As the owner of On the Mark Appraisals, a residential real estate appraisal company, I have been keeping a close eye on the current appraisal landscape. There are a number of trends that are shaping the industry and it is important for anyone who is buying or selling a home to understand what is happening.
One of the most important trends is the increasing use of technology in the appraisal process. In recent years, there has been a significant shift towards using automated valuation models (AVMs) to help determine the value of a property. These models use data such as recent home sales, local market trends, and other factors to estimate the value of a property.
While AVMs can be a useful tool in some cases, they are not a replacement for a human appraiser. AVMs are not able to take into account unique features of a property that may impact its value, such as a recent renovation or a particularly desirable location.
Another trend in the appraisal industry is the shortage of appraisers. This has been a problem for a number of years and is only getting worse. As more appraisers retire and fewer people enter the profession, there are simply not enough appraisers to meet the demand for their services.
This shortage can have a number of impacts on the appraisal process. It can lead to longer wait times for appraisals, which can delay the sale of a property. It can also lead to higher fees for appraisals, as appraisers are in a position to charge more due to the high demand for their services.
Despite these challenges, there are still many highly skilled and dedicated appraisers out there who are committed to providing accurate and reliable appraisals. At On the Mark Appraisals, we pride ourselves on our ability to provide our clients with the highest level of service and expertise.
If you are in the market to buy or sell a home, it is important to work with an experienced appraiser who understands the current landscape of the industry. With the right appraiser on your side, you can be confident that you are getting an accurate and fair appraisal of your property.