Order Real Estate Evaluation Memorandum

Order Real Estate Evaluation Memorandum
Subject: 8067 Oaktree Lane is Highly Recommended Based on Sanchez Family Criteria
As asked, we evaluated multiple homes based on the criteria provided by our clients, the Sanchez family. Based on our research, we have three excellent options: 8067 Oaktree Lane in Columbia, 9010 Philip Dorsey Way in Columbia, and 8469 Hill Street in Ellicott City. We recommend that the family purchase 8067 Oaktree Lane as it meets all of their requirements: location, size, price, comparables, schools, and local amenities.
8067 Oaktree Lane Perfect in Terms of Location, Size, and Price
We believe the perfect home for the Sanchez family is located at 8067 Oaktree Lane in Columbia, Maryland. Shown in Figure 1., the home meets all the requirements that the family desires. Not only is the home gorgeous contemporary style, but we believe our clients will appreciate the location, size, price, and comparable value.
A picture containing grass, tree, outdoor, sky Description automatically generated
Figure 1. 8067 Oak Tree Lane. Note. Image adapted from http://www.zillow.com/8067/Oaktree21044
Order Real Estate Evaluation Memorandum
Well within a 30-minute commute. 8067 Oaktree Lane, Columbia, Maryland is within an ideal commuting distance for Mr. and Mrs. Sanchez. Location was the most important requirement for the Sanchez’s, with no more than 30-minute commute time for the couple. The home is 27-minutes from Mr. Sanchez’s office in Silver Spring, Maryland, and 18-minutes from Woodlawn, Maryland; the location is well within the couple’s requirements (Google, 2021a). To determine this result, we calculated the average commute times based on rush traffic on RT. 29—the main highway leading to Fulton.
Spacious home with lots of acreage. The home has more than enough room for the Sanchez family to live and play. The family wanted a home with a minimum of 4 bedrooms on a quarter-acre lot. The home is situated on a nearly half acre lot (.47 acres) with 2/3 of acreage being in the front yard (Zillow, 2021a). The home itself is 2800 square feet with four bedrooms and 3.5 baths (Zillow, 2021a). Not only does this home meet the size requirements, but the surrounding acreage is more than double the requirement, which means the family will have ample space for outdoor activities on the property. All the homes in the development are comparably sized and offer larger lots than other nearby developments (Zillow, 2021d, 2021e).
Falls nearly $900 monthly under budget. Not only is the home in a desirable area, but the price is ideal for our clients. Our clients wanted a home that fits their monthly budget of $4000 per month or roughly 30% of their take-home pay. The total of $515,000 mortgage with $110,000 down of this home translates to $2350 per month, including $3250 per year in property taxes and $720 per year in HOA fees. The home falls well under budget, saving our clients $900 per month. The savings associated with the home can be attributed to its older construction–the home has been on the market for over 240 days with a considerable price reduction–our clients can use the additional savings to remodel the house using a HUD redevelopment loan (Zillow, 2021a).
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Comparably priced and a tremendous value. Comparable homes within the area ensure a substantial resale value, should the Sanchez family decide to sell in the future. As standard practice, we want to ensure that comparable homes were with 10%-20% of the home value of 8067 Oaktree Lane. Homes in the area averaged $207 per square foot, with a total home price between $530,000 and $570,000 (Zillow, 2021e; 2021f). The home was well within the 10%-20% range, meaning homes in the area are comparably valued. All of the homes within the development were built by Ryan Homes in 1993 with little variance in both home size and lot size (Zillow, 2021a; 2021e; 2021f).
Local schools are nationally ranked. With some of the best schools in the area, the Sanchez family can be confident in providing a quality education for their three children. This home is located within the Howard County school district, which ranks

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