What Forces Are Driving the Housing Market?

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What Forces Are Driving the Housing Market?
Many hopeful homebuyers are having issues securing a home.

Provided by Wendy Otterness and Anthony Bye

Recently, you may have seen reports that a record-low number of homes are available for sale—roughly 1.03 million nationwide. If you compare that to the average number of homes for sale during the past 10 years, it's no surprise that many hopeful homebuyers are having issues securing a home.1

Lack of inventory. There are a few major differences between 2007 and now, however, but the biggest difference? What we’re seeing now isn’t a bubble; it's simply a lack of inventory.

It’s a seller’s market. In many ways, this may be the most friendly market we’ve seen in quite a while for home sellers. Right now, nearly half of homes are selling within roughly a week or less. At the same time, median prices are rising at a phenomenal rate, and national prices, in general, have increased 17.2 percent over last year.2

Why now? Listings are skyrocketing for a number of reasons. Many experts believe the continued low mortgage rates, a pandemic-era construction slowdown, and an increase in money available for a down payment are all factors.3

In this hyper-competitive market, many people are thinking of taking advantage of the situation by listing a property or home. If this sounds like you, give our office a call. We may be able to put you in touch with a housing professional who can offer some guidance and support.

Wendy Otterness may be reached at 715.398.8917 or [email protected]

Anthony Bye may be reached at 715.398.8975 or [email protected]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), members FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members.
Citations
1. NAR.realtor.com, March 22, 2021
2. Axios.com, April 11, 2021
3. Axios.com, April 11, 2021
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REC LOAN RATES AS LOW AS 2.99% APR1

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With warmer months just around the corner, there’s never been a better time to finance that recreational vehicle you’ve been dreaming of. The best part? Superior Choice Credit Union makes getting your hands on a new toy easy with flexible terms, an easy application process, and rates as low as 2.99% APR!1

With a recreational loan, you can discover adventure with a new:

  • Boat
  • RV
  • Camper
  • ATV
  • UTV
  • Jet Ski®

So, what are you waiting for? Apply for your recreational loan today – online or at an SCCU branch.

1APR = Annual Percentage Rate. Rates effective April 9, 2021, and are subject to change at any time without notice. The rate posted is the lowest possible rate and may vary depending on past credit history, down payment, and approximate term. All loans are subject to approval. Membership eligibility is required. Terms and conditions apply.

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Updated Hours!

On April 3rd we updated our hours and added lobby hours on Saturdays at multiple branch locations! Appointments are no longer necessary to meet with a financial specialist, the commercial department, or a mortgage originator.

 

See the new hours below.

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Uniform Transfers to Minors Act

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The Uniform Transfers to Minor’s Act (UTMA) provides a simple and inexpensive method of making a gift or bequest to a minor without the expense of a trust.

What is an UTMA Account dragged

Duties of the Custodian 

  • Collect, hold, manage, invest and reinvest the assets.
  • Deal with assets as a prudent person would.

Payments by Custodian

  • Make payments to the minor (or for his or her benefit) in whatever amounts the custodian considers advisable.
  • Consideration need not be made as to:
    • Another’s duty or ability to support the minor, or
    • Any other income available to the minor.

Life Insurance Rules for Policies Held in Custodianship

  • Life or endowment policies on the minor’s life must name his or her estate as the sole beneficiary.
  • The minor, his or her estate, or the custodian (as custodian for the minor) must be the irrevocable beneficiary of policies on the life of someone other than the minor.

Termination of a Custodianship

The custodianship is generally ended when the minor becomes of age (18 or 21). A few states have provisions allowing the custodianship to be extended to age 25.1 Some states permit the donor to select any age between 18 and 21 to distribute the assets.

Further Considerations

  • Both real and personal property can be transferred.
  • The donor may be the custodian. Sometimes a transfer of possession and control to a third party is necessary to establish one’s intent to complete the transfer. If notice is given to the appropriate third person (e.g., bank, insurance company, etc.) or is made a public record, as with the recording of a deed, the donor can be the custodian. However, if the donor dies prior to distributing the assets to the minor, the value of the assets will be included in his or her gross estate.
  • A transfer may be for only one minor and only one person may act as custodian at a time. Successor custodians may be appointed. Title to the property vests in the minor and he or she is subject to income tax on the earnings or gain. For certain children, unearned income in 2021 in excess of $2,200 is subject to taxation (the “kiddie” tax) at the higher of the child’s marginal income tax rate, or the marginal income tax rate of the parent(s).
  • These rules may vary slightly from state to state.

 

1 If the donor specifies that the custodianship will extend past the child’s reaching age 21, the transfer will not qualify as a gift1 If the donor specifies that the custodianship will extend past the child’s reaching age 21, the transfer will not qualify as a gift of a present interest.

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Start saving for your child's education

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How a 529 Education Savings Plan Works

A “529” education savings plan is a tax-favored program operated by a state designed to help families save for future education costs. While the fees, expenses, and features of these plans will vary from state to state, as long as a plan satisfies the requirements of Section 529 of the Internal Revenue Code,1 federal tax law provides tax benefits for both the contributor and the beneficiary.

