
The US Real Estate Appraisal Market (by Number of Active Appraisers, Licensed and Certified Appraisers, Home Sales per Active Appraiser, Employment Status, Time in Profession, Primary Occupation, & Organization): Insights and Forecast with Potential Impac
Description
The US Real Estate Appraisal Market (by Number of Active Appraisers, Licensed and Certified Appraisers, Home Sales per Active Appraiser, Employment Status, Time in Profession, Primary Occupation, & Organization): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)
Market Insight:
The process of determining the worth of a property is known as real estate appraisal. It is often conducted by appraisers, who are licensed or trained professionals. They evaluate the worth of a property using a number of methodologies, including analyzing location, size, condition, and previous sales of similar properties. The US real estate appraisal market is a critical component of the US real estate business, supplying critical information to a diverse variety of stakeholders such as buyers, sellers, lenders, investors, and government organizations. The market is dominated by independent appraisal firms and individual appraisers who are licensed and regulated at the state level.
The real estate evaluation market has seen significant changes in recent years, as technology has become increasingly important in the appraisal process. Today, many appraisers obtain and assess property information using digital techniques such as aerial imagery, 3D modelling, and data analytics, allowing them to complete values more quickly and precisely. The US real estate appraisal market is expected to be worth US$9.27 billion in 2023, witnessing growth at a CAGR of 4.24%, over the projected period.
Top Impacting Factors:
Growth Drivers
- Technology Penetration in the Appraisal Industry
- Growth In Housing Market
- Growing Addressable Mortgage Origination
- Improvement in Communication between Parties
- Less Appealing Mortgage Appraisal Business
- Availability of Alternative Processes
- Growing Senior Housing Momentum
- Fragmented Mortgage Lenders Market
- Improvement in Logistical Management of Appraisers
- Changes to Licensing Requirements
- Driver: Technology Penetration in the Appraisal Industry
- Challenge: Restricted Demand for Appraisers Based on the Region
- Trend: Improvement in Logistical Management of Appraisers
The COVID-19 Analysis:
The COVID-19 pandemic has had a profound impact on the US real estate appraisal market. Appraisers have had to adapt to new safety protocols, including virtual inspections, which have led to delays in the appraisal process in the initial stags of pandemic.
Despite the short-term challenges posed by the pandemic, the post COVID outlook for the US real estate appraisal market looks positive. One of the most significant changes that the post-COVID real estate appraisal market is likely to see is an increased focus on technology in the US. The pandemic has accelerated the adoption of technology in the appraisal industry, with many companies investing in virtual and remote appraisal tools. These technologies have proven to be extremely valuable in the current environment, allowing appraisers to conduct evaluations without having to physically visit properties. As the pandemic continues to recede, it is likely that these technologies will become even more widely adopted and will continue to play a major role in the appraisal industry.
Analysis of Key Players:
The US real estate appraisal market is is very fragmented. The market is likely to be lead by large national firms, but there are also many smaller regional and local firms, as well as independent appraisers, that compete within specific markets or regions. Companies and appraisers need to have a strong reputation for accurate and reliable valuations, as well as a good understanding of the local real estate market and the ability to adapt to changing market conditions. Additionally, companies that can offer additional services, such as technology solutions or data and analytics, may have an advantage over competitors who only offer traditional appraisal services. The key players in the US real estate appraisal market are:
- Wells Fargo & Company
- JP Morgan Chase & Co.
- Real Matters, Inc.
- The Accurate Group
- Voxtur Analytics Corp
- BGC Partners, Inc.
- CoreLogic, Inc.
