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Demand fell off a cliff when the real estate market came unglued, but for those with experience and the ability to keep their heads work has been very solid, although rates are still well below where they once were...
Those with experience in commercial have been doing tons of required "mark to market" valuation for non-performing commercial loans. Residential stuff is busy with refi. It is cyclical, and if you don't get up to speed FAST you could be out of luck, so I would have reservations about trying to jump in as a full time gig, but if you have flexibility and can earn advanced certifications that might a route to pursue, as overtime that trend seems unlikely to change...
I'm looking to change careers and wanted to get opinions on whether or not this is a worthy pursuit.
I've been an appraiser for 27 years. I would NOT recommend trying to enter this field in today's market. Appraisers have been dropping right and left due to the lack of work and low fees. Around here, commercial probably has been hit the hardest since properties are just not selling. I get resumes all the time from area appraisers being laid off due to lack of work.
I've been an appraiser for 27 years. I would NOT recommend trying to enter this field in today's market. Appraisers have been dropping right and left due to the lack of work and low fees. Around here, commercial probably has been hit the hardest since properties are just not selling. I get resumes all the time from area appraisers being laid off due to lack of work.
Etex gives good advice. Many experienced appraisers & real estate agents are struggling. Starting off in good times is hard, starting out new in tough times could be extremely hard.
It is the 1st time in my 13 yr career I would advise people considering entering this business to consider it real hard before they enter.
Etex gives good advice. Many experienced appraisers & real estate agents are struggling. Starting off in good times is hard, starting out new in tough times could be extremely hard.
It is the 1st time in my 13 yr career I would advise people considering entering this business to consider it real hard before they enter.
Agreed. There's so much compitition out there, even though many are jumping ship! Also realize that appraisors are in the hotseat right now, between new guidelines all the time, Realtors and lenders they're usually pretty beat up on a daily basis. If you have thick skin you'll probably be ok...and some $ in the bank.
While I am not an appraiser, I do know a lot of them. Each and every one of them have told me how much they are struggling since the regulations changed. Two of them went from two person businesses, to ONE person, and one decided to get out of the business.
The home inspection field has also suffered a lot in the past couple of years. Anyone that thinks they may go into inspections should have their head examined. I think its the same for appraisers.
Appraisal regulations have not necessarily changed, but the way appraisals for mortgage purposes are ordered has. In the past the Loan Officers was in direct contact with the appraiser, now they are ordered by either a seperate department at the Lender or through an AMC.
There are many other purposes for appraisals and I believe that, like with any other business, if you are a pro and diversify, appraising is a good profession to get into.
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