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Lack of appraisers holding up home sales

September 14, 2010 - Many people are having their moving plans postponed while they wait for a home appraisal.

The Boston Globe, citing data from the Massachusetts Board of Real Estate Appraisers, reported that the appraisal industry is suffering from a shortage of workers - one that might not get better any time soon because fewer trainees are taking up the practice. According to the report, there were just 2,817 working appraisers in Massachusetts this year, down from three years ago when there were as many as 4,408. Additionally, there are just 470 apprentices training to become an appraiser, down from 1,600 in 2007.

The work shortage is making it difficult for homebuyers and sellers to get their moving plans in order. Steve Sousa, president of the Massachusetts Board of Real Estate Appraisers, told the Globe that many appraisal firms are telling brokers that they have to wait as long as a week to have one home valuation performed. Usually, such a request would be filled within two days.

Reliable home valuations are especially important today, when home prices and values whether constant pressure from foreclosures and other housing market difficulties. The most recent report from the S&P/Case-Shiller Home Price Index said that nation home prices can only be stable for so long and will continue to be dragged down by large home inventories.

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