As the name suggests, a real estate appraiser is a person who develops estimates of property, homes, office buildings, and any other structure. The cost of living differs from city to city, but it is real estate appraisers who determine just how much it will cost to live in any particular area.
The housing market is one of the most fickle aspects of the economy. Nothing demonstrates this more than the events that occurred through the first decade of this century. As the United States entered a new millennium, real estate prices climbed, and heights were reached that were formerly unimaginable by even the most well-known economists. By the year 2005, home and property values had reached an all time high. Unfortunately, when something peaks, the way down is usually steeper than the way up; and that is exactly what happened to the housing market. After its peak in 2005, real estate values began decreasing, and in October of 2007, the housing bubble popped, causing prices to drop dramatically.
It was at this point that real estate appraisers faced their most difficult task. As easy as it was for them to assess the price of a property when the market was flourishing, it was even more difficult to give clients the news of how much value their real estate had lost. On the contrary, appraisers working with people who were shopping for real estate now could offer them low estimates and affordable prices.
A property appraiser is often associated with terms like market value, investment value, liquidation, mortgages, and appreciation. Yet, the bursting of the U.S. housing bubble might be the best example of what property assessors actually do and how quickly things can change.
No matter where the United States economy is, it's important for people shopping around for a place to live to meet with real estate appraisers. Florida residents, Washington residents, and everyone in between should have a full understanding of the housing market and its trends before making the decision to buy a home.