- Clear Capital
- ServiceLink
- CBRE Group
- LRES Corporation
- First Look Appraisals
Table of Contents
89 Pages
- 1. Executive Summary
- 2. Introduction
- 2.1 Real Estate Appraisal: An Overview
- 2.1.1 Advantages of Real Estate Appraisal
- Table 1: Advantages of Real Estate Appraisal
- 2.1.2 Real Estate Appraisal Industry Process
- Table 2: Real Estate Appraisal Industry Process
- 2.1.3 Top 4 Methods of Real Estate Appraisal
- Table 3: Top 4 Methods of Real Estate Appraisal
- 2.2 Real Estate Appraisal Segmentation: An Overview
- 2.2.1 Real Estate Appraisal Segmentation by Employment Status & Time in Profession
- Table 4: Real Estate Appraisal Segmentation by Employment Status & Time in Profession
- 2.2.2 Real Estate Appraisal Segmentation by Primary Occupation & Organization
- Table 5: Real Estate Appraisal Segmentation by Primary Occupation & Organization
- 3. The US Market Analysis
- 3.1 The US Real Estate Appraisal Market: An Analysis
- 3.1.1 The US Real Estate Appraisal Market: An Overview
- 3.1.2 The US Real Estate Appraisal Market by Value
- Table 6: The US Real Estate Appraisal Market by Value; 2018-2022 (US$ Billion)
- Table 7: The US Real Estate Appraisal Market by Value; 2023-2028 (US$ Billion)
- 3.1.3 The US Real Estate Appraisal Market by Appraisers Who Held 2 Or More Licenses/Certifications Outside Their Home State
- Table 8: The US Real Estate Appraisal Market by Appraisers Who Held 2 Or More Licenses/Certifications Outside Their Home State; 2018-2022 (Percentage, %)
- Table 9: The US Real Estate Appraisal Market by Appraisers Who Held 2 Or More Licenses/Certifications Outside Their Home State; 2023-2028 (Percentage, %
- 3.1.4 The US Real Estate Appraisal Market by Number of Active Appraisers
- Table 10: The US Real Estate Appraisal Market by Number of Active Appraisers; 2018-2022 (Thousand)
- Table 11: The US Real Estate Appraisal Market by Number of Active Appraisers; 2023-2028 (Thousand)
- 3.1.5 The US Real Estate Appraisal Market Share by Licensed and Certified Appraisers
- Table 12: The US Real Estate Appraisal Market Share by Licensed and Certified Appraisers; 2017-2022 (Percentage, %)
- 3.1.6 The US Real Estate Appraisal Market by Home Sales per Active Appraiser
- Table 13: The US Real Estate Appraisal Market by Home Sales per Active Appraiser; 2018-2022 (Percentage, %)
- Table 14: The US Real Estate Appraisal Market by Home Sales per Active Appraiser; 2023-2028 (Percentage, %)
- 3.1.7 The US Real Estate Appraisal Market by Employment Status (Sole Proprietor of Own Business, Employee or Staff Member of Firm, Executive of a Firm, Employee or a Staff Member in Government or Regulatory Agency & Others)
- Table 15: The US Real Estate Appraisal Market by Employment Status; 2022 (Percentage, %)
- 3.1.8 The US Real Estate Appraisal Market by Time in Profession (Less Than 1 Year, 1-2 Years, 3-4 Years, 5-9 Years, 10-14 Years, 15-19 Years, 20 Years or More, Never Worked in the Profession & Others)
- Table 16: The US Real Estate Appraisal Market by Time in Profession; 2022 (Percentage, %)
- 3.1.9 The US Real Estate Appraisal Market by Primary Occupation (Residential Appraiser, Commercial Appraiser, Review Appraiser, Appraiser Supervisor, Chief Appraiser, Appraiser Trainee, Not Applicable & Others)
- Table 17: The US Real Estate Appraisal Market by Primary Occupation; 2022 (Percentage, %)
- 3.1.10 The US Real Estate Appraisal Market by Organization (Appraisal Services Firm, Bank or Lending Institution, Government Agency, Appraisal Management Company, Real Estate Services Firm, Financial Institution, Real Estate Brokerage Firm & None)
- Table 18: The US Real Estate Appraisal Market by Organization; 2022 (Percentage, %)
