More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for their services over the next one to two years, according to an Appraisal Institute survey released recently.
Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey conducted in May-June.
“Appraisers have faced a challenging real estate market in recent years, and it’s great to see that so many valuation professionals are feeling optimistic about the future,” said Appraisal Institute President Richard L. Borges II.
According to the survey, 95 percent of residential appraisers and 49 percent of commercial appraisers said there is currently more demand for their services than a year ago.
“For us, demand has been stable with the number of appraisals,” said Kathy Schaid of Schaid Appraisals in Crystal Lake. “We’re more diverse so we do a little bit of everything.”
Other appraisers in the area have reported an increase in appraisals with the uptick in mortgages, she said.
John Weyland, owner of Crsytal Lake Appraisal Services, said his business is slightly busier than it was a year ago.
“Even the way the economy has been the past five years, we haven’t seen a huge downturn, just a different type of appraisal,” Weyland said.
Appraisals may be done for insurance, estate closings, divorce and relocation services.
Weyland said homeowners also request appraisals as part of their property tax appeal process.
“There are so many different types of apprsaisals,” Weyland said. “Not everything is tied to home sales – thank goodness.”
Additional survey results include:
• Eighty-four percent of residential appraisers said their local residential real estate market is strong, and 46 percent of commercial appraisers had the same opinion about their local commercial markets.
• Eighty-six percent of residential appraisers and 55 percent of commercial appraisers said demand for their services is strong.
• Thirty-two percent of residential appraisers and 45 percent of commercial appraisers anticipate more demand for their services during the ensuing one to two years.
According to the Illinois Association of Realtors, year-over-year McHenry County home sales were up 44 percent in June. Statewide, home sales increased nearly 15 percent over previous-year levels.
“Real estate trends are typically local in nature, and it’s a positive sign for the nation’s economy that appraisers around the country reported increased demand for their services,” Borges said.
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