1.9.22

Ep. 154: Let’s Hear What 2022 Has in Store

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Tune into this week’s edition of Money, I’m Home as Lynne highlights some of the exciting things that will be happening in 2022.

 

0:00:06.7 Lynne Jarman-Johnson: Money, I’m home. Hi, I’m Lynne Jarman-Johnson with Consumers Credit Union. Thanks so much for joining us. We have a very special program for you today, it’s a little highlight of what’s coming your way in 2022. We’ve got big plans this year to talk about the things that affect you most. First, we’ll be doing a series on fraud prevention to help you with all of those ins and outs of the changing technology landscape. We’ve got the strongest security, and we want to make sure that you have the experts on hand to help you throughout the year. Joining us today is Kristy Desimone, and she is our fraud specialist here at Consumers Credit Union. One of the things that I think is so fascinating is the fact that people still for some reason, and me included, that you sometimes just don’t want to talk about money, and you might be embarrassed if something happens where you fell for a fraud and you’re like, how did I do that?

0:01:00.8 Kristy Desimone (KD): Right? And I think that is the number one thing that people feel when they realize that they’ve fallen for a scam is they’re like, “How could I not see this? How could I not recognize these signs?” And sometimes you’re so caught up in the moment that you’re like, “This has to be true. I’ve done these great things, and this is my pay-off, and I’m ready for it.” And in reality, we are here to not put any blame at anyone, but we’re here to educate and help people understand what to look for in this landscape so that they don’t fall for those scams.

0:01:31.6 LJJ: I remember years back, I sat on Facebook, and up popped a message from a friend of mine that I graduated from high school with that I had not seen in years, but I know they travel all over the place, that this individual had been captured. I laugh now, but seriously, when it happened, I panicked. I thought, Oh my gosh, I really thought it was true, I didn’t know that… I hadn’t been in touch with the individual that much. And so it was a scam asking for money to get out of jail. There was a moment that I was ready. I was going to do anything to help this person, so it’s sometimes not even about the fact that you might fall for it, it’s because you’re trying to help someone, it might not be even you that you’re trying to help, you’re trying to help somebody.

0:02:17.7 KD: Right, and that’s what they do, is they throw this line in hopes that they can find someone who wears their heart on their sleeve and is willing to help anyone at all costs, and when they find those people, that’s when they really try to reel in as much as they can as quickly as they can, so they really do try and cast a wide net to get to those people.

0:02:37.6 LJJ: We’ll also be touching base with our mortgage experts, I’ll tell you what, the mortgage industry is just crazy right now, isn’t it? So we’re going to make sure that you know exactly what steps to take so that you can nab that perfect home. David Pendley, he’s a Vice President of mortgage lending, what that means houses, everybody, houses. And I’ll tell you what, we have had quite the year, and heading into 2022, David, we thought we’d touch base with you and see what’s going on in the marketplace.

0:03:02.8 David Pendley (DP): Well, that’s great, good to be here, Lynne. It’s still a great time to sell a house and it’s a great time to buy a house, but the key is to find the right house at the right price without overpaying.

0:03:17.3 LJJ: That’s what’s so interesting to me is the overpaying, because the numbers that I’ve been hearing that are coming back are almost staggering to the point of you’re thinking, “Well, how can that be effective long-term?”

0:03:31.0 DP: Yeah. No, that’s a great point. And I always tell people the end game is not to buy a house, the end game is to buy the right house for you. We’ve had people where they get in bidding wars, they lose one, lose one, lose one, and then they finally find a house and they get it and they’re accepted, and then after closing, they’re like, “I don’t even like this house.” They thought the end game was to get a house. “Yay, I got a house,” but it wasn’t the one they wanted. I really like to encourage people to be patient, the market will open up, the inventory will come back on, it just may take three, four, five, six months. We’re starting to see it come back on more houses entering the market on a daily basis, all projections are that the inventory should open up a fair amount, but you don’t need to overpay for a house, and you don’t have to buy a house that you don’t want, find the right house.

0:04:24.1 LJJ: Do you have any stories like… I know you have so much rich history in the mortgage industry, is this timing like… Can you remember any time like it?

0:04:33.5 DP: No, I can’t, I’ve done this for many, many, many years. We used to think how long our houses are generally in the market, what they call a turn cycle, 45 days, 60 days, is a fairly quick turn cycle, homes are on the market and then they sell within 45 or 60 days, right now we’re measuring them in hours, they’re not sales, they are auctions. So you’ll see a price on a house, completely disregard what the price is, because it’s probably not going to sell for that if it’s normal and there’s nothing weird about it and so forth. So no, in my 30+ years career, I’ve never seen anything like it. I would say it would be sustainable if it was happening in isolated pockets of the country, let’s say, if we’ve seen this in Seattle or San Francisco or just different hubs, it’s literally happening in every single market. So the concern is there’s only a finite number of buyers ultimately, and someday the buyers are going to work their way out of the market and demand will not be as high, and then they’re going to have to actually lower prices on homes, so it’s just a time where I would not get caught up in the euphoria and understand that I want my house to be worth what I’m paying at least a year or two down the road.

