Broward counties paid in cash, with even higher percentages in Palm Beach (49%) and Martin (61%) counties. This prevalence of cash buyers in the market suggests that many sellers in the area find value in this option. In conclusion, the elimination of various selling costs and the benefits of a quick, certain sale can make them a profitable and attractive option for many homeowners, especially in the South Florida market.

Don't just take our word for it. We encourage you to shop around. Compare our offer, our lightning-fast closing times, and our hassle-free process to other options. We're confident you'll see the value in choosing Broward Property Buyers Pro for your Fort Lauderdale home sale. Ready to get your no-obligation cash offer? Let's talk today!

Sources:

1. Broward County Property Appraiser website (bcpa.net)

2. Hollywood city official website (www.hollywoodfl.org)

3. Zillow.com - Hollywood real estate statistics

4. Realtor.com - Market Overview for Hollywood

5. MIAMI Association of Realtors - Market Data

6. Florida Association of Realtors - Reports and statistics

7. Local news articles covering Hollywood housing market trends

8. Redfin.com - Hollywood home sales data

9. Recent sales data from local MLS listings

10. U.S. Census Bureau - population and housing data for Hollywood

At Broward Property Buyers Pro, we specialize in purchasing homes in any condition, including those that need repairs or are in poor shape. We accept all conditions: Whether your Hollywood property has structural issues, water damage from a recent hurricane, outdated electrical systems, or even pest problems, we're interested. We've seen it all in Broward County and we're prepared to make an offer.

We invite you to reach out for a no-obligation cash offer and experience the ease of selling your Hollywood home as-is to Broward Property Buyers Pro.

If you're facing foreclosure in Hollywood, selling your home can be a viable solution to avoid the severe credit impact and financial consequences. Acting quickly is crucial, as you have options until the foreclosure auction. While a traditional sale might fetch the best price, it may take too long in a foreclosure situation. A short sale is an option if you owe more than your home's worth, but it requires lender approval and can be time-consuming.

Selling to a cash buyer like Broward Property Buyers Pro offers a faster alternative, often closing in 7-14 days. This can be quicker than the foreclosure process, which in Florida requires lenders to give at least 30 days' notice before filing a lawsuit. While exploring these options, try negotiating with your lender to pause the foreclosure process. Remember, selling before foreclosure can help preserve your credit score and provide a fresh start.

We at Broward Property Buyers Pro specialize in helping homeowners in such situations, offering fast, cash sales that can help you avoid foreclosure, save your credit, and move forward with less financial stress.

When selling a house in Hollywood, Florida, there are several key factors to consider:

1. Market Trends:

• As of August 2024, the median home price in Hollywood is $470,000, representing a 4.1% decrease from the previous year.

• The Hollywood housing market is considered balanced, with a slight advantage to buyers.

2. Selling Speed:

• Homes in Hollywood had an average of 75 days on market in August 2024, up from 59 days the previous year.

• 41% of homes were sold within 30 days, indicating a relatively fast-moving market for well-priced properties.

3. Pricing Strategy:

• 69.4% of homes sold below asking price, suggesting buyers have significant negotiating power.

• Accurate initial pricing is crucial, as overpriced homes may linger on the market.

4. Cash Buyers:

• In Broward County, which includes Hollywood, 34.8% of closed sales in July 2024 were all-cash transactions.

• The Miami-Fort Lauderdale-West Palm Beach metro area continues to attract international purchasers, many of whom are cash buyers.

5. Seasonal Considerations:

• September is typically the best month for selling a house in Hollywood, with homes selling fastest and for the most money.

• February tends to be the slowest month, with homes selling for 94.8% of the list price.

6. Costs to Consider:

• Real estate agent commissions in Hollywood average 5.37% of the home's sale price (about $25,239 for a median-priced home).

• Seller closing costs average 3.23% of the purchase price (approximately $15,181 for a median-priced home).

• Preparing a home for sale can cost 1-3% of the home's value ($4,700 to $14,100 for a median-priced home).

7. Local Market Nuances:

• Different neighborhoods in Hollywood show varying trends. For example, Hollywood Lakes saw a 3.9% decrease in home prices compared to last year.

• The Broward County Property Appraiser's website (https://web.bcpa.net/) provides comprehensive property data, including recent sales, property values, and market trends for specific neighborhoods within Hollywood. It is great resource for researching local market trends and nuances.

8. Property Types:

• Consider the specific type of property you're selling. Single-family homes, condos, and townhouses may have different market dynamics in Hollywood

• Overall property tax rate: The median property tax rate in Hollywood, FL is 1.53%, which applies to all residential properties regardless of type.

• City millage rate: For fiscal year 2024, the City of Hollywood's property tax rate is 8.0846 mills (or 0.0080846 when expressed as a percentage). This is part of the overall property tax rate and applies to all property types.

9. Economic Factors:

• Hollywood's job market and population growth contribute to sustained housing demand.

• Keep an eye on interest rates, as they can significantly impact buyer purchasing power and demand.

