Real Estate Analysis and Commentary.

Changing Appraiser Profession Due to Higher Interest Rates for 2023

Higher interest rates make it more expensive to borrow money, which can lead to a decline in home sales. This means that appraisers may see a decrease in the number of assignments they receive.

However, there are still opportunities for appraisers in 2023. Here are a few things appraisers can do to adapt to the changing market:

• Diversify their practice. Appraisers can expand their services to include other types of valuations, such as commercial appraisals or appraisals for estate planning purposes.
• Focus on niche markets. Appraisers can specialize in a particular type of property, such as luxury homes or historic homes.
• Embrace technology. There are a number of new technologies available to appraisers, such as automated valuation models (AVMs) and desktop appraisals. Appraisers can use these technologies to streamline their work and make their services more competitive.

In addition to the above, here are some other trends that appraisers need to be aware of in 2023:

• Appraisal modernization. The appraisal industry is undergoing a modernization effort, which includes the use of new technologies and data sources. Appraisers need to stay up-to-date on the latest trends and developments in appraisal modernization.
• Increased regulation. The appraisal industry is highly regulated, and new regulations are being enacted all the time. Appraisers need to be aware of the latest regulations and ensure that their practices are compliant.

Overall, the appraiser profession is facing a number of challenges in 2023. However, by diversifying their practice, focusing on niche markets, embracing technology, and staying up-to-date on the latest trends and regulations, appraisers can continue to be successful in the changing market.

Here are some additional tips for appraisers who are looking to adapt to the changing market in 2023:

• Network with other appraisers and real estate professionals. This can help you stay informed about the latest market trends and find new business opportunities.
• Get involved in professional organizations. This is a great way to stay up-to-date on the latest industry news and developments, and to network with other appraisers.
• Continue your education. The appraisal profession is constantly evolving, so it's important to continue your education and stay up-to-date on the latest best practices.

By following these tips, appraisers can position themselves for success in the changing market in 2023 and beyond. By Google Bard with some editing by Wayne L. Henry.