More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for valuation services over the next one to two years, according to an Appraisal Institute survey released July 17.
Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey of 591 valuation professionals conducted between May 31 and June 17. The survey had a margin of error of +/- 4 percent.
“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.
The survey noted that 95 percent of residential appraisers and 49 percent of commercial appraisers said that there is more demand for their services now than just a year ago.
Additional survey results:
• 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 market.
• 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 said they anticipate more demand for their services during the next 12 to 24 months.
“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.