The good news for appraisers is that while you weather the current economy you can position yourself to be a highly qualified and credentialed “green” appraiser without significant capital or time expenditures. The result is a competitive advantage, compliance with USPAP’s Competency Rule and new sources of work.
Many of you remember the excesses that characterized the real estate market of the 1980s, which led to appraiser licensing in 1989. At the time, many predicted that the “party was over” for real estate. With the current global economic crisis, we know that the lending frenzy and skyrocketing real estate prices of the past few years are “over” once again, as is the volume of our appraisal work.
At this point in the cycle there are a couple of choices for appraisers. You can lay low for the next few years until the market rebounds- surely it will rally back just like it always has. Or you can use this difficult time as an opportunity to position yourself for a slightly modified appraisal practice in the near future– one that offers new specialty expertise that will make you more competitive.
Two historic changes are occurring. First, the built environment is embracing green building, both residential and commercial. Last October over 30,000 attended the International Builders Show in Las Vegas, where green building was embraced and the message conveyed that the future of building will look much different than yesterday or today. And second, President Obama is directing billions of dollars to all that is “green” (housing, development and energy). This one-two combination will result in a recovered economy for appraisers and will favor the specialists who are positioned to competently appraise properties with green characteristics.