Thinking about selling your Murray home but not sure where to price it? You are not alone. Setting the right list price is one of the toughest calls you will make, especially in a smaller market where every sale counts. A well-built Comparative Market Analysis, or CMA, shows you how buyers and appraisers are likely to view your price so you can list with confidence. In this guide, you will learn what a CMA includes, how local comps are chosen in and around Murray, which adjustments matter most, and when to refresh your numbers before you list. Let’s dive in.
What a CMA shows about your price in Murray
A CMA is a research-backed estimate of your likely list price and price range. It blends market data with professional judgment so you can avoid guesswork and reduce appraisal surprises. Here is what it typically includes and why each part matters:
- Subject property profile: GLA, bed/bath count, lot size, age and condition, roof and HVAC age, parking, and any unique features like proximity to Murray State University or a finished basement.
- Recent closed sales: The foundation of pricing. A CMA uses several recent closed sales that are most similar and nearby. Appraisers and lenders put the most weight on these.
- Pending sales and active listings: Pendings hint at where the market is heading and actives show your competition. These guide strategy but carry less weight than closed sales.
- Expired or withdrawn listings: These reveal where sellers priced too high or missed the market, helping you avoid the same mistake.
- Price per square foot and market metrics: Sold price per GLA, median days on market, inventory trends, and recent direction. In Murray, tracking several months helps catch short-term shifts.
- Adjustments worksheet: Side-by-side comparisons with dollar adjustments for differences in size, condition, basement finish, lot, garage, and location. Clear logic is key.
- Recommended list price range and strategy: Options for aggressive, market, or conservative pricing, plus a net sheet that estimates your take-home after common costs.
- Supporting exhibits: MLS pages, county records, photos, and documentation of improvements so your pricing stands up to scrutiny.
How comps are chosen in Murray
Picking the right comparables is half the battle. In and around Murray, your CMA should explain both the choices and the reasoning.
Proximity and neighborhood context
- First look inside your immediate neighborhood or subdivision. If needed, expand to nearby areas within the city or adjacent parts of Calloway County that share similar characteristics.
- Keep context in mind. Proximity to downtown Murray, access routes toward I-24, and distance to recreational areas like Kentucky Lake can shape buyer demand.
Timeframe and market recency
- Aim for closed sales from the last 3 to 6 months, then extend to 6 to 12 months if data is thin. Smaller markets sometimes require older comps, paired with careful time adjustments.
- If the market is shifting, recency matters more. Use pendings to understand momentum.
Property traits that matter near campus
- Match key features: GLA, bed/bath count, lot size, age, condition, finished basement, and garage.
- Near Murray State University, the intended use can influence value. Homes used as student rentals may not compare directly to owner-occupied single-family homes.
When comps are scarce in Calloway County
- Expect fewer perfect matches than in big cities. If you must reach outside Murray proper, your CMA should explain why and show the adjustments for location, time, and differences in features.
Why adjustments matter for a smooth appraisal
Adjustments convert a comp’s sale price into an apples-to-apples comparison with your home. They reflect what a typical buyer would have paid if the comp matched your property exactly.
Common Murray adjustments
- Size and GLA: Often the largest adjustment, based on local price per square foot patterns.
- Condition and updates: Renovated kitchens, baths, a new roof or HVAC, or an addition can require positive or negative adjustments depending on which home is superior.
- Basement finish and livability: Finished basements and usable space carry value that varies by neighborhood.
- Lot size and usability: Larger or more functional lots, or special access such as lake proximity, can add value.
- Parking and garages: Carports and garage bays matter in areas where covered parking is typical.
- Location within town: Convenience to schools, downtown, and campus can add value. Proximity to busy roads or industrial uses can reduce it.
- Market timing: Rising markets may require upward time adjustments to older comps. Cooling markets may require downward adjustments.
