23rd April 2013

Nearly 6 in 10 appraisers are more than 50 years old

posted in Appraiser News |

Real estate appraisers’ ranks thinning
Study: Nearly 6 in 10 appraisers are more than 50 years old
By Inman News, Tuesday, April 9, 2013.

The number of people working as appraisers has dropped 15 percent since 2007 and could decrease another 25 to 35 percent during the next 10 years due to retirements and fewer new entrants into the profession, according to an analysis released today by the Appraisal Institute.

At the same time, the share of appraisers with a state certification, which requires more education than a license, is at a record high, indicating that the appraiser population is more qualified overall, the Appraisal Institute said. At the end of 2012, 87 percent of appraisers were certified, up from 72 percent at the end of 2006.

The Appraisal Institute analyzed data from the national registry of the Appraisal Subcommittee (ASC), which the U.S. Congress created in 1989 to oversee the real estate appraisal process in federally-related transactions, from 2006 through 2012.

During that time period, the number of appraisers decreased about 3 percent per year, to 83,400, driven largely by a decline of nearly 16,000 licensed appraisers, the Institute said. Meanwhile, the number of certified general and residential appraisers rose by nearly 6,000.

About a third of the decline in licensed appraisers was due to appraisers achieving certification. The vast majority of appraisers who left the profession during that time were appraisers who had only achieved licensed status and were either relatively new to the profession or did not get certified, the Appraisal Institute said.

The Appraisal Institute — an association of nearly 23,000 real estate appraisers in close to 60 countries — anticipates attrition due to age and a “sharp and long-term decline” in new entrants to the field may result in a 25 to 35 percent decrease in the total number of appraisers in the next decade.

There are currently 6 responses to “Nearly 6 in 10 appraisers are more than 50 years old”

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  1. 1 /*On April 23rd, 2013*/, Jim said:

    And now, New York State has recently implemented a requirement that a “Supervisory Appraiser” register…for a Fee… as an Instructor. This will further limit the already low desire to mentor an ‘apprentice’ appraiser who will take that knowledge and become your competition…with your help!

    Thank goodness I’m getting closer to at least “semi” retirement. Looking forward to more time and warmer weather in the next couple years.

  2. 2 /*On April 24th, 2013*/, sandiegohelp said:

    That is a strange law I must agree. Who is going to train the new appraisers?! We have to get lenders on board to use trainees again.

  3. 3 /*On April 23rd, 2013*/, Don Lowe said:

    Great news! I am 43. Supply and demand will drive fees higher in the future. Good post. Thanks.

  4. 4 /*On April 24th, 2013*/, sandiegohelp said:

    I am 43 as well and have been appraising for a little over 12 years. I am recruiting family members in to the profession. Hopefully it will be around in the future.

  5. 5 /*On April 24th, 2013*/, jk said:

    Its a little late for April fools.
    Appraisers being able to retire is a joke

  6. 6 /*On April 24th, 2013*/, sandiegohelp said:

    Hahaha. Yeah, now that is kinda funny. And sad at the same time… Very true.

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