Appraisal Profession to Grow!

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
VaCAP Board

Latest posts by VaCAP Board (see all)

Statistics of Growth & Income : Appraisal Profession to Grow! - Appraisers BlogsAccording to the Bureau of Labor Statistics, the Appraisal Profession is expected to grow 14% by 2026

Quick Facts: Appraisers and Assessors of Real Estate
2017 Median Pay$54,010 per year
$25.97 per hour
Typical Entry-Level EducationBachelor’s degree
Work Experience in a Related OccupationLong-term on-the-job training
Number of Jobs, 201680,800
Job Outlook, 2016-2614% (Faster than average)
Employment Change, 2016-2611,700

Even the Bureau of Labor Statistics understands the importance of the appraiser visiting the property:

Although appraisers and assessors of real estate work in offices, they often spend a large part of their day visiting properties. Most work full time during regular business hours.

See the entire report on their website.

Make sure to watch the video. There is more about the appraiser than inspecting the property!

Excerpt from Bureau of Labor Statistics:

Work Environment

Appraisers and assessors of real estate held about 80,800 jobs in 2016. The largest employers of appraisers and assessors of real estate were as follows:

Real Estate31%
Local government, excluding education and hospitals30%
Self-employed workers23%
Finance and insurance6%

Pay

The median annual wage for appraisers and assessors of real estate was $54,010 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $28,440, and the highest 10 percent earned more than $101,710.

In May 2017, the median annual wages for appraisers and assessors of real estate in the top industries in which they worked were as follows:

Finance and Insurance$66,170
Real Estate$54,050
Local government, excluding education and hospitals$50,150

Earnings for independent fee appraisers can vary significantly because they are paid fees on the basis of each appraisal.

Job Outlook

Employment of appraisers and assessors of real estate is projected to grow 14 percent from 2016 to 2026, faster than the average for all occupations.

Appraisers & assessors of Real Estate14%
Finance specialists10%
Total, all occupations7%
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

You may also like...

7 Responses

  1. Jesse Ledbetter on Facebook Jesse Ledbetter on Facebook says:

    And yet everything in they’re analysis are indications of decline, they site automation and AVMs as reasons for the 14% increase…

    5

    0
  2. Taunya Richards on Facebook Taunya Richards on Facebook says:

    How does it increase when the industry is shrinking?

    6

    0
  3. Mike says:

    I don’t see where any declines are sited in their analysis, but the key points to take away are:

    1. Appraisers visit the property – Dismissing the idea of any hybrid product and the notion that appraisers want to sit behind a desk all day.
    2. The profession is growing. This includes all areas, not just lender work. Lender work may actually be shrinking, but that has opened the doors for more work direct from consumers, and agents. DIdn’t the IRS just announce they now require an appraisal for charitable donations over $5,000?
    3. The opportunities that are now available to appraisers and the ones that will be forth coming will allow appraisers to actually run their business the way they want instead of how the AMC wants you to work.

    All in all, I see this as a positive for the profession.

    7

    0
  4. Baggins Baggins says:

    Rehashing this again? Round and around and around.

    Real Estate Appraisal Trainees Entering Growing Market; Facing Dramatic Increase in Education Requirement – Kaplan

    https://www.accountingedu.org/real-estate-appraiser.html (statistic data at the bottom)

    I’m not sure the historical numbers are straight forward. Anyone have an asb appraiser count nationally by time, like 10 years? Specifically looking for income comparison numbers. I recall the numbers being higher.

    3

    0

Leave a Reply

Your email address will not be published. Required fields are marked *

xml sitemap

Appraisal Profession to Grow!

by VaCAP Board time to read: 1 min
7