More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for their services over the next one to two years, according to an Appraisal Institute survey. Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey conducted in May-June by the Appraisal Institute.
“Appraisers have faced a challenging real estate market in recent years, and it’s great to see that so many valuation professionals are feeling optimistic about the future,” said Appraisal Institute President Richard L. Borges II, MAI, SRA.
According to the survey, 95 percent of residential appraisers and 49 percent of commercial appraisers said there is currently more demand for their services than a year ago.
Additional survey results include:
►Eighty-four percent of residential appraisers said their local residential real estate market is strong, and 46 percent of commercial appraisers had the same opinion about their local commercial markets.
►Eighty-six percent of residential appraisers and 55 percent of commercial appraisers said demand for their services is strong.
►Thirty-two percent of residential appraisers and 45 percent of commercial appraisers anticipate more demand for their services during the ensuing one to two years.
“Real estate trends are typically local in nature, and it's a positive sign for the nation's economy that appraisers around the country reported increased demand for their services,” Borges said.