After working for various high-tech and service companies for years, Derek was ready for a change.
“I became an appraiser in 2003,” says Derek. He assesses properties in the heart of Silicon Valley specifically in Santa Clara, San Mateo and some of the counties in Alameda.
20 years later, Derek is still happy he made his career change.
“A real estate appraisal career is challenging and fulfilling. It gives me the opportunity to work flexible hours and the potential to earn a high income.”
Being an appraiser also gives Derek an opportunity to show how dedicated he is to his clients.
“During 2021 and early 2022 when interest rates were at their lowest, lenders and borrowers were scrambling to find appraisers to fulfill their assignments. I worked more than 14 hours daily to complete quality appraisal reports so lenders and borrowers could meet their deadlines.”
This year the marketplace has seen the median home price go up 2.3% (average home price of $1,583,753) vs. this time last year, but overall it’s still no where near what the frenzy was like in 2021/2022.
“The number of homes sold last month was 9,833 vs. 16,710 the same month last year, and average DOM (Days On Market) has more than doubled to 57 days from 27 days.”
Even so, high-tech business growth remains strong. As a result, some tech companies are dipping their toe in the development area.
“To help employees in Santa Clara County, Google, Facebook, and many other tech companies are planning new commercial and residential projects.”