By Jenelle Etzel, October 20, 2025
When it comes to pricing a home for sale, there’s far more to it than crunching numbers. Portland broker Cristen Lincoln, who has been helping people buy and sell homes here for nearly 30 years, calls it both an art and a science. In a recent episode of Open House, Cristen shared her approach to crafting a Comparative Market Analysis (CMA) and why understanding the difference between a CMA and an appraisal is essential for both agents and sellers.
CMA vs. Appraisal: Knowing the Difference
“An appraisal determines value at a moment in time,” Cristen explains. “It relies heavily on data from past sales.” A CMA, on the other hand, is a strategic tool that helps agents position a property within the market to attract the right buyers and meet the seller’s goals.
That distinction matters. An appraisal is a snapshot, while a CMA is a strategy. It’s about understanding where a home fits in the current landscape of listings and how to market it to achieve the best possible outcome.
The Foundation of Every CMA: Seeing the Home
Cristen’s process always starts the same way: by visiting the property. “You can’t understand a home’s value without stepping inside,” she says. Data will tell you the basics, but what it can’t capture are the intangibles: the light in the living room, the flow of the floor plan, the way a home feels.
From there, Cristen layers in her research, combining data from the multiple listing service with her own experience and a constant awareness of what buyers are responding to in the market right now.
“It’s both art and science,” she says. “Part of it is in my head from being in homes every week, and part of it comes from diving deep into the numbers.”
Aligning with the Seller’s Goals
Every CMA begins with a conversation about the seller’s expectations. “My job is to help them execute their goals,” Cristen explains. “But if the data doesn’t support those goals, I have to be honest about that.”
Instead of guessing or sugarcoating, she takes a collaborative approach, walking sellers through the data, exploring what it says, and talking through the potential outcomes of different pricing strategies. “It’s not a big reveal anymore,” she says. “It’s a partnership.”
When the Data Doesn’t Match the Dream
Sometimes the numbers tell a story sellers don’t want to hear. Cristen sees honesty as the kindest response. “I’d rather have that tough conversation now than let them get their hopes up and have the market disappoint them later,” she says.
That’s where experience matters most, knowing when to adjust expectations and when to take a calculated risk on “going for gold.” As Cristen puts it, “My job isn’t to say yes because they like it. My job is to do the real work.”
The Emotional Side of Value
While data drives much of the conversation around pricing, Cristen never forgets that selling a home is deeply personal. Every house carries a story, and understanding that story helps her bring humanity into the process.
Pricing well means listening carefully, guiding honestly, and balancing emotion with expertise. For Cristen, that balance is what builds trust and leads to the best results.
Listen Now
Episode 7 is live. You can find it on Spotify, Apple Podcasts, or anywhere you listen. Search for Open House: Everyday Excellence and start with Mastering the CMA with Cristen Lincoln.
Jenelle Etzel
President & Owner, Licensed Broker OR
She/Her
What does being lead singer and guitar player in a female punk band have in common with starting a real estate company in the middle of a recession? Not many people can answer that question. But when you ask Jenelle Isaacson Etzel founder and CEO of Living Room Realty, there’s no hesitation; where most would see a chasm, she sees a bridge.
For Jenelle, it’s all been about finding a voice—the singular and irrepressible expression of self. Once a quiet, studious, high-school girl growing up in Portland, Jenelle started a punk band after college. She played guitar, wrote cathartic songs, performed, and traveled across country while living out of a van. All that seems light years from the present moment--owning a successful, growing company; serving on boards of civic and philanthropic organizations; enjoying family life with her two young daughters and long-time partner. Still, she uses the same voice now that began to emerge on stage years ago.
Whether it’s business or music, “It’s important to know what your voice is. If it’s true, it will resonate.” Jenelle’s voice, her truth, is about being brave enough to take action without apology, being heard without being exploited, to be energized, constantly problem-solving and refining her skills in the pursuit of building a purpose-driven company. All this requires risk-taking. She’s learned the hard way that she can’t fix everything and that not everyone will share her vision. But even as she explains the difficult choices she’s faced, Jenelle radiates joy.
“It’s never okay to play small,” she says with conviction. And this, more than anything, is what she strives to impart to other women, empowering them to pursue their passion whole-heartedly and to be leaders who speak with their own unique, unapologetic voice.
Living Room Realty, founded in 2009, offers residential, commercial, and property management services. Living Room ranks in the top 15 real estate companies in Oregon, with more than 110 affiliated broker-agents. For more information, visit www.livingroomre.com.
Noted Achievements: First west coast real estate office to receive B Corp status • Top Workplaces, 2014-2016 • 100 Best Workplaces in Oregon 2017 • 100 Best Green Companies 2017 • Oregon Business in Ethics Awards in 2014 • Jenelle has been featured in The Portland Monthly, Oregon Business, and REALTOR® Magazine • Portland Business Journal 40 under 40 Business Leaders • Board of Directors, Rock n Roll Camp for Girls, receiving 2015 award for creative philanthropy • Board Member, Entrepreneurs’ Organization Global Network, Portland chapter • Orchid Award recipient for Business and Civic Contributions • Guest speaker: OPB’s Think Out Loud, Investor Beat, Cascadia Green Building Council • Advocate speaking on behalf of Benefit Corporation legislation with Oregon Secretary of State, Kate Brown
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- jenelle@livingroomre.com
