The Bureau of Labor Statistics projects that job growth for appraisers between 2019–2029 will be 3%, which is on pace for all occupations. Since the real estate market impacts the work of real property appraisers, demand for appraisers can fluctuate from year to year. However, in general, the need for appraisers is increasing due to long-term economic expansion and population growth. So, is now a good time to become an appraiser? Keep reading to learn about job outlook and job opportunities for appraisers entering the field.
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Job outlook for real estate appraisers
Within the next decade, employment for appraisers and assessors of real estate is predicted to rise by 3%. That growth rate is on pace with the projected 4% job growth for financial specialists and 4% overall job growth in the U.S. economy.
Opportunities for future appraisers
Technology
Technology has a tremendous effect on how efficiently and credibly appraisers can complete assignments, which is appealing to the next generation of appraisers. The tech trend will increase dramatically over the next few years, making “big data” more accessible to appraisers. The influx of mobile technology will also help appraisers complete assignments more efficiently.
Retiring appraisers
Almost half of practicing appraisers are 51–65 years old and nearing retirement. In recent years, as these veterans have retired, there haven’t been enough new appraisers to take their place. That has reduced the number of appraisal credentials by 3% per year for the past five years. The thinning of appraiser ranks, however, is sweet for newbies entering the field and experienced appraisers considering investing more time and money into upgrading their qualifications.
Stabilizing fees
The financial benefits of an appraisal career can be rewarding. Fees have begun to rebound after being stagnant or declining for several years. Those who embrace technology and data will have a significant opportunity awaiting them in a profession on the edge of a very exciting period. Income will also grow for appraisers who gain experience, upgrade license levels, and demonstrate expertise in certain markets and specialties.
Ready to become an appraiser?
Want to learn more about the appraisal profession, appraiser salary and income, and how to get started in the business? For additional insights into this promising career path, download our free career guide full of tips for launching your appraisal career. Or, visit McKissock.com/Appraisal to learn how to get licensed in your state.
Did you know? McKissock now offers both online and live stream appraisal licensing courses. Find courses in your state.
Editor’s note: This post was updated on October 8, 2021.
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