I Spy...Appraisers!

Sometimes on the way to school, the kids and I play 'I Spy'. So it was mommy's turn. "I spy something gray". And my 9 year old replied , "Your hair!". That little bugger.

 

Speaking of gray hair, did you know that per the Appraisal Institute, 50% of the appraisers in the US are 51-65 years old? This means... drumroll... RETIREMENT in the next 10 years for a large percentage of our appraisers. 

Carrying the thought further, that means there is a growing SHORTAGE in appraisers. Between Harris, Fort Bend, and Montgomery counties, there are 460 appraisers. Last month, there were, according to HAR, 6232 homes sold. That is 13 appraisals per appraiser (if they are all active full time), and not to mention refinances. So let's just say 20 per appraiser per month. Not so bad. HOWEVER, we all know about the 80/20 rule. Twenty percent of the appraisers (that are good), do 80% of the work. In fact, one of the most reputable appraisers in town has a turn time of 15 days. We are turning them in 8 right now, and 5 if the client pays a rush fee.

 

My point of mentioning this is that a lack of new appraisers in the industry will change the dynamic of turn times, pricing, and quality over the coming months, and years. Do you know what it takes to become a certified appraiser?

·       College degree

·       2500 hours as an apprentice (pay about 40K/year)

·       MINIMUM of 2 years as an apprentice (to do the 2500 hours)

·       225 hours of classes

·       More info at TALCB.texas.gov

 

Many appraisers cannot afford to take on apprentices that can only observe. The smart ones are creating apprentice programs for young graduates, to be assistants, as you will, and within 2-3 years, their income potential about doubles. Not a bad plan! If you know someone interested in this field, have them call me, and I can put them in touch with some appraisers with an apprentice program.

 

To check out what rates did this week, CLICK HERE! 

Enjoy your week!

~Jen