Why I Still Love Real Estate Appraising

I wrote this blog– 4 Things I Love About Being a Real Estate Appraiser- 10 years ago!  So much has changed since that time!  We have experienced some very large swings in the market regarding the number of appraisals needed from a very high volume where appraisers couldn’t keep up, to the now very low volume of appraisal requests.  Mortgage interest rates dipped to historic lows around 3% in 2020 and 2021  then made big jumps in 2022, peaking at close to 8% in November of 2023.  Fannie Mae’s Collateral Underwriter was released after I wrote that post as well as many changes in the GSE’s guidelines. 

This May will complete my 18th year as a real estate appraiser as I switched from being an elementary school teacher to the field of appraising.  I wrote that blog after 8 years of experience.  Now, 10 years later, how am I feeling about our profession? 

1. Fascinating–  in my original post I used the term, “interesting” but now I would nuance it more into the realm of fascinating.  Fascinating? Really?  Isn’t appraising boring?  Not for me!  I continually get to learn new things and see new things.  From large, elaborate luxury homes, to industrial buildings, to large tracks of acreage, to equine facilities, to new construction and old historic homes and buildings.  I have been able to observe, analyze, and learn about each one. We appraise a lot of rural ranches and farms and I love seeing the animals!  I’ve seen beautiful deer, horses, dogs, cats, birds, large tortoises and even giraffes!  I love seeing how different companies use their industrial spaces when doing some of our commercial properties.  I get all excited about a grade-high dock door or a nice mezzanine! 

2. People- I still very much enjoy the variety of people that we get to meet in this profession. We have met people from all over the world with varying backgrounds and interests.  Not only do we get to meet some of the people at the properties we appraise but also people we network with from other appraisers, real estate agents, and people in the mortgage industry. 

3. Challenging– No one said it was easy to become an appraiser or to appraise real estate.  I have found that there is always something to learn. New tools and techniques help me to become a better appraiser. The more I know, the more I know there is more to know!  I love learning and real estate appraising has never been stagnant. We don’t appraise the same type of properties every day.  Each property and market is different and needs unique analysis.  There are so many different types of appraisals that can be done!  Diversifying our services has proved very important during the current downturn in real estate. 

4. Important– I still believe that the service we provide is a crucial element in real estate.  Reliable valuations help protect consumers from overpaying or sellers from being shorted, help lenders with the collateral and loan decisions, or help estates or tax planners in knowing the value of their assets. The number of non-appraisal valuation products on the market is concerning as so much the economy can be impacted by wrong valuations (just look back at the 2008 crisis). Suffice it to say that the importance of providing a reliable appraisal is at the forefront of my mind with every appraisal I work on.   

So, the answer is still yes!  I still love real estate appraising and I look forward to navigating the future.  There are changes in the GSE forms on the horizon and in fact, there will be no more forms but more of an online portal.  You can see the plans for Fannie Mae here and Freddie Mac here.  This will be a challenge but I am confident that appraisers will be up to the challenge and be able to continue to provide valuation services for many years to come. As the well-loved and respected appraiser,  George Harrison, always said- Happy Appraising!