Final answer:
Real estate licensees are permitted to conduct a comparative market analysis (CMA) to estimate a property's market value, which involves collecting data on local home sales, often including checking the Real Estate section of a local newspaper.
Step-by-step explanation:
All real estate licensees are permitted to perform a comparative market analysis (CMA) for clients to assess a property's value. This service involves collecting data on local listing and sales prices to estimate what a property might sell for under current market conditions. A CMA is an important tool that helps in determining a home's market value by comparing it to similar properties that have recently sold or are currently listed in the same area.
To perform a CMA, you could check the Real Estate section in your local newspaper. You would record the sale prices for 35 randomly selected homes that were recently listed in the county. This sample of recent sales provides a basis for comparison and helps in gauging the market trend.Through careful analysis of this data, which may also include the consideration of property features, location, square footage, and more, a real estate licensee can furnish clients with a valuation that aids in pricing a home for sale or preparing to make an offer on a home.All real estate licensees are permitted to perform a comprehensive property valuation service for their clients. This service is commonly known as a Comparative Market Analysis (CMA). A CMA involves collecting data on recently sold or listed properties that are similar to the client's property of interest, and analyzing the prices at which these properties were sold to estimate the value of the client's property. The collected data can be obtained from various sources, such as local real estate listings, public records, or real estate databases.