Real Estate Appraisers Optimistic About Future: Appraisal Institute Survey

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Jul 17, 2013, 09:00 ET

CHICAGO, July 17, 2013 /PRNewswire-USNewswire/ -- More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for their services over the next one to two years, according to an Appraisal Institute survey released today.

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Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey conducted in May-June by the nation's largest professional association of real estate appraisers.

"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.

According to the survey, 95 percent of residential appraisers and 49 percent of commercial appraisers said there is currently more demand for their services than a year ago.

Additional survey results include:

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 markets.
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 anticipate more demand for their services during the ensuing one to two years.

"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.

The online survey polled 591 real estate valuation professionals May 31-June 17. The survey had a margin of error of +/- 4 percent.

View the highlights of the survey results.

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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 23,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org.

SOURCE Appraisal Institute