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.
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
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.
Calculate estimates of the value of property for sales, mortgages, and loans.
Create written reports detailing estimation process and results.