CHICAGO, Oct. 22, 2013 /PRNewswire-USNewswire/ -- Appraisers anticipate continued growth in mortgage lending appraisals and in specialized areas of consulting, according to a recent survey conducted by the Appraisal Institute, the nation's largest professional association of real estate appraisers.
Commercial appraisers said the top five areas of growth in the next one to two years (in order of potential) are mortgage lending appraisals, land valuation, litigation valuation/forensic appraisal, real estate consulting (fee-based) and right-of-way/easements. Residential appraisers said the top five areas of growth are mortgage lending appraisals, review appraisal services, real estate owned/foreclosures/short sales, litigation valuation/forensic appraisal and land valuation.
"Appraisers continue to expand their knowledge and experience and are uniquely positioned to offer valuable services to a variety of potential clients," said Appraisal Institute President Richard L. Borges II, MAI, SRA.
Large proportions of commercial appraisers also anticipate growth in specialized areas of valuation consulting, such as valuation studies that provide support for litigation (24 percent), due diligence analysis in support of client acquisition or sale decisions (24 percent) and market studies (23 percent). Residential appraisers anticipate more demand for property inspections (16 percent), marketability studies (13 percent) and market studies (12 percent).
Additional survey results include:
- Substantial proportions of commercial appraisers anticipate more demand from financial institutions (47 percent), law firms/lawyers (33 percent) and government agencies (25 percent). Residential appraisers anticipate a different mix of business, predominantly from appraisal management companies (36 percent), financial institutions (34 percent) and property owners/buyers directly (33 percent).
- Sizeable percentages of commercial appraisers anticipate more demand for summary appraisals (44 percent) and limited/restricted use appraisals (33 percent) during the next one to two years. Residential appraisers anticipate more demand for summary appraisals (37 percent) and limited/restricted use appraisals and desk appraisals at 29 percent each.
- Significant portions of commercial and residential appraisers anticipate less demand for complete/self-contained appraisal reports, 31 percent and 21 percent respectively.
The online survey polled 591 real estate valuation professionals May 31-June 17. The survey had a margin of error of +/- 4 percentage points.
View the highlights of the survey results.
The Appraisal Institute is a global professional association of real estate appraisers, with nearly 23,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org.
SOURCE Appraisal Institute