Advice on entering the Real Estate Appraisal Field.

[Mr.Merchant]

Hi, I'm Eric, a 52-year-old entrepreneur and long-time small business owner. I am interested in becoming a certified real estate appraiser, and I would appreciate some advice from the forum on the best pathway forward. I'm seeking recommendations on the best schools, how to obtain my 1500 hours of work under another appraiser's mentorship, and what my expected salary might look like. Additionally, I'm curious about the long-term occupational outlook for real estate appraisers. Thanks in advance, Eric in Georgia

 

[J Grant]

Hi, I'm Eric, a 52-year-old entrepreneur and long-time small business owner. I am interested in becoming a certified real estate appraiser, and I would appreciate some advice from the forum on the best pathway forward. I'm seeking recommendations on the best schools, how to obtain my 1500 hours of work under another appraiser's mentorship, and what my expected salary might look like. Additionally, I'm curious about the long-term occupational outlook for real estate appraisers. Thanks in advance, Eric in Georgia

My advice is not to do it.

If you read this board ( very depopulated from what it used to be) but if you read it and other Re appraiser sites the field is, unfortunately, experiencing a vast decline in orders (mainly from some decisions at Fannie Mae and Freddie Mac no longer to use appraisals for a portion of transitions, ) reduced compensation thanks to unmoveable AMC impact on a portion of the orders on the Res license end , the prospects are better if you go for a cert gen (commercial and res license ) but that is a longer road - good luck if you do decide to go into it- PAREA is a new way to gain hours and education and less onerous in some aspects but it varies state by state -

 

[azbassman21]

Go do something else. I've been basically part time to unemployed with appraisals the past 2 years. Fannie, the lenders, underwriters, reviewers, realtors, loan officers, and yes the general public make it unbearable at times. With 80% of loans now receiving waivers, there just won't be any reasonable work in a regular market. FannieMae is also coming out with a new form, designed by government workers, with more field and 5x more data to enter. It's going to make this profession unbearable, unless fees triple, which they won't.

And salary? Hahahahahahahahahaaha.... There is no salary unless you want to give up 50% of your fee to some appraisal shop in town. It's feast or famine, and the past 18-24 months have been famine.

Go learn plumbing.

 

[Terrel L. Shields]

If you want in the valuation business, think in terms of insurance underwriting or working for a CAMA or assessor's office. There is no stability in this business. I've been in it 30 years. Trust me,

 

[J Grant]

Go do something else. I've been basically part time to unemployed with appraisals the past 2 years. Fannie, the lenders, underwriters, reviewers, realtors, loan officers, and yes the general public make it unbearable at times. With 80% of loans now receiving waivers, there just won't be any reasonable work in a regular market. FannieMae is also coming out with a new form, designed by government workers, with more field and 5x more data to enter. It's going to make this profession unbearable, unless fees triple, which they won't.

And salary? Hahahahahahahahahaaha.... There is no salary unless you want to give up 50% of your fee to some appraisal shop in town. It's feast or famine, and the past 18-24 months have been famine.

Go learn plumbing.

it is not 80%, but whatever percent the waivers are 30-40%? idk - whatever percent it is has had a significant impact -

 

[Surf Cat]

Advice on entering the Real Estate Appraisal Field.​

Don't.....

 

[lostinthezone]

it is not 80%, but whatever percent the waivers are 30-40%? idk - whatever percent it is has had a significant impact -

It's about 12% and has been around that number for some time;

Prevalence of GSE Appraisal Waivers

The use of appraisal waivers at the GSEs has exploded in recent months and now accounts for over 40% of all valuations.

www.aei.org

Latest data is from December 2023 and there's a whole history of data there since 2020. You can subscribe to get updates when they are published, it's a good site although a bit tough to navigate. They have a pretty decent research arm and publish a variety of stats on housing. The lead there on the url is a bit misleading, I believe that's from one of the first reports during pandemic which was the height of waiver usage.

 

[J Grant]

It's about 12% and has been around that number for some time;

Prevalence of GSE Appraisal Waivers

The use of appraisal waivers at the GSEs has exploded in recent months and now accounts for over 40% of all valuations.

www.aei.org

Latest data is from December 2023 and there's a whole history of data there since 2020. You can subscribe to get updates when they are published, it's a good site although a bit tough to navigate. They have a pretty decent research arm and publish a variety of stats on housing. The lead there on the url is a bit misleading, I believe that's from one of the first reports during pandemic which was the height of waiver usage.

it says 40% right there on what you posted !

 

[Surf Cat]

As an entrepreneur, the op should be very well aware of jumping on a new trend. Appraising, Realtors, customer service (think walking into a McDonald's and pushing the color screen to order your meal), data entry, bookkeeping, Etc. All will go by the way of the dinosaur.....extinct.

If I was young, I would jump on a field that has to do with artificial intelligence.

 

[Terrel L. Shields]

If I was young, I would jump on a field that has to do with artificial intelligence.

The future are bureaucrats, quants or artists, not much in between. And even there AI may be painting the pictures, editing the photos, 3 D printing the sculptures, or knives, leathercraft, beadwork, or glass works, whatever. Maybe quilting, chainsaw artistry, etc. is immune to AI for the moment.

Look how much the digital camera changed professional photography. It destroyed the film kiosk, brought down Polaroid and Kodak, anyone with a $400 color laser printer can make their own 8x10 photos. There has very likely been more digital images taken in the past 20 years than film taken the past 200 years.