Understanding these factors can help you make informed decisions when selling your house in Hollywood, from pricing strategy to timing your sale and negotiating offers. We're happy to provide more detailed information during our free, no-obligation consultation.

Sources:

1. Realtor.com - Hollywood Market Overview

2. Redfin.com - Hollywood Housing Market Trends

3. Zillow.com - Hollywood Home Values

4. MIAMI Association of Realtors - Monthly Market Reports

5. Broward County Property Appraiser website

6. Florida Realtors - Florida Housing Market Reports

7. U.S. Census Bureau - Hollywood QuickFacts

8. City of Hollywood official website

9. National Association of Realtors - Local Market Reports

10. Trulia.com - Hollywood Real Estate Trends

Hollywood's real estate market is characterized by its diverse neighborhoods and strong coastal appeal, significantly influenced by its strategic location between Miami and Fort Lauderdale. As of August 2024, the median home price in Hollywood is $470,000, representing a 4.1% decrease from the previous year. This trend indicates a market that's currently more favorable to buyers, offering opportunities for those looking to enter the Hollywood real estate scene.

Hollywood's real estate market is propelled by several key economic drivers. Tourism plays a significant role, with the city's famous beach and Broadwalk attracting visitors year-round. The hospitality sector, including hotels and restaurants along the beach, contributes substantially to the local economy. The presence of Memorial Regional Hospital, one of the largest in Florida, anchors a robust healthcare sector, influencing both job market and housing demand in surrounding areas.

The city's appeal is further enhanced by its strategic location and diverse amenities. Hollywood-Fort Lauderdale International Airport, located partially within the city limits, serves as a major transportation hub.

The presence of educational institutions like Barry University's Hollywood campus adds to the area's allure for students and educators.

The Hollywood market has seen important new developments, particularly in the downtown area, aimed at revitalizing and modernizing the city center. Hollywood's downtown area is undergoing significant revitalization with a variety of new developments. Over 3,500 new residential units are either under construction or approved in and around the downtown core. Notable projects include the 26-story Bread Building Project with 362 units, the mixed-use 1818 Park incorporating the historic Great Southern Hotel's façade, and the luxury Soleste Hollywood Village and Boulevard apartments. Commercial developments like the Icon Office Building are adding modern workspace to the area. The Young Circle Redevelopment project is bringing 802 residential units and 180,000 sq. ft. of commercial space.

Infrastructure improvements, such as the Downtown Hollywood Streetscape Improvement Project, are enhancing walkability and aesthetics. The Community Redevelopment Agency is investing $14 million in streetscape improvements. Cultural enhancements include over 30 new outdoor murals. Additionally, adaptive reuse projects like the Circ Residences transformation are meeting the growing demand for modern living spaces. These developments collectively aim to create a more vibrant, walkable, and livable downtown area while preserving Hollywood's historic charm.

The market is particularly attractive to cash buyers, with 34.8% of closed sales in Broward County (which includes Hollywood) being all-cash transactions in July 2024. This high percentage of cash purchases indicates a strong investor presence in the market. Seasonal demand, influenced by snowbirds and tourists, typically peaks in September, which is considered the best month for selling homes in Hollywood.

Hollywood's real estate market benefits from the city's efforts to balance development with preservation. The city has implemented various redevelopment initiatives, particularly in the downtown area and along the beach, which have helped to maintain property values and attract new residents and businesses. The Downtown Hollywood Streetscape Improvement Project is enhancing Hollywood Boulevard with wider sidewalks and improved outdoor spaces.

A major project at Young Circle is adding 802 residential units and 180,000 sq. ft. of commercial space. The Beach District Redevelopment covers 293 acres, focusing on area improvements. Under the Live Local Act, oceanfront hotels are being redeveloped into residential units. The city has adopted a Complete Streets Policy to enhance downtown access and added over 30 outdoor murals for cultural enhancement. The CRA has allocated approximately $14 million for streetscape and lighting improvements.

Additionally, plans are underway to transform the Orange Brook Golf Course into a mixed-use development with a hotel and apartments. These initiatives collectively aim to maintain property values, attract new residents and businesses, and improve the overall quality of life in Hollywood.

This combination of a buyer-friendly market, diverse housing options, strong tourism sector, strategic location, and ongoing development initiatives makes Hollywood a unique and compelling real estate market. It offers opportunities for a wide range of buyers, from first-time homeowners to investors and retirees looking for vacation properties.

Sources:

1. Redfin.com (Hollywood Housing Market trends)

2. Bankrate.com (Hollywood, FL Housing Market data)

3. WhatsMyCashFlow.com (Hollywood Housing Market Forecast)

4. PropertyShark.com (Hollywood, FL Real Estate Market, Home Prices & Sales Trends)

5. MiamiRealtors.com (Southeast Florida 2024-2025 Housing Outlook)

6. City of Hollywood official website (hollywoodfl.org)

7. Broward County Property Appraiser's website (bcpa.net)

8. Memorial Healthcare System website (mhs.net)

9. Fort Lauderdale-Hollywood International Airport website (fll.net)

10. Barry University website (barry.edu)