Four Comps, a Zestimate, and a Seller Who Wants $449,000

Step 1 - price per square foot on closed sales.

• A: $430,000 ÷ 1,900 = $226/sq ft (but includes a garage and newer roof)
• B: $398,000 ÷ 1,760 = $226/sq ft (no garage, dated kitchen - closest to subject)
• C: $412,000 ÷ 1,820 = $226/sq ft (but updated baths and a garage, and 118 days stale)

The market has been paying roughly $226/sq ft for the above-grade living area, with amenities moving the number within that band.

Step 2 - apply to the subject. 1,850 × $226 ≈ $418,000 before adjustments.

Step 3 - adjust for what the subject lacks.

• Garage missing vs. A and C: about −$10,000 to −$15,000.
• Roof at 22 years vs. A's newer roof: about −$8,000 to −$12,000 (buyers price a roof at or near replacement cost).
• Oil heat, dated baths: small negative against C.
• Comp B, the closest match, supports the low end at $398,000.

Indicated value after adjustments: roughly $395,000–$410,000. Comp C is 118 days old and reflects a stronger market moment - do not lean on it. Comp D is pending, not closed, and has water frontage - it is a check on direction, not a value indicator.

Step 4 - reconcile to a list price. To net a sale near $405,000 at a 95.5% list-to-sale ratio, list at roughly $405,000 ÷ 0.955 ≈ $424,000.

Recommended list range: $419,000–$429,000. Market the roof honestly and be ready with a contractor estimate; buyers will discount it whether or not the seller discloses it.

Address the two sources directly, then put the recommendation in writing.

• The automated estimate is a model output with no inspection and no knowledge of the 22-year-old roof, the missing garage, or the expired listing. It is not a CMA, and the licensee should not treat it as one - nor should the licensee quote it as validation.
• The refinance appraisal was not an arm's-length marketing exercise: no showings, no negotiation, a different scope and purpose, and an appraiser working from different data. It also does not know what the market refused to pay for 190 days.
• The expired listing is the strongest evidence in the room. 190 days, 6 showings, 0 offers. Buyers saw it and said no. Re-listing at $449,000 - below $465,000 but still ~$25,000 above the indicated range - re-launches the same property with the same stigma and burns the second-best window of buyer attention.

Documentation:

• Deliver the CMA in writing, with the comps, adjustments, and the date.
• State plainly that the licensee is not performing an appraisal and that the CMA is an opinion of likely sale price, not a guarantee.
• Record the seller's instruction to list at $449,000, the advice given, and the fact that the seller chose the price.

Then make a business decision. A licensee may take a listing at a price the seller insists on after documented advice, but should not take it on an open-ended term with no price plan. Propose a written schedule: review at 21 days with showings and feedback, first reduction if no traffic, second review at 45 days. If the seller refuses any reduction mechanism, it is reasonable to decline the listing - an unsellable listing consumes marketing budget, creates liability, and puts the licensee's name on a property the market has already rejected.

Flag the appraisal gap before the offer is accepted.

• At 10% down on a $415,000 price, the loan is $373,500. If the appraisal returns at $400,000, the lender uses 90% of the lower of price or value: $360,000 - a $13,500 gap the buyer must cover in cash or renegotiate.
• The property's weakness (roof, no garage, prior 190-day exposure) is exactly the kind of thing an appraiser will weight, so the risk is above average here.
• Advise the seller, in writing, that a low appraisal is a realistic outcome and decide in advance how to respond: hold price and risk losing the buyer, reduce to appraised value, or split the difference.

Negotiation risk: a buyer who knows the prior list price of $465,000 and the 190-day history may anchor low and expect concessions. Prepare the seller for a second round rather than treating the first offer as an insult.

What must not be said:

• Do not call the CMA an appraisal, do not tell the buyer or seller what the property “will appraise for,” and do not offer to “talk to the appraiser to make sure it comes in.”
• Do not disclose the prior listing's showing counts or the seller's urgency to the buyer's side; that is confidential information.
• Do not suggest the buyer waive the appraisal contingency to “keep the deal clean” without spelling out the cash exposure.

Keep the CMA file, the comps used, and the date of the analysis - if the appraisal comes in low, a clean contemporaneous CMA is the licensee's best defense that the pricing advice was reasonable.