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Technology Impact on the Future of the US Real Estate Appraisal Market

By Victoria Udrea | November 21, 2023

The report "US Real Estate Appraisal Market: Insights and Forecast (2023-2028)" has been added to ResearchAndMarkets.com's offerings.

The US real estate appraisal market has recently undergone significant changes due to technology's increasing importance in the appraisal process. Many appraisers now use digital techniques like aerial imagery, 3D modeling, and data analytics to gather and assess property information, resulting in faster and more precise valuations.

The US real estate appraisal market is projected to reach a value of US$9.27 billion by 2023, growing at a CAGR of 4.24% during the forecast period.

Key Factors Influencing the Market

Driver: Technology Integration in the Appraisal Industry: The Digital AMC platform utilizes technology to automate processes and manage the network of field agents, improving quality and efficiency. For example, the Solidifi platform employs automated quality scoring technology and a unique appraiser scoring system to provide unbiased feedback and transparent performance-based appraisal assignments.

Challenge: Regional Variations in Appraiser Demand: Appraisers typically work within specific regions due to differences in state licensing requirements and regional real estate market dynamics. The demand for appraisers varies significantly by location, affecting appraisers' fees and workload.

Trend: Enhanced Logistical Management of Appraisers: Appraisal management companies (AMCs) have invested in solutions to improve order management, appraisal scheduling, and route efficiency, which positively impacts the overall appraisal process.

Growth Drivers

the us real estate appraisal market
The report is priced at $ 4,500 for a
Single User License, $ 5,500 for
1 - 5 User License, and $ 6,500 for Enterprise License
  • Technology Integration in the Appraisal Industry
  • Housing Market Growth
  • Increased Mortgage Origination
  • Improved Communication between Parties
  • Automation of Data-Gathering
  • Rise in Remote Online Notarization and Digital Real Estate Transactions

Challenges

  • Decline in Mortgage Appraisal Business
  • Regional Variations in Appraiser Demand
  • Availability of Alternative Processes
  • Quality Control Issues
  • Regulatory and Audit Compliance
  • Decrease in Appraiser Supply

Market Trends

  • Growing Senior Housing Momentum
  • Fragmented Mortgage Lenders Market
  • Enhanced Logistical Management of Appraisers
  • Changes to Licensing Requirements
  • Availability of On-Site and Report Creation Workflows

Key Players Analysis

The US real estate appraisal market is highly fragmented, with large national firms, smaller regional and local firms, and independent appraisers competing within specific markets. Key players include Real Matters Inc., Wells Fargo & Company, CBRE Group, Inc., Voxtur Analytics Corp., Newmark Group, Inc., JPMorgan Chase & Co., CoreLogic Inc., Accurate Group, Clear Capital, ServiceLink, and LRES Corporation. These companies must maintain a strong reputation for accurate valuations and adapt to changing market conditions to stay competitive. Offering additional services, such as technology solutions and data analytics, can provide a competitive edge.

Victoria Udrea, a talented author who specializes in real estate and technology, is a valued contributor to Realty Biz News. With her keen eye for detail and passion for keeping readers informed, she diligently covers the latest developments in the industry, focusing particularly on the exciting realm of smart home technology.
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