Does the rock-solid bulwark of property valuation - the CMA - still have a place in this fluid market?

You Bet. The Comparable Market Analysis, or as some call it, Competitive Market Analysis, is based on past sales of similar properties, and that data is extrapolated to forecast current value. If those sales are recent, say within the last quarter, then the CMA is credible.

The caveat here is that those sales must reflect the current local market conditions in order to be viable. So if a neighborhood's general property values are trending downward, then the CMA must be adjusted to reflect that value slide.

Conversely, in a neighborhood with stable or rising values, the sales prices of recent sales are probably still valid. So are there really any good deals left out there? Absolutely. The speculative residential real estate market has stabilized, of course, and the wildcat market of the last few years has certainly slammed on the brakes. But does that means there are no good deals left?

Nope. With unsold property inventories higher than they've been for years, and with lenders very cautious about making risky loans, there has been downward pressure on sales prices. Sellers are slowly realizing that their asking price has to come down significantly. In order for sellers to get their price they must offer attractive terms to buyers, paying closing costs, or carrying some short term paper for instance. For those investors who have good negotiating skills, there exists a unique opportunity to acquire properties in this down turned market.

The investment strategy in today's market is simple: buy and hold.