Is real estate appraisal a dying profession?

Are real estate appraisers in demand?

The constant fluidity of the real estate market creates a constant need for real estate appraisers in residential and commercial settings. According to the Bureau of Labor Statistics, real estate appraisers are projected to experience an estimated 14% growth from 2016 through 2026.

What is the future for real estate appraisers?

With this being said, there is still a demand for appraisers in the current market, and the U.S. Bureau of Labor Statistics expects the employment of appraisers to grow 7% over the next decade. However, what an appraiser does and how the appraisal is done may change dramatically in that period.

Is there a demand for appraisers?

There is significant demand for appraisal services within large employers. Larger employers will have a much higher rate of turnover due to retirements of almost half (47%) of their Designated Appraisers over the next 5 years.

What is the average age of a real estate appraiser?

Interestingly enough, the average age of real estate appraisers is 40+ years old, which represents 79% of the population.

Real Estate Appraiser Age Breakdown.

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Real Estate Appraiser Years Percentages
40+ years 79%

Are real estate appraisers rich?

Experienced real estate appraisers can make upwards of $100,000. Real estate markets always need experienced appraisers. Residential appraisers must be certified to perform appraisals on houses.

Is being an appraiser worth it?

Real estate appraising can be a rewarding profession. If you are a field appraiser like many appraisers, you have the opportunity to own your own business, even from a home office. Your income is fee based, so getting paid is never dependent on the successful closing of a loan.

How do I find an appraiser supervisor?

The easiest, and most obvious, way is if you already have a friend or family member who’s a certified appraiser. Another option is to contact banks or Appraisal Management Companies (AMC) and see if they’re hiring. Some of them even pay you on a salary.

What is a Fannie Mae appraisal?

To help them make prudent underwriting decisions, mortgage lenders rely on appraisers to provide thorough, accurate, and objective appraisal reports for reliable opinions of market value. The appraisal is used to judge the property’s acceptability for the mortgage loan requested in view of its value and marketability.

Is being an appraiser stressful?

The median age of appraisers is close to 60 years. New people do not want to enter to work long hours for low pay and no benefits. They are always coming up with new report types and raising the bar of excellence. It makes it very stressful, and stress in the profession never takes a holiday.

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Is it better to be a real estate agent or appraiser?

Ultimately, while real estate agents can offer a valuable perspective on a given property’s purported value, only the appraiser can provide an official appraisal. Sellers may be satisfied to work solely with a real estate agent, but most buyers eventually hire both an agent and a separate appraiser.

Do you need a degree to be a real estate appraiser?

National standards for a real estate appraiser’s license do not require trainees to hold a college degree. However, appraisers who wish to obtain a certified license do need a college education.