Appraisers Are Dying – Literally!
MarketWatch.com reports that the number of appraisers is down 20% from 2007, and the number in that profession is expected to decline steeply in the next five years. Residential has been hit harder than commercial, with predictions that the decrease could continue by 3% each year for the decade. One reason is that 61% of all appraisers are 51 and over, with only 13% less than 35.
Appraisers are making less and must prepare many more appraisals than they used to. And most states have made the entry requirements higher. That means less young people are making appraising a career.