Is there a Real Estate Appraiser Shortage Looming?

According to a new report from MarketWatch the number of real estate appraisers stands to substantially decease over the next five years, which could mean longer waits, higher fees and even lower-quality appraisals as more appraisers cross state lines to value properties.

According to the Appraisal Institute:

• There are 78,500 real estate appraisers working in the U.S. – which is 20% less than in 2007
• 62% of appraisers are 51 and older, 24% are between 36-50, and 13% are 35 or younger
• The requirements to become certified have also increased as classes & years of apprenticeship are now required for certification

Click here to read the full report.