The appraisal profession has been changing over the last ten years as the economy, real estate market, demographics and laws have changed. Residential appraisers, especially, contend with more requirements, client requests and an increasing amount of work required for each appraisal.
Appraisers are like old football players; they are running hard to keep up with ever-faster players. With the arrival of truly BIG DATA, and the seeming movement towards alternative valuations, it seems like the appraisal industry is in a bit of a free fall.
Appraisers are often asked to estimate the value of urban parcels under two scenarios: As is and subject to the owner obtaining specific development entitlements. However, larger development sites tend to have a limited number of recent comparable transactions available for review.