How Does It Work?

How do 529 Plans Work dragged

Investing In Your Child's Future video:

1 Federal law does not allow income tax deductions for contributions to 529 plans, although growth inside a plan is taxdeferred1 Federal law does not allow income tax deductions for contributions to 529 plans, although growth inside a plan is tax-deferred and qualified distributions are tax-exempt. State or local tax law can vary widely. 529 plans involve investment risk, including possible loss of funds, and there is no guarantee an education – savings goal will be met.

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Access Your Money When You Need It

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Have you received a check lately, shoved it in your purse or wallet, and put off depositing it until you realized the branches were already closed? SCCU offers deposits (cash and checks) at our ATMs, any time - day or night.

HOW TO MAKE DEPOSITS AT AN SCCU ATM

Locate an ATM nearest you: Click here for a complete list of SCCU's ATM locations.

Prepare ahead of time: If you're depositing a check, make sure you have endorsed the back of the check before making your deposit.

Follow on-screen instructions: When you arrive at the ATM, insert your debit or ATM card and enter your PIN. Choose the "deposit" option. Select which account you'd like your funds to be deposited into (typically checking or savings), insert your check or cash into the ATM, confirm the dollar amount on the screen, make any adjustments if needed, and be sure to grab your receipt and your card.

When your deposit will be available: Funds from any deposit (cash or check) made at the ATM will follow Reg CC, meaning the first $225.00 of each deposit, will be made available on the first business day1, typically the day of the deposit. Any deposits above $225.00 will be made available on the second business day after the deposit2.

Check deposit is available from anywhere: You can also deposit your checks right from your couch. Click here to read about all the features our mobile app offers, and how you can make deposits from your smartphone or tablet, without leaving your home or on-the-go.

1End of business day cut off is at 5:00 PM. If you make a deposit after this cut-off time, SCCU will treat the deposit as if was made on the next business day. "Business day" excludes Saturdays and Sundays and all federal holidays.

2If it is determined during the review process that an extended check hold is needed, a credit union employee will attempt to contact via phone call or email the member to inform them of the delayed availability. If staff are unable to contact via phone or email, they will mail a notice of delayed availability no later than the following business day. Checks will be reviewed throughout the day.

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Retirement Questions That Have Nothing to Do With Money

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Think about these factors before you leave work for the last time.

Provided by Wendy Otterness and Anthony Bye

Retirement planning is not entirely financial. Your degree of happiness in your “second act” may depend on some factors that don’t come with an obvious price tag. Here are some non-monetary factors to consider as you plan your retirement.

What will you do with your time? Too many people retire without any idea of what their retirement will look like. They leave work, and they cannot figure out what to do with themselves, so they grow restless. It’s important to identify what you want your retirement to look like and what you see yourself doing. Maybe you love your career, and can’t imagine not working during your retirement. There’s no hard and fast rule to your dream retirement, so it's important to be honest with yourself. An EBRI retirement confidence survey shows that almost 74% of retirees plan to work for pay, whereas just 27% of retirees report that they’ve actually worked for pay.1

While this concept doesn’t have a monetary value, having a clear vision for your retirement may help you align your financial goals. It’s important to remember that your vision for retirement may change—like deciding you don’t want to continue working after all.

Where will you live? This is another factor in retirement happiness. If you can surround yourself with family members and friends whose company you enjoy, in a community where you can maintain old friendships and meet new people with similar interests or life experiences, that is a definite plus. If all this can occur in a walkable community with good mass transit and senior services, all the better. Moving away from the life you know to a spread-out, car-dependent suburb where anonymity seems more prevalent than community may not be the best decision for you. 

How are you preparing to get around in your eighties and nineties? The actuaries at Social Security project that the average life expectancy for men is 84 years old and the life expectancy for women is 86.5 years. Some will live longer. Say you find yourself in that group. What kind of car would you want to drive at 85 or 90? At what age would you cease driving? Lastly, if you do stop driving, who would you count on to help you go where you want to go and get out in the world?2

How will you keep up your home? At 45, you can tackle that bathroom remodel or backyard upgrade yourself. At 75, you will probably outsource projects of that sort, whether or not you stay in your current home. You may want to move out of a single-family home and into a townhome or condo for retirement. Regardless of the size of your retirement residence, you will probably need to fund minor or major repairs, and you may need to find reliable and affordable sources for gardening or landscaping.

These are the non-financial retirement questions that no pre-retiree should dismiss. Think about them as you prepare and invest for the future.

Wendy Otterness and Anthony Bye may be reached at 715.398-8918 or [email protected]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services Inc. (CBSI) members FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the Credit Union. CBSI is under contract with the Financial Institutions to make securities available.

Not NCUA/NCUSIF/FDIC Insured, May Lose Value, No financial institutions Guarantee. Not a deposit of any financial institution.

