Advice on entering the Real Estate Appraisal Field.

[Surf Cat]

Umm....I feel so sad after read all comments here

Don't be too sad gorilla.... we have another run or two. The DNC is not going to go into an election year and not lower the rates as, they want to be reelected and retain the highest office in the land. They'll also have to do some kind of jockeying about the border.

The thing appraisers got going for them is that people do stuff to their properties that you just have to see to believe. And the lenders know this so, they want to see too. Problem there is that they're using PDC's and not us.

That being said, this is for the established appraisers who are already in it. Just coming into the profession.... that's some unstable ground right there.

 

[NC Appraising]

Umm....I feel so sad after read all comments here

Do not take our words......below is from the GSE:



https://www.fanniemae.com/sites/g/files/koqyhd191/files/2022-04/mod-valuation-spectrum.png

https://singlefamily.fanniemae.com/media/33581/display

https://singlefamily.fanniemae.com/...elivery_job_aids__appraisal_modernization.htm


https://www.fanniemae.com/research-...journey-efficient-fair-home-valuation-process

Mortgage demand drops to the lowest level since 1996, as interest rates head toward 8%

Mortgage rates just continue to climb higher, taking a particularly big leap last week.

www.cnbc.com

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[lostinthezone]

it says 40% right there on what you posted !

As I said in the original post, the lead topic that shows up on the url is misleading. It shows whatever their initial post and analysis about it was which was around the time of the pandemic at about 40%. If you actually go into the site to pull down the most recent data, it shows the current stats, which are about 12% and which is where it has been for a while. Like any good appraiser or reviewer, you have to dig in to look at the most recent data and not just stop at the old headline. The website isn't the greatest, but the data they produce is pretty good.

 

[BODEPHUS]

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 -

So funny.. I totally agree with JGrant.. its just not fun anymore.. IMO..

 

[Raven59]

Various opportunities are available in specialized appraisal fields, and several individuals on this forum have successfully found their niches. The residential mortgage arena can be quite risky, but commercial work is generally more stable. The complex nature of specialty work often results in greater job security.

 

[J Grant]

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.

I don't think people would put up with that. The low-level derivative drivel turned out as art or literature from AI is tiresome and people will want original human thought and work

Digital cameras did not change photography - just the way they are taken. There are still good and bad photos, advertising vs. art photos, photojournalism, etc. IT is just processed and developed differently and the images are taken with a digital camera or smart phone instead of a SLR ( though some are still in Use)

 

[J Grant]

As I said in the original post, the lead topic that shows up on the url is misleading. It shows whatever their initial post and analysis about it was which was around the time of the pandemic at about 40%. If you actually go into the site to pull down the most recent data, it shows the current stats, which are about 12% and which is where it has been for a while. Like any good appraiser or reviewer, you have to dig in to look at the most recent data and not just stop at the old headline. The website isn't the greatest, but the data they produce is pretty good.

GHatch posted recent data that showed that while 80/20 and higher LTV mortgages are exempt (for now ) from waivers, the rest of the appraisals' waivers are showing up to 60% market share. I see the fact on my own market area, idk why you are cheerleading for this 12%, in my market area I have seen volume drop 30-40% from waivers alone in recent months.

 

[Tim Hicks (Texas)]

We should change the name of this place to grimreapersforum.com

 

[J Grant]

We should change the name of this place to grimreapersforum.com

People are just being honest and reporting the truth.
We all wish it were different of course.

 

[lostinthezone]

GHatch posted recent data that showed that while 80/20 and higher LTV mortgages are exempt (for now ) from waivers, the rest of the appraisals' waivers are showing up to 60% market share. I see the fact on my own market area, idk why you are cheerleading for this 12%, in my market area I have seen volume drop 30-40% from waivers alone in recent months.

I'm not cheerleading for it. That's just what the data is. AEI is taking the raw data and providing the reports. You can either draw your own conclusions from your anecdotal data and what you "feel" is right or you can look at the hard data and report that an independent organization has come up with. In my work I tend to prefer to rely on facts as opposed to supposition, I kinda thought most appraisers preferred that as well which is why I posted it so that the OP could take that into consideration as they make their decision. If you have hard stats that show something different than what AEI is reporting out, I'm sure they would love to see it so that they could correct their reporting. Again, if you click through the link to AEI's site, you'll see all the latest stats on waivers, volume, type of volume and more....