Keep an eye on JULY!


Welcome to July! There are three things you are really going to have to watch, in addition to everything else we are dealing with, during the month of July.

  1. Inventory of homes on the market
  2. Tax filing due July 15th
  3. QM GSE Rules Patch

First is the challenge we are facing in many markets with available homes for purchase. The word inventory comes to mind, but I urge you to think about what the word means and the real relevance of the term. Many will site available homes for sale by looking at existing homes currently listed. Some will look at days on market as a measure. Those are fine, but you need to look a little deeper. Listed homes aren’t the only homes available for sale. FSBO properties and I-properties may not be reflected in those numbers, and could be significant.

Days on market reports can also be flawed because it doesn’t reflect the volume and total number of transactions. Many areas in the country are seeing a large number of properties that come on to the market on a Friday, and are under contract by Monday; with many of those receiving multiple offers! There may just be a new “normal” when it comes to the velocity of a properly price home to sell!

Second item is that July 15th is the tax filing deadline as of this posting. 2019 taxes are due unless there is a further extension. One strong item to note is you need to watch your active files and preapprovals, especially those of self-employed borrowers. Time may be critical and HOW those taxes are filed, and how any monies due are paid could be a big deal! Those filing by mail and/or paying by paper check may experience LONG delays in getting those processed. So if these filings and payments are important to your deal, please ask you people to file electronically and to make their payment electronically to avoid potential delays!

Last on the list is the ongoing discussion about QM and the January 10, 2021 expiration. All kinds of proposals are being discussed and it is important that you keep yourself informed. All kinds of rumors are being passed around; I am sure some information even being “leaked” to see what kind of reaction there will be. So be sure you have trusted sources of accurate information and keep yourself aware of what is going on in that area.

All of these three issues are important. You can’t afford to be unaware or blindsided by any of it. Many of you are very active but you do need to be sure you are keeping informed!

Questions or comments: [email protected]


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