- 4. Impact of COVID-19
- 4.1 Impact of COVID-19 on the US Real Estate Appraisal Market
- 4.1.1 Appraisals Amidst COVID-19
- 4.1.2 Technological Innovations
- 4.1.3 Collaboration of Homeowners with Appraisers
- 4.1.4 Post COVID Scenario
- 5. Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Technology Penetration in the Appraisal Industry
- Table 19: Traditional and Digital Appraisal Management Company (AMC): A Comparison
- Table 20: Traditional and Digital Appraisal Management Company (AMC): A Comparison
- 5.1.2 Growth In Housing Market
- Table 21: The US Housing Starts; January 2021-April 2022 (Million)
- 5.1.3 Growing Addressable Mortgage Origination
- Table 22: The US Total Mortgage Originations; Q1 2018-Q2 2021 (US$ Billion)
- 5.1.4 Improvement in Communication between Parties
- 5.1.5 Automation of Data-Gathering
- 5.1.6 Increasing Adoption of Remote Online Notarization and Digital Real Estate Transactions
- 5.2 Challenges
- 5.2.1 Less Appealing Mortgage Appraisal Business
- Table 23: Current Fixed Rate Mortgage
- 5.2.2 Restricted Demand for Appraisers Based on the Region
- 5.2.3 Availability of Alternative Processes
- 5.2.4 Quality Control Issues
- 5.2.5 Regulatory and Audit Compliance
- 5.2.6 Shrinking Supply of Appraisers
- 5.3 Market Trends
- 5.3.1 Growing Senior Housing Momentum
- Table 24: The US Senior Housing Units by Type; 2015-2021 (Percentage, %)
- 5.3.2 Fragmented Mortgage Lenders Market
- Table 25: The US Top 10 Mortgage Lenders; 2021
- 5.3.3 Improvement in Logistical Management of Appraisers
- 5.3.4 Changes to Licensing Requirements
- 5.3.5 Availability of On-Site and Report Creation Workflows
- 6. Competitive Landscape
- 6.1 The US Real Estate Appraisal Market Competitive Landscape
- Table 26: The US Real Estate Appraisal Market Competitive Landscape (Top 5)
- 6.2 The US Real Estate Appraisal Players by Market Share
- Table 27: The US Real Estate Appraisal Players by Market Share; 2022 (Percentage, %)
- 6.3 The US Real Estate Appraisal Market Players: Competitive Analysis
- Table 28: The US Real Estate Appraisal Market Players by Efficiency Ratio; 2022 (Percentage, %)
- 7. Company Profiles
- 7.1 Real Matters Inc.
- 7.1.1 Business Overview
- 7.1.2 Operating Segments
- Table 29: Real Matters Inc. Revenues by Segments; 2022 (Percentage, %)
- 7.1.3 Business Strategies
- 7.2 Wells Fargo & Company
- 7.2.1 Business Overview
- 7.2.2 Operating Segments
- Table 30: Wells Fargo & Company Total Revenue by Segments; 2021 (Percentage, %)
- 7.2.3 Business Strategies
- 7.3 CBRE Group, Inc.
- 7.3.1 Business Overview
- 7.3.2 Operating Segments
- Table 31: CBRE Group, Inc. Total Revenue by Segments; 2021 (Percentage, %)
- 7.3.3 Business Strategies
- 7.4 Voxtur Analytics Corp.
- 7.4.1 Business Overview
- 7.4.2 Revenue by Nature of Service
- Table 32: Voxtur Analytics Corp. Revenue by Nature of Service; 2021 (Percentage, %)
- 7.4.3 Business Strategies
- 7.5 Newmark Group, Inc.
- 7.5.1 Business Overview
- 7.5.2 Revenue by Sources
- Table 33: Newmark Group, Inc. Revenue by Sources; 2021 (Percentage, %)
- 7.5.3 Business Strategies
- 7.6 JPMorgan Chase & Co.
- 7.6.1 Business Overview
- 7.6.2 Operating Segments
- Table 34: JPMorgan Chase & Co. Total Net Revenue by Segments; 2021 (Percentage, %)
- 7.6.3 Business Strategies
- 7.7 CoreLogic Inc.
- 7.7.1 Business Overview
- 7.7.2 Business Strategies
- 7.8 Accurate Group
- 7.8.1 Business Overview
- 7.8.2 Business Strategies
- 7.9 Clear Capital
- 7.9.1 Business Overview
- 7.9.2 Business Strategies
- 7.10 ServiceLink
- 7.10.1 Business Overview
- 7.10.2 Business Strategies
- 7.11 LRES Corporation
- 7.11.1 Business Overview
- 7.12.1 Business Overview
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