Sixty-two percent of appraisers are 51 and older, and as more retire over the next few years, it could mean longer waits, higher fees and even lower-quality appraisals because no one is choosing to go into the industry. Per MarketWatch:
The article explained that there were 78,500 real estate appraisers working in the U.S. earlier this year, which could fall another 3% each year for the next decade.
“As an appraiser, I should be quiet about this shortage because it’s great for current business,” said Craig Steinley, who runs Steinley Real Estate Appraisals in Rapid City, S.D. But “what will undoubtedly happen, since the market can’t solve this problem by adding new appraisers, [is] it will solve the problem by doing fewer appraisals.”Sponsor Content