Order Volume

[carrieconrad]

I have been a certified residential appraiser for over 20 years and work has never been this sparse. Order volume is at a crawl in recent weeks and I am just curious if anyone else is as worried as I am.

 

[Alsie35]

Whereabouts in Texas are you located?

 

[carrieconrad]

Whereabouts in Texas are you located?

I am in the DFW area..

 

[J Grant]

I have been a certified residential appraiser for over 20 years and work has never been this sparse. Order volume is at a crawl in recent weeks and I am just curious if anyone else is as worried as I am.

Intrest rates just rose so naturally, volume is affected.
We all were crazy busy for 2 years and keep in mind all those people who refinanced at great rates will not refinance again ( unless desperate/other) so it is realistic to expect slow volume for quite some time - add in a certain percent of orders are now WAIVERS /value acceptance which means they will not use a new appraisal -if mortgage rates tick down it will pick up again.

 

[Charles West]

I would assume anybody still active in this field is worried about a decline in business. I personally don't see a rainbow around the corner as monetary and fiscal policy are at odds with each other and that coupled with a jittery bond market and a decline in consumer wealth and purchasing power usually forecasts weakness. It will take some time for buyers and sellers to adjust to the new environment so don't expect much improvement in 2024, maybe by 2025 things will improve with different policy decisions implimented.

 

[glenn walker]

I have been a certified residential appraiser for over 20 years and work has never been this sparse. Order volume is at a crawl in recent weeks and I am just curious if anyone else is as worried as I am.

Based on interacting with appraisers in my area YES except the ones who are semi-retired-or are Trust Fund Baby's or ones who have a spouse that has a good high paying real job. Otherwise I would say if you have to work another 5 to 10 years and if your not worried you may have other issues which are not appraisal related

 

[glenn walker]

I would assume anybody still active in this field is worried about a decline in business. I personally don't see a rainbow around the corner as monetary and fiscal policy are at odds with each other and that coupled with a jittery bond market and a decline in consumer wealth and purchasing power usually forecasts weakness. It will take some time for buyers and sellers to adjust to the new environment so don't expect much improvement in 2024, maybe by 2025 things will improve with different policy decisions implimented.

But Charles you are rich and married to a wealthy young women- LOL

 

[Alsie35]

I am in the DFW area..

Not familiar with the DFW market area (we are in SA). Half our work this year has been from clients ordering asset valuation 2055s as well as 1004s.
Having clients in that field is key to negotiating the high-interest rate appraisal waters like these. Regular work, while not as rare as I am sure it now is in the failing states of the Midwest and the coasts, will none-the-less be irregular even in TX under the present % rate environment. Good luck.

 

[LarryJewell]

Still busy in West TX

 

[Fernando]

Appraisers who have been in business for so long have gone through the ups and downs of the real estate market.
Those who can't survive drop out. Those who stay will have less competition when market turns around.
It's a terrible way to live but that's how it always been.