Appraisal Survey

In July 2023, NAR Research conducted a survey of all 9,800 appraiser members and 50,000 randomly-selected residential-focused non-appraiser members.  The objectives of the report were:

• To determine the level of impact of appraisals on the current market and member business in terms of cost, turn-around times, and other challenges.
• To measure member experiences with bias and discrimination in the real estate process in general and in the appraisal process.
• To determine how these issues may have shifted since 2022.

Topics Covered in the Report

Appraisers

• Greatest challenges in business
• Lesser challenges with business
• Valuations
• Comfort with valuation tools
• Radius in which appraisals are conducted
• Radius by area type (rural, small town, urban, resort, suburban)
• How often asked to conduct appraisals outside geographic area/Property type of expertise

Non-Appraiser Members

• Greatest challenges with transactions
• Valuation types
• Impact of appraisal on transaction
• Appraisals coming in at/above contract price
• Transactions falling through due to appraisal
• Reasons transaction fell through
• Rush fees
• Appraisal gap
• Appraisal contingency
• Local appraiser involved in transaction
• Reasons for not interacting with appraiser
• Personally know appraiser
• Reached out to appraiser
• Reconsideration of value
• Reconsideration of value process

All Respondents

• Difficulty obtaining a home appraisal
• Appraisal time
• Delays in market in completing appraisals
• Addressing appraisal delays
• Other ways of addressing appraisal delays
• Appraisal process changes
• Appraisal competency
• Greatest appraisal competency issues
• Lesser appraisal competency issues

Bias and Discrimination

• Discrimination in the real estate transaction process
• Descriptions of bias or discrimination in the real estate transaction process
• Appraisal discrimination
• Descriptions of bias or discrimination in the appraisal process

Demographics

• Business type
• Location of business
• Years of experience
• Main function in the real estate industry
• Race/Ethnicity
• Gender

Comments From Survey Respondents

Fifteen percent of respondents (328 individuals) left final comments. Sentiments repeated more than once are reflected in the survey report.

Download the full report