Real Estate Valuator

## Comprehensive Home Valuation Report ### Property Address: 789 Cedar Lane, Bellevue, WA --- ### 1. Home Details: - **Location**: 789 Cedar Lane, Bellevue, WA - **Square Footage**: 3,200 sq. ft. - **Number of Bedrooms**: 5 - **Number of Bathrooms**: 4 - **Age**: 15 years - **Lot Size**: 0.7 acres - **Special Features/Upgrades**: - Custom-built kitchen with granite countertops and stainless steel appliances - Master suite with walk-in closet and spa-like bathroom - Outdoor kitchen and patio with built-in grill - Home office with built-in bookshelves - Landscaped garden with a koi pond and waterfall ### 2. Market Trends: - **Local Real Estate Market Trends**: - Bellevue has experienced a significant rise in home prices over the last two years, with an average annual appreciation rate of 7%. - Currently, it is a seller’s market due to high demand and low inventory. - Increased interest in properties with home offices and outdoor living spaces. - The average time a home stays on the market has decreased, with many homes selling within a few weeks. ### 3. Recent Comparable Sales: - **123 Birch Road**: - **Sold Price**: $950,000 - **Square Footage**: 3,100 sq. ft. - **Number of Bedrooms**: 5 - **Number of Bathrooms**: 4 - **Special Features**: Renovated kitchen, large backyard with play area, energy-efficient windows - **Days on Market**: 20 days - **456 Pine Street**: - **Sold Price**: $975,000 - **Square Footage**: 3,300 sq. ft. - **Number of Bedrooms**: 5 - **Number of Bathrooms**: 3.5 - **Special Features**: Home gym, updated bathrooms, three-car garage - **Days on Market**: 18 days - **789 Maple Avenue**: - **Sold Price**: $920,000 - **Square Footage**: 3,250 sq. ft. - **Number of Bedrooms**: 4 - **Number of Bathrooms**: 4 - **Special Features**: New roof, smart home features, large deck with view - **Days on Market**: 22 days ### 4. Neighborhood Factors: - **Schools**: - Located in the award-winning Bellevue School District, including Medina Elementary School, Chinook Middle School, and Bellevue High School, all known for their academic excellence. - **Amenities**: - Close proximity to Bellevue Downtown Park and Meydenbauer Bay Park, offering outdoor activities and beautiful scenery. - Nearby shopping and dining options in Bellevue Square and Lincoln Square. - Easy access to tech companies and employment centers, such as Microsoft and Amazon, providing convenient commutes for professionals. - **Safety**: - Bellevue is recognized for its safe and well-maintained neighborhoods, with a strong community police presence. - Regular community events and active neighborhood associations enhance the sense of community and safety. --- ### Comprehensive Valuation: **Valuation Factors**: - **Location**: Bellevue’s prime location, close to tech hubs and amenities, significantly increases the property’s desirability and value. - **Square Footage and Lot Size**: The home’s 3,200 sq. ft. living space and 0.7-acre lot are above average for the area, contributing to a higher valuation. - **Age and Condition**: At 15 years old, the home is relatively modern, especially with well-maintained conditions and updates. - **Special Features/Upgrades**: The custom-built kitchen, master suite, outdoor kitchen and patio, home office, and landscaped garden with a koi pond are luxury features that add substantial value. **Comparable Sales Analysis**: - Comparing the provided home with recent sales (123 Birch Road, 456 Pine Street, and 789 Maple Avenue), the home at 789 Cedar Lane has several superior features, particularly the outdoor living space and premium upgrades. **Market Adjustments**: - Adjustments for the strong seller's market and high demand for homes with offices and outdoor spaces lead to a positive impact on the home's value. - Considering the average annual appreciation rate of 7%, the value of comparable properties, and the home’s unique features, an upward adjustment is warranted. ### Estimated Value: Based on the comprehensive analysis, the estimated value of the home at 789 Cedar Lane, Bellevue, WA, is **$1,050,000 to $1,100,000**. ### Recommendations for Maximizing Value: 1. **Minor Renovations and Staging**: - Refresh the interior with neutral paint and ensure all rooms are well-staged to highlight their functionality and space. - Enhance curb appeal with seasonal flowers and maintain the garden meticulously. 2. **Marketing Strategy**: - Emphasize the home office, outdoor kitchen, and landscaped garden in marketing materials. - Utilize high-quality photos and virtual tours to attract remote buyers. 3. **Timing**: - List the property during peak market seasons (spring and summer) to attract more buyers and potentially higher offers. --- This valuation provides a detailed and comprehensive analysis, taking into account all relevant factors to determine a fair market value for your home at 789 Cedar Lane.