Recent studies have shown that majority of appraisers are between the ages of 51 and 65. This leaves a large void for potential aspiring appraisers to fill by joining the appraiser profession.
The Appraisal Institute’s analysis of the Appraisal Subcommittee National Registry data shows that at the current decrease in appraisers per year at 3 percent, the appraiser population is expected to decrease 25 to 35 percent over the next 10 years, if the rate for new entrants does not pick up.
From 2006 to 2012, there was a 16,000 licensed appraiser decrease. A large reason for the decline is appraisers achieving certified appraiser status.
A poll conducted at the end of January provided appraiser volunteers with the statement “I plan to retire or leave the appraisal business within…”
The results from 6052 votes were as follows:
The highest response, within 5 years, is expected based on the data discussed earlier. A positive outlook from this graph is that one of the third-highest responses is 21 or more years, meaning a large number of appraisers are going to be sticking around.
This data does not discriminate against certification levels, but it remains a good indicator among the appraiser population for the current career span and outlook.
Another positive conclusion from the combination of the data resources is that the number of certified appraisers is at a high, meaning that appraisers are dedicating their time and efforts to education and certification.
According to Appraisal Institute President Richard L. Borges II, MAI, SRA, commercial valuations are a growth opportunity for those skilled in numbers and analytics. He also noted that professionals looking to enter a career in valuation could find opportunities in niches such as working with financial analysts or investors, portfolio management and analysis, taxation issues, or litigation support.
Do you think there will be an influx of new appraisers in the near future? Are you planning to switch to an appraiser profession? We want to hear from you!