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.