What does a residential appraiser do?
Residential appraisers perform appraisal tasks on homes or other residences that house from 1 to 4 families. They appraise properties to determine the value for sales, purchase, mortgage, loan, and investment purposes. They take a variety of factors into consideration such as income potential, value comparisons of similar properties, replacement costs, and depreciation. They also assess the neighborhoods, land, and surrounding areas and take trends or potential changes into consideration. Residential appraisers measure properties and inspect the condition, design, construction, and special features. They also search public records for additional information such as previous assessments, leases, and sales. Residential appraisers are also responsible for preparing detailed appraisal reports and they often take photographs and draw land diagrams to support their conclusions.
What kind of training does a residential appraiser need?
Residential appraisers typically need at least a bachelor degree in real estate, valuation sciences, or other related field. Prospective residential appraisers often complete courses in mathematics, basic appraisal principles, market analysis, economics, and the appraisal sales comparison approach. Many aspiring residential appraisers complete internships while pursuing their education to gain practical experience. Many states require residential appraisers to be licensed. Licensing requirements vary, but usually include minimum education and experience and passing a written examination. Many residential appraisers gain the professional Certified Residential Real Property Appraiser designation to remain competitive in the field. Residential appraisers must complete regular continuing education to maintain their licenses and certifications, keep their skills up to date, and stay current with advancements in the field.
What are the prospects for a career as a residential appraiser?
Employment of residential appraisers is expected to grow more slowly than average for all professions, increasing 5% from 2008 to 2018 (1).
Job prospects are expected to be good especially for residential appraisers with extensive experience and professional certification. Job opportunities will be the best in areas of active real estate markets.
How much do residential appraisers make?
As of January 2010, the middle 50% of residential appraisers earn annual salaries between $38,015 and $48,524. The top 10% earn annual salaries of more than $52,503 (2).
A career as a residential appraiser is a great choice for people with a strong interest in estimating the value of many different types of residential properties. Residential appraisers must have a solid understanding of residential real estate and the necessary appraisal procedures. Solid math and business skills, detail orientation, good analytical skills, and precision are necessary characteristics. Residential appraisers must have excellent communication and interpersonal skills because they work with a variety of buyers, sellers, and other professionals. They must also be able to effectively work independently as well as part of a team.