Aligning with the appraiser
- Appraisers focus on closed sales and follow defined standards. A CMA that prioritizes closed, nearby, and recent comps with clear adjustments will likely align better with the appraisal.
- Overreaching on adjustments can lead to appraisal gaps. A supported price range with transparent logic helps protect your deal.
Documentation you should gather
- Improvement receipts and invoices
- Permit copies, where applicable
- A written list of upgrades with dates and costs
- Clear photos that show condition and finishes
Providing proof makes your value story stronger. Document your upgrades so both buyers and the appraiser see the full picture.
CMA vs online estimates in Murray
Automated valuation models can be a quick starting point. They are free and fast, and they use recent sales and public records to generate a ballpark estimate. In a smaller market like Murray, they often miss key details.
- Data can be sparse or delayed. AVMs may not see a new roof, a finished basement, or a high-quality renovation.
- AVMs cannot account for micro-differences, like whether a home is near campus, on a quieter street, or close to a busy corridor.
- They may mishandle distressed or non-arm’s-length sales.
A CMA done by a local professional adds on-site awareness, context, and a pricing strategy. It is also built to align with a lender’s appraisal, which relies on closed sales and documented adjustments. Use an online estimate as a starting point, not as your list price.
When to refresh your CMA
Pricing is not a one-and-done move. You should revisit your CMA as you approach the market and as new information comes in.
- Initial planning CMA: 2 to 3 months before listing to set strategy and identify repairs.
- Pre-listing refresh: Within 14 to 30 days before going live to capture the newest comps and competition.
- Day-of-listing check: A quick scan for new pendings or price changes so you launch with the latest data.
Refresh immediately if you see two or more new closed sales nearby, noticeable shifts in inventory, significant price changes on competing listings, local news that could move demand, or if you complete major upgrades after the last CMA.
A simple pre-list timeline
- 6 to 12 months out: Preliminary CMA and a plan for low-cost fixes or maintenance.
- 3 months out: Revised CMA to confirm trends and begin improvements.
- 30 days out: Finalize pricing strategy and marketing prep.
- 7 to 14 days out: Final refresh and set your list price.
A practical seller checklist
Use this quick list to keep your pricing sharp and defendable.
- Re-run the three most relevant closed sales plus two recent pendings or actives.
- Review days on market and price-change history for competing listings.
- Verify any new public-record transactions.
- Update your recommended price range and timeline.
- Refresh your seller net sheet with current cost assumptions.
- Organize documentation: receipts, permits, and new photos.
Set your strategy with local valuation expertise
You deserve a listing plan that is both local and defensible. With in-house appraisal and valuation capabilities and a brokerage team that knows Murray and Calloway County, you get clear pricing guidance, transparent adjustments, and a go-to-market strategy built to align with appraisal realities. If you are considering a sale in the next year, let’s map your CMA, improvements, and launch timeline now so you can move with confidence.
Ready to talk pricing and timing? Connect with Dustin Hawkins to Request a Market Valuation & Strategy.
FAQs
How many comps are used in a Murray CMA?
- Most CMAs include 3 to 6 closed sales plus 3 to 5 active or pending listings for context, with clear notes if older or farther comps are needed.
Will a higher list price change my appraisal result?
- Appraisers base value on closed sales, not the list price. An unsupported high list can cause appraisal gaps and delays.
How are unique features handled in Murray pricing?
- Unique or luxury elements require careful, documented adjustments and sometimes a wider search area or paired-sales analysis to support value.
Do Calloway County tax assessments equal market value?
- No. Assessments are for taxation and often lag the market. CMAs and appraisals lean on actual market sales.
What documents should I prepare for the appraiser?
- Provide receipts for upgrades, permit copies, a dated list of improvements with costs, and clear photos to support condition.
How close should comps be to Murray State University when my home is near campus?
- Aim for comps that share similar proximity and use. Properties used as student rentals may not compare directly to owner-occupied homes and should be evaluated carefully.
