Appraisal Institute's PAREA receives approval from the Appraiser Qualifications Board

[Essexfenwick]

The work volume will decrease. The more difficult and/or higher priced work will remain. Get an SRA to separate from the pack if you stick with it and want to make the most money. There are similarities to before licensing existed.

 

[Overimprovement]

The work volume will decrease. The more difficult and/or higher priced work will remain. Get an SRA to separate from the pack if you stick with it and want to make the most money. There are similarities to before licensing existed.

Why do you think the difficult work will remain higher priced? This is an industry that is getting PDRs and hybrid reports done for less than $100 each, often quite a bit less.
The remaining appraisers will fight for the scraps left on the floor by the master AMCs, and you will see folks taking that 1880s log cabin with no well or public water on 74 acres (72 of which are protected wetlands) on the lake for $450.

 

[Essexfenwick]

Why do you think the difficult work will remain higher priced? This is an industry that is getting PDRs and hybrid reports done for less than $100 each, often quite a bit less.
The remaining appraisers will fight for the scraps left on the floor by the master AMCs, and you will see folks taking that 1880s log cabin with no well or public water on 74 acres (72 of which are protected wetlands) on the lake for $450.

It already is higher priced. There will be fewer appraisers. Mostly the expensive / small bank portfolio/ hard money and brokerage house stuff. They pay high fees now. They like the SRA. Plus the rich neighborhood agents like seasoned / normal people going in their listings. It’s shaking out nicely if you’re serious about staying in.

 

[J Grant]

Why do you think the difficult work will remain higher priced? This is an industry that is getting PDRs and hybrid reports done for less than $100 each, often quite a bit less.
The remaining appraisers will fight for the scraps left on the floor by the master AMCs, and you will see folks taking that 1880s log cabin with no well or public water on 74 acres (72 of which are protected wetlands) on the lake for $450.

I don't believe the hybrid for $100 is the 1004 hybrid, that cheap price sounds like an online "hybrid" done for equity lines of credit or such

I agree in part - the competition does tend to reduce the fee even for complex high value in some cases, but not in all cases. It still tends to pay much better than regular work, but there is and always has been a limited amount of it.

 

[Overimprovement]

It already is higher priced. There will be fewer appraisers. Mostly the expensive / small bank portfolio/ hard money and brokerage house stuff. They pay high fees now. They like the SRA. Plus the rich neighborhood agents like seasoned / normal people going in their listings. It’s shaking out nicely if you’re serious about staying in.

What you describe represents a very small percentage of current assignments. Yes, that percentage will increase as more and more typical 1004 assignments get downsized to waivers and PDRs, but that large decrease in supply of work will be large compared to the decrease in the # of appraisers. Appraisal supply will go way down, where appraiser supply will go some down.

I really think the meeting point of this supply/demand curve will still force prices down for every available type of assignment. I fully expect that to bleed over into commercial work as well, because when CG's do a significant amount of residential work. When that dries up, they will be forced to compete more heavily for commercial work. They may prefer residential, but it will be that, or hang up the disto.

We are already seeing these price movements, I see no reason for the trend to change, especially with the imminent on-boarding of the PAREA hordes, which will INCREASE the supply of appraisers at the worst time possible.

 

[Overimprovement]

I don't believe the hybrid for $100 is the 1004 hybrid, that cheap price sounds like an online "hybrid" done for equity lines of credit or such

I agree in part - the competition does tend to reduce the fee even for complex high value in some cases, but not in all cases. It still tends to pay much better than regular work, but there is and always has been a limited amount of it.

There have been multiple threads here where forum members have stated they have done the report parts for these prices.
But even the online forms (which lets be real, it is ALL going to anyway) take away what 2-3 years ago was a slam dunk 1004 assignment.

 

[djd09]

SRA...you want to pump money into the same woke jokes that are training skippy

 

[Trihard]

Death by 1000 cuts.

 

[Essexfenwick]

What you describe represents a very small percentage of current assignments. Yes, that percentage will increase as more and more typical 1004 assignments get downsized to waivers and PDRs, but that large decrease in supply of work will be large compared to the decrease in the # of appraisers. Appraisal supply will go way down, where appraiser supply will go some down.

I really think the meeting point of this supply/demand curve will still force prices down for every available type of assignment. I fully expect that to bleed over into commercial work as well, because when CG's do a significant amount of residential work. When that dries up, they will be forced to compete more heavily for commercial work. They may prefer residential, but it will be that, or hang up the disto.

We are already seeing these price movements, I see no reason for the trend to change, especially with the imminent on-boarding of the PAREA hordes, which will INCREASE the supply of appraisers at the worst time possible.

Nobody is getting into appraisal. The investment is too high with so much uncertainty. People are just getting out. It will work out for those who are serious and competitive.

CGs will be fine. Work will explode with the impending commercial portfolio implosion. Properties will all need valuation to measure the scope of misery for the creditors. Residential is not immune to the slovenly financial situation with horrible fundamentals looming. The weird stuff coming will wipe away any shaky valuation fantasies with beer muscles.

 

[Red Flint]

hang up the disto.

you will have to pry it from my hands.