Because this represents the primary type of valuation service for a vast majority of realestate appraisers, it should provide some encouragement – particularly to those new to the profession or looking for jobs. Commercial and residential appraisers were in agreement that mortgage lending appraisals present the largest opportunity for growth.
Following that, in order of potential, commercial appraisers see the top areas of growth over the next one to two years as land valuation, litigation valuation/forensic appraisal, real estate consulting (fee-based) and right-of-way/easements. Residential appraisers predict that review appraisal services, real estate owned/foreclosures/short sales, litigation valuation/forensic appraisal and land valuation will provide the most opportunity.
Large proportions of commercial appraisers also anticipate growth in specialized areas of valuation consulting, such as:
- Valuation studies that provide support for litigation (24 percent),
- Due diligence analysis in support of client acquisition or sale decisions (24 percent) and
- Market studies (23 percent).
Residential appraisers anticipate more demand for:
- Property inspections (16 percent),
- Marketability studies (13 percent) and
- Market studies (12 percent).
Previously announced results from the survey showed that demand for appraisal services has increased and that local markets were stronger than a year ago. After several challenging years, the profession seems to be taking a positive turn, with the overwhelming majority of appraisers feeling positive about the future.
However, while responses were overall positive when it came to growth and demand, the potential for training new professionals was slightly behind, with fewer than one-fifth of those surveyed saying they planned to add trainee appraisers to their staff.
For the profession to truly thrive in the future, this improved optimism also must reach appraiser hiring. With increased opportunities for growth, and more than half of appraisers approaching retirement age, the profession can’t affordnot to make recruiting the next generation a priority.
Where have you seen the greatest opportunities? Please share your experiences in the comments below.