0:05:50.7 LJJ: Our small business series will help your business grow. We’ve got the experts, not only from our own lending team, but also from Small Business Association and more just for you.

0:06:01.4 LJJ: Have you ever run a business? Are you thinking about running a business? Well, I will tell you, the person with all the answers is here, Gary Ferguson is the vice president of business services with Consumers Credit Union. Gary, thanks so much!

0:06:12.3 Gary Ferguson (GF): You’re welcome. Thanks, Lynne.

0:06:14.0 LJJ: When someone comes in and they say, “I want to start a business,” are there very specific things that you look for? And I ran a business for 21 years, and I remember the one thing that I always… I always just assumed if you ran a business, there wasn’t any personal attached to it, but really, your livelihood is you.

0:06:31.6 GF: Yes, you’re all in, if it’s a start-up, we’re looking for a well-designed, well-articulated business plan. Have they done the market research, have they really crunched the numbers? And it doesn’t mean that they’re crunching them by themselves. I would encourage them to do it with a CPA. They need to have professionals in their court to help them develop that plan and solutions. Everybody has a great idea, just how do you get there?

0:06:58.6 LJJ: How critical is the partnership of a bank or a credit union business lender or deposits, how important is that relationship?

0:07:08.6 GF: That relationship is huge. The business owner needs somebody that’s going to understand their business, what their needs are, a lot of times businesses will see a mismatch of their products and services. I always look at the Addison, they’re, “Well, I need a line of credit, I need a line of credit.” Yeah, you may not need a line of credit, there may be some other type of vehicles in that that would serve you much better and appropriately, you want to be able to work with a banker or financial institution that can sit down with you, understand what you’re going through and try to keep you on track to where you want to be.

0:07:48.4 LJJ: And finally, we’re going to be talking about the things that we love most, volunteering in our community, and we’ll highlight all of the organizations that we’re involved with and you are involved with too as a member, so I’m introducing you to Tim Hileman, he is the executive director, the CEO President for Special Olympics, Michigan. Hi, welcome in.

0:08:08.4 Tim Hileman (TH): Hi Lynne. Great to be with you today.

0:08:12.2 LJJ: So Tim, three years ago, all of a sudden, you put on a new hat, and I will say that I think the visioning started, and tell us about where Special Olympics Michigan was and where it’s going.

0:08:25.9 TH: Sure, so I came on board right during the 50th anniversary celebration of Special Olympics, and so incredible time to celebrate 50 years, but the organization has really been… I’d say transforming from not only a sports organization, and again, we provide incredible sports opportunities here in Michigan, 24 sports for individuals with intellectual disabilities and unified partners. But during that time and transition year after celebrating that 50th anniversary, the organization has really been outreaching in other services, so program called Unified Champion Schools that really works on partnering individuals with and without disabilities in the school setting, and trying to create climates and cultures of change, we have a young athletes program, ages two to seven, for young athletes and gross motor skill development play, we have a healthy program. So, so many individuals know us for our sports, but not a lot of those other programs, and so as we were talking as a staff and also with coaches and athletes, but it would be awesome to find a place or an opportunity to bring them all under one roof and really create awareness for all of the great things for Special Olympics and all the great things our athletes do.

0:09:37.9 LJJ: So Consumers, we are so proud to have stepped up to the plate, we’re not going to give it all away, but I will be able to share with everybody right now that our entire team of over 400 team members are so thrilled to be your inclusion partner from volunteering that we’re going to plan to helping with support on the capital campaign, but then years, years down the road, really helping, continue the mission to help all of us learn more and also participate. So we will be donating in goods and services over $1 million to Special Olympics Michigan, Tim, and we cannot be prouder.

0:10:23.1 TH: It’s just incredible, and again, we’re so thrilled for this partnership and just the conversations with the Consumers Credit Union team, and just knowing how important inclusion is with your organization, and we couldn’t have had a better partner. As you said with this campaign and the announcement on Thursday, it’s not the end, it’s really the beginning, and we’re so thrilled and can’t wait to have volunteers out there and joining in, our athletes can’t wait for those days as well.

0:10:54.1 LJJ: I’m Lynne Jarman-Johnson, thanks so much for joining us. Money, I’m home, 2022 coming up next.

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