Real Estate Appraiser, Residential Salary
Residential Real Estate Appraisers in the United States tend to have a good amount of experience under their belt — just under two-thirds have more than 10 years in the field. While pay runs from $32K to $92K per year, median earnings come to $53K per year. Career duration and the particular city each impact pay for this group, with the former having the largest influence. More than two-fifths of professionals in this line of work do not receive benefits; however, more than half report medical coverage and just over two-fifths claim dental coverage as well. The majority of workers are highly satisfied with their job. Men account for the majority of Residential Real Estate Appraisers who responded to the questionnaire — 63 percent to be exact. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Real Estate Appraiser, Residential
A residential real estate appraiser assesses homes' values for loan, tax, insurance, and other purposes. The appraiser evaluates single-family homes, land, and condominiums, among other residential properties. To obtain an objective and accurate valuation for property, the appraiser needs examine factors such as the history of the property, market trends, an in-person assessment of its condition, and the selling prices of similar homes in the area. After the appraisal has been carried out, the appraiser makes a report documenting the evidence for their valuation; these documents are then given to the appropriate parties, such as the appraiser's manager, a bank, and/or the customer intending to purchase the home.Read More...
Residential real estate appraiser positions may be freelance or involve working for an appraisal company. These appraisers generally work on their own, and supervision is often done remotely. The job may involve working in an office or from home and requires visits to properties in order to carry out the appraisals. Adherence to deadlines is important, and there may be productivity goals that need to be achieved.
A minimum of a high school diploma or equivalent is usually necessary for this role, as is status as a licensed certified real estate appraiser. Additional education may be required or preferred. Residential real estate appraisers must be able to read and understand blueprints, maps, and plans relating to properties. They also need to have excellent problem solving, analytical, and communication skills. Additionally, these professionals must work well in a team environment, as well as on their own with minimal supervision.
Real Estate Appraiser, Residential Tasks
- Calculate estimates of the value of property for sales, mortgages, and loans.
- Create written reports detailing estimation process and results.
- Conduct inspections of properties to identify factors which could influence property value.
- Research property sales history, value of neighboring homes, and the value of homes in the region.
Common Career Paths for Real Estate Appraiser, Residential
As Residential Real Estate Appraisers transition into upper-level roles such as Real Estate Appraisal Manager, they may see a strong upturn in salary. Real Estate Appraisal Managers earn $77K on average per year. A Real Estate Appraiser & Assessor role is the most common promotion for Residential Real Estate Appraisers moving up the ladder. Pay for this role tends to be $42K per year. Another typical, albeit less common, transition for Residential Real Estate Appraisers is a Commercial Real Estate Appraiser position, where earnings are usually $65K.
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Pay by Experience Level for Real Estate Appraiser, Residential
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Residential Real Estate Appraisers who reported more years of relevant experience also reported higher earnings. Survey participants with less than five years' experience pocket $39K on average, but those with five to 10 years of experience enjoy a much bigger median of $51K. Residential Real Estate Appraisers who work for 10 to 20 years in their occupation tend to earn about $54K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $63K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
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