REALTORMag
The number of appraisers is rapidly shrinking, which is causing delays in closings and possibly even costing your buyers and sellers money on their way to settlement, CNBC reports.
Since 2007, the percentage of appraisers has fallen by 22 percent, according to the Appraisal Institute. Further, more than 60 percent of appraisers are over the age of 50, sparking concern that not enough new recruits are joining the ranks to replace those who retire. And it’s having a real, measurable impact on transactions. The percentage of appraisal-related issues delaying closings surged by 50 percent from April to September of this year, according to a tracking survey from Campbell/Inside Mortgage Finance.
