Case Study: 3-Bedroom / 2-Bathroom North Oakland Home
Are you considering selling your home in Oakland or the greater San Francisco Bay Area? Whenever you’re selling a home, there are lots of things to think about, including:
- Timing – How quickly do you need to sell your home? Do you need to sell this home in order to buy a new one?
- Market – How’s the overall market doing? Is now a good time to sell?
- Pricing – What are comparable homes priced at? What’s the best price to list your home at?
- Getting your home ready for the market – What updates need to be done? Should you have the home professionally staged?
- Priorities – Is it more important to sell quickly or at the best price?
As you can see, there are many pieces that go into creating a successful strategy for selling your home. When done right, selling your home can be a great way to build wealth for your family.
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Meet Heath
Please note: While the names in this story have been fictionalized to protect the identity of our clients, the story and numbers are very much accurate.
Let’s dive into the story of one of our recent sellers in North Oakland; we’ll call him Heath.
Following the Great Recession of 2008, Heath invested in a 3-bedroom, 2-bathroom home in North Oakland. He was looking for steady rental income, so he bought the home and found great long-term tenants.
The cash flow from the property was great, and over the years, as the area drastically improved, Heath’s home appreciated significantly in value.
Because of this, Heath realized that, while his ROI (return on investment) was great when based on the amount he originally put into his property, his ROE (return on equity) was quite low, given the appreciation.
In other words, if he sold the property and reinvested his profits from the sale, he could be making significantly more in passive income every month.
That, coupled with the fact that Heath no longer had time for the responsibilities of being a landlord, meant that Heath was ready to sell.
The Property
- Property type
- Single family home
- Bedrooms
- 3 BD
- Bathrooms
- 2 BA
- List price
- $799,000
- Sold price
- $1,001,000
- Days on market
- 9 days
Once Heath decided to sell, our team worked quickly and diligently to help Heath get his property ready for the market. We worked with Heath to determine his goals for the property, as well as his long-term wealth goals, assessed the condition of the property, provided recommendations for improving the property and pricing it right, and brought it to market within 6 weeks.
The home was already in good condition, but a few key updates put it over the top. We brought in professional painters and deep cleaners to give the place some sparkle. Our team also helped to make small cosmetic improvements, like replacing older light fixtures.
Top all that off with professional staging, professional photos, and well-designed and well-written marketing pieces, and the property was off to the races.
Because the home was beautifully updated, marketed well, and priced right, Heath quickly received multiple offers, and the property was sold within 9 days for $200,000+ over asking price.
Seller Success Story
Heath very easily could have continued holding onto this rental property for years to come, content to bring in a bit of passive rental income every month.
However, once he did the math and realized that his ROE (return on equity) was quite low, given all the appreciation over the years, he decided to sell the property.
Because Heath understood the value of fresh paint and cosmetic updates, as well as a smart pricing strategy, in attracting motivated buyers, his property attracted a lot of interest in a short amount of time.
This allowed Heath to sell the property for substantially more than he’d originally anticipated and gave the buyers a fresh, bright, and clean new place to call home.
Are You Considering Selling?
Whether you’re considering selling your primary home, a rental property, or a multi-unit property, we’re here to help. Our team has a strong track record in helping sellers reach the success they’re looking for. Be sure to check out all our 5-star reviews on Yelp!
We are pros at helping potential clients like you with:
- Defining your real estate and wealth building goals
- Helping you determine the right time to sell
- Creating a strategy to sell your home quickly and efficiently
- Pricing your home right, based on market comps, as well as your own goals
- Helping you determine key updates and improvements to drastically increase the value of your home and make it stand out among the competition
- Creating a robust marketing strategy that includes open houses, broker tours, and more, to attract the right buyers for your property
We’ve helped many people to successfully sell their homes here in the Bay Area, and we’d love to work with you as well. Whether you’re ready to sell, or you’re just exploring your options, start by scheduling a call with us.
