Jennifer Quinn Appraisals

I just read an article that made me very cranky and I wanted to share my thoughts about it with you all. I am not going to tell you the name of the article or the publication from which it came, but I will tell you that the fact that the story was regurgitated on several "news" outlets (like CNBC) is pretty disturbing.
The title of the article was "3 in 10 Americans missed their June housing payment."
First of all, according to my calendar, today is June 18th. There are still 12 days in this month, so how can you assert that 30% of Americans missed their house payments in June when the month isn't over?
Second, this statement was based on an internet poll of roughly 4,000 homeowners and tenants. Now, according to the most recent census data, there are 331 million people in the US. So this article bases its assertion that 30% of Americans missed their house payment in June on a data set that represents 0.0012% of the population. According to Statista.com, 65.1% of the US population are homeowners. That translates to 215,481 people who own homes. The 4,000 people surveyed represent 1.9% of the number of homeowners in this country and does not even account for the number of renters.
The article then goes on to reveal that of those surveyed, 19% (not 30%) did not make their house payments on time and 11% made partial payments.
This in no way equates to the sensationalist headline that 3 out 10 of Americans missed their house payment.

My problem with this poorly written and misleading article is the fact that it (and many of the other articles found on their site) are little more than fear-mongering sensationalism designed to generate clicks for their website while offering very little real content.

Here's the truth as I see it thus far: We are in the very early stages of a crisis heretofore unknown in our lifetime. For us here in the States, this has been a long three months, and we are nowhere near the end. There is no way to tell how COVID-19 will ultimately impact the housing market. It's very likely that we will see an increase in foreclosures, but I estimate that won't happen until 2021.

The foreclosure process is long, complicated, and expensive, and lenders typically see it as a last resort. For example: I had one house that I appraised five times over three years while the lender tried to restructure the mortgage and seek other options before they finally ended up foreclosing. They received zero payments from the borrowers for three years before they finally sold the house.

My guess at this point is that lenders will be proactive (unlike the crash in 2008 that they were apparently blind-to) and create loan relief programs like HARP and FMERR to defer payments, lower interest rates, and monthly payments, remove penalties and add missed payments onto the back end of loans with no additional fees in order to avoid ending-up with mountains of bad-debt in their portfolios.

I guess what I am saying is please don't buy into the media's attempt to make us a more fearful and divided nation than we already are. If you need advice about whether to buy, sell, refinance, or stay where you are, for the time being, reach out to me. I am a great resource and I love to do research.

Be well, stay safe, and be excellent to each other!
~Jen

Today I find myself in an interesting position that I hadn't considered before: Tuesday, we are having an appraisal done on our house.
We haven't had one since the last time we refinanced, back in 2004. I was a Contractor and Realtor then and knew next to nothing about the appraisal process. I was the typical obnoxious homeowner that, these days, I try to hide my eye-rolls at, and remain patient with. I followed the appraiser around throughout the entire process. He was probably very irritated with me but didn't show it at all. I can appreciate that now, knowing what I know and doing what I do.
The interesting thing to me is this: I find myself looking at my house not as a homeowner, but as an appraiser. I am wondering what Quality and Condition ratings she will give. I actually busted out a ladder and some exterior paint this morning, when it was 38 degrees outside, to touch up some trim paint that is looking shabby. I installed a smoke/CO detector, knowing that they are required by law. I thought about double-strapping my water heater. Charlie re-caulked the tub.
As an appraiser, I know what I would be looking for if I walked into this house. I am curious and sort of excited to see what this appraisal looks like.
I'm also nervous. I have been doing this for more than a decade now, and I feel like I am pretty good at my job. I met a lot of appraisers from all over the country in September at the Appraisal Summit in Las Vegas. It was so interesting to talk with others in my field and exchange ideas about the way we do our jobs. I am not familiar with the appraiser coming to my house on Tuesday. I want to know who trained her, how long she's been doing this, what kind of continuing education classes she's taken, whether or not she's from Lane County. So many questions!
I guess it's probably a good thing I will be in Roseburg doing my own inspections while she's here!
Anyway, just some thoughts for a not-so-lazy Sunday. Thanks for reading! Feel free to share any appraisal experiences you've had here. I would love to read them.

Happy Fall! The temperature is dropping, the leaves are changing, and the days are getting shorter. I've been thinking a lot lately about change; making some changes in my life, having changes I never could have anticipated thrust upon me, the way I am changing both personally and professionally as I get older...
The most recent change that I do have control over is my website! Well, actually the fact that I have a website! It's only taken me 5 years! It's pretty basic, but it's a fluid thing that I can change (there's that word again) as my business grows, and I move towards my goals. There's a link to my new website here on this page, so I invite you to go and check it out when you have a chance. It's https://jqappraisalsinc.com.
Another change I have been pondering lately is teaching. When I was young, I thought that was where I would end up. I have always admired people who chose that profession, as it often seems like a thankless task. At some point, I determined that it was not for me. I feel like I don't have the patience needed to shape young minds.
Lately though, especially since the I attended recently, I have been having lots of ideas for classes I think would be beneficial for people in my industry, and have started hashing out the barest of outlines for a class about the appraisal process for Realtors. I feel like there is animosity caused by a lack of understanding between Realtors and Appraisers, which is a shame. We should be allies.
So, that's where my head is at right now. I am fortunate enough to be positively overloaded with work and am currently booked through the rest of October and into November.
I just wanted to touch base, let you all know about the new website. Feel free to offer any feedback. Especially those of you who have more experience with running websites than I do (which could be almost everyone!)
My plan in the next month or so is to get a blog going as well. I'd like to talk about all things Real Estate related, and maybe throw in a few personal observations as well. Once I do, I'll let you know where you can find it. I'm sure it will make for fascinating reading on the cold nights ahead!
Thanks for stopping by!
~Jen

Real Estate Appraisal - home appraisal - appraiser - real estate appraiser - residential appraisals - Springfield, OR - Jennifer Quinn Appraisals, Inc Jennifer Quinn Appraisals, Inc specializing in residential and commercial OR Real Estate Property Appraisals.