The home appraisal is one of the most important parts of the buying and selling process. Without these professionals, it will be much harder to properly value real estate, determine an accurate figure and streamline the process.
Therefore, those who are currently performing the home appraisals across the country are incredibly valuable to the housing market and the U.S. economy. Recently, the Appraisal Institute announced that a new certification organization has been formed for real estate appraisers, and that could help many experts become better and have access to a wider range of information related to the profession.
ICVC formation could alter landscape
The Appraisal Institute is the largest collection of home appraisal professionals currently in the U.S., and this vital association often implements changes to the industry designed to improve the day-to-day job and offer resources so experts can better help clients.
One such change is the recently announced formation of the International Center for Valuation Certification. The Appraisal Institute stated that this new organization will provide cross-disciplinary valuation certifications, while finding ways to help all industry professionals advance their careers and assist clients.
"The new entity will establish a future generation of cross-disciplinary valuation professionals and will enhance their marketability in a competitive job environment," said Ken Wilson, MAI, SRA and Appraisal Institute president. "Creating a certification organization will allow the new entity to demonstrate leadership in cross-disciplinary valuation principles, standards, methods and ethics."
This change comes on the heels of an October announcement by the Appraisal Institute outlining several new initiatives, including proposed standards of the profession and an expanded delivery of education opportunities for home appraisers. One recommended strategy last fall was the formation of a certification organization.
Staying up-to-date with industry trends and shifts within the housing market is a priority for home appraisal experts across the country. With CRS Data's wide range of suites and solutions, this is easier to achieve than ever before. Professionals can access warranty deeds, mortgage records and much more right online, removing the need to travel to the local courthouse to sift through countless documents.
Thinking like a buyer can help appraisers
Home appraisers have a tough task in front of them each time they are hired by a client. Properly valuing a home can be tricky, especially today when prices and conditions are rapidly changing across the country.
In order to help with that goal, Realtor.com recommended that all appraisers think like buyers when they get started. The goal should be to act like the person interested in the house, while taking into account the current housing market and general industry trends. The best professionals are able to juggle all of the relevant information and provide a personalized report at the same time. It can also help to focus on similar properties in the neighborhood, especially those built around the same time period.
With the formation of the ICVC, home appraisers now have another resource at their disposal to grow as professionals. In the competitive and ever-changing real estate industry, this is certainly a good thing.