According to John Tedesco, the senior VP of business development at Appraisal Nation, stiffer appraisal regulations and harder entry requirements for appraisers are leading to longer appraisal wait times with higher costs of completion. Because of the high demand for appraisals, appraisal wait times have increased from about five or six days to two or three weeks in some cases. Similarly, the price has risen from between $400-$500 to $700-$800. Appraisal Nation is one of the top appraisal management companies in the United States working with more than 26,000 appraisers every year completing 150,000 residential and commercial appraisals. Since 2013, the number of real estate appraisers has been rapidly falling. In 2013 there were over 89,000 licensed appraisers according to Appraisal Institute, but now there are only about 78,000 with 20% of them being older than 66. As the need for appraisals continues to rise and the work force ages towards retirement, new appraisers are needed to quell the increasing demand.
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