Fewer appraisers means slower moves

Many homebuyers are having their relocations delayed because there are fewer appraisers available to evaluate their property.

Appraisals are a key element to the moving process because they determine the value of a home. Now that process is taking longer than ever, especially because there are simply fewer people up to the task. The Boston Globe reports that in the last three years, the number of appraisers in Massachusetts has fallen from 4,048 in 2007 to to 2,817 this year, according to data from the Massachusetts Board of Real Estate Appraisers.

Additionally, fewer apprentices are looking to enter the field, meaning that the extra workload will continue to fall on the shoulder of the few professionals remaining in the industry. Steve Sousa, the executive vice president of the appraisal board, told the Globe that many lenders are having to wait as long as a week to have an appraisal performed, much longer than the preferred 48-hour turnaround.

A separate recent report from North Dakota's Minot Daily News added that the nation's large home inventory - heavily backlogged by foreclosures - is adding an unprecedented burden to appraisers' workloads.


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