Number of Appraisers Shrinking as Their Average Age Rises

Courtesy of Appraisal Institute

Courtesy of Appraisal Institute

It's been out for a little while, but we just came across the results of a demographic survey the Appraisal Institute did of real estate appraiser population trends. As of the end of last year, there were 81,050 active appraisers, which sounds like a lot but the number has actually decreased by 3% per year for the past five years.

Why are there fewer appraisers? Younger workers are not choosing the profession, which leads to an appraiser population that is getting older and closer to retirement. With 48% of all appraisers having 20+ years of experience, a large share of the total will be retiring in the next 5-10 years. Another cited future threat is, "Greater use of data analysis technologies," although the report does not expand on this issue.

Courtesy of Appraisal Institute

Courtesy of Appraisal Institute

These shifts in the population of real estate appraisers have implications for everyone, whether you work in real estate or simply buy a house. With fewer appraisers available, appraisals could take longer and cost more, but keep an eye out for clever companies introducing tech solutions to alleviate the issue.

You can download the report from their website here.