DUBLIN--(BUSINESS WIRE)--The "The US Real Estate Appraisal Market: Analysis and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The US real estate appraisal market was valued at US$8.89 billion in 2022 and is expected to be worth US$11.41 billion in 2028.
Real estate appraisal is the process of determining the value of a property. It is typically performed by licensed or certified professionals, known as appraisers. They use a variety of methods to estimate the value of a property, including analyzing location, size, condition, and recent sales of similar properties.
The US real estate appraisal market is a vital component of the US real estate industry, providing important information to a wide range of stakeholders, including buyers, sellers, lenders, investors, and government agencies. The market is primarily composed of independent appraisal firms and individual appraisers, who are licensed and regulated at the state level.
In recent years, the real estate appraisal market has seen major changes as technology has become increasingly crucial in the appraisal process.
Today, a lot of appraisers gather and evaluate information about properties using digital tools like aerial imaging, 3D modelling, and data analytics, which enables them to finish valuations more rapidly and precisely. The market is expected to grow at a CAGR of 4.24% over the projected period of 2023-2028.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a profound impact on the US real estate appraisal market. Appraisers have had to adapt to new safety protocols, including virtual inspections, which have led to delays in the appraisal process in the initial stags of pandemic.
Despite the short-term challenges posed by the pandemic, the post COVID outlook for the US real estate appraisal market looks positive. One of the most significant changes that the post-COVID real estate appraisal market is likely to see is an increased focus on technology in the US.
The pandemic has accelerated the adoption of technology in the appraisal industry, with many companies investing in virtual and remote appraisal tools. These technologies have proven to be extremely valuable in the current environment, allowing appraisers to conduct evaluations without having to physically visit properties. As the pandemic continues to recede, it is likely that these technologies will become even more widely adopted and will continue to play a major role in the appraisal industry.
Competitive Landscape:
The US real estate appraisal market is is very fragmented. The market is likely to be lead by large national firms, but there are also many smaller regional and local firms, as well as independent appraisers, that compete within specific markets or regions. Companies and appraisers need to have a strong reputation for accurate and reliable valuations, as well as a good understanding of the local real estate market and the ability to adapt to changing market conditions. Additionally, companies that can offer additional services, such as technology solutions or data and analytics, may have an advantage over competitors who only offer traditional appraisal services.
The key players in the US real estate appraisal market are:
- Real Matters, Inc.
- Wells Fargo & Company
- JP Morgan Chase & Co.
- CBRE Group
- Voxtur Analytics Corp
- BGC Partners, Inc.
- CoreLogic, Inc.
- The Accurate Group
- Clear Capital
- ServiceLink
- LRES Corporation
- First Look Appraisals
Market Dynamics
Growth Drivers
- Technology Penetration in the Appraisal Industry
- Growth In Housing Market
- Growing Addressable Mortgage Origination
- Improvement in Communication between Parties
- Automation of Data-Gathering
- Increasing Adoption of Remote Online Notarization and Digital Real Estate Transactions
Challenges
- Less Appealing Mortgage Appraisal Business
- Restricted Demand for Appraisers Based on the Region
- Availability of Alternative Processes
- Quality Control Issues
- Regulatory and Audit Compliance
- Shrinking Supply of Appraisers
Market Trends
- Growing Senior Housing Momentum
- Fragmented Mortgage Lenders Market
- Improvement in Logistical Management of Appraisers
- Changes to Licensing Requirements
- Availability of On-Site and Report Creation Workflows
For more information about this report visit https://www.researchandmarkets.com/r/eo3j8r-us-real?w=4
