Although an overwhelming majority of residential appraisers consider their local housing market strong and say demand for their services is strong, only 9 percent said they planned to hire a full-time trainee in the next one to two years, according to a survey released today from the Appraisal Institute.
While nearly all home appraiser respondents (95 percent) said demand for their services had gone up in the past year, only 32 percent said they anticipated demand would be higher in the next one to two years than at present.
Only 29 percent of residential appraisers employ one or more full-time trainees. Of those, only 7 percent employ four or more.
Home appraisers said the top five areas of potential growth in the next one to two years are mortgage-lending appraisals; review appraisal services; real estate owned/foreclosures/short sales; litigation valuation/forensic appraisal; and land valuation.
They anticipate a different mix of business mainly from appraisal management companies (36 percent), financial institutions (34 percent), and property owners or buyers directly (33 percent), the institute said.
Source: Appraisal Institute