Citations

1. EBRI/Greenwald Retirement Confidence Survey, 2020

2. SSA.gov, 2021

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Youth Month 2021 is almost here!

Blog Youth Month 2021
 
Join us in celebrating our youth members!
 
April 1 – 30, 2021, SCCU will offer youth & teen account specials, scholarships for high school seniors, a prize drawing contest, and more!
Every child dreams about their future. Some of those dreams may require money to come true. How do you help your children achieve their dreams?
One way is to help them learn how to save their money.
In April, Superior Choice Credit Union is celebrating Youth Month, which is a program that helps teach and encourage kids to develop good financial habits.
The theme this year is “Be a Credit Union Saver & Your Savings Will Never Go Extinct”. By making saving money fun it helps make it easier and more desirable for kids. This year’s Youth Month inspires children to begin saving the money they earn so they can attain their dreams of a happy future.
Superior Choice Credit Union will celebrate Youth Month from April 1, 2021, through April 30, 2021, with the following activities and promotions:
1Membership eligibility required. Must be under the age of 18 to open a Youth Savings Account. Promotion available April 1-30, 2021 but is subject to change or discontinue at any time. Bonus is deposited directly into the new savings account. Account opening bonus Annual Percentage Yield = 0.00%.
2Membership eligibility required. Promotion available April 1-30, 2021 but is subject to change or discontinue at any time. Gift cards will be mailed to new account holders in early May 2021. Account opening gift card APY = 0.00%. Bonus will be reported on IRS-1099 and members will be responsible for tax filing and reporting. Cannot be combined with other offers.
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AUTO LOAN RATES AS LOW AS 2.19% APR1

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If you’ve been thinking about purchasing a new or used vehicle, consider this your sign to take the leap. At SCCU, our auto loans are tailored to fit your lifestyle and offer everything you need to feel confident about your purchase:

  • Low Rates
  • Flexible Terms
  • Access to our free AutoSmart car-buying resource

Plus, through our CUDL dealer program, you can take care of financing and sign all the paperwork right at the dealership! Move full speed ahead with a feel-good loan today.

Shop for your next vehicle with Superior Choice Credit Union and see how easy it is to find and finance it. Get your low-rate today! To see if you qualify, visit superiorchoice.com to fill out an online application for an auto loan with a rate as low as 2.19% APR1.

APR1  = Annual Percentage Rate. Up to 120% MSRP financing including taxes, licenses, warranties, and all other adds. The rate posted is current as of 02/15/21 and is subject to change. Rate posted is the lowest possible rate. Your rate may vary depending on vehicle age or type, past credit history, down payment, and approximate term. Loan subject to approval. Membership eligibility required. Federally insured by NCUA.

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Will You Have Enough to Retire Comfortably?

Retirement Beach

JOIN US FOR AN INVESTMENT & RETIREMENT WEBINAR WEDNESDAY, MARCH 10th, 2021!

Most of us imagine retirement as a happy time, a reward for a lifetime of hard work, full of possibility and potential. We have good reason to see retirement in a positive light. Americans are living longer, healthier lives than ever before. In fact, for some of us, retirement will make up a full third of our lives. Of course, this means that our retirement assets will have to do more for us over a longer period of time. This makes planning for our retirement essential.

In this seminar on Retirement Basics, you'll learn:

  • How to put together a retirement road map
  • Factors that influence when you should retire and how long your retirement could last
  • How to "crunch the numbers" by estimating your retirement expenses and retirement income.
  • How to use tax-advantaged savings vehicles like IRAs and 401(k)s

CLICK HERE TO REGISTER  

Contact Anthony at

715.398.8975

[email protected]

IMPORTANT DISCLOSURES
Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer, and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

Some items and links provided on this page may be from third parties not affiliated with this advisor or CUNA Brokerages Services. Information is provided for educational purposes only. Any opinions expressed are those of the author and not necessarily those of CBSI or its advisors.

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SCCU Scholarship!

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APPLY FOR A 2021 SCHOLARSHIP TODAY!

As a community-focused financial cooperative, Superior Choice Credit Union believes in and supports higher education by offering scholarships. These scholarships are to be representative of our membership and our Credit Union philosophy, “Not for profit, not for charity, but for service.”

Scholarship money will be paid to the student in his or her name as well as the name of the institution he or she will be attending.

Scholarship applicants will be judged on the written questions, school and community activities, and college plans. Letters of recommendation are not required; however, they will be accepted should the applicant have them. Financial need is not a sole consideration, but applicants who have all school expenses paid are ineligible.

Ten $500 scholarships will be offered in 2021 for high school students in SCCU's membership field communities.

Eligibility

Recipients/students must be members of Superior Choice Credit Union (SCCU) and not have any negative account balances or delinquent loans. The recipient must be a high school senior about to enter a post-secondary education program as a full-time student as determined by their respective schools.

Application Forms

Applicants must use the standard Student Application Form (SAF). Applications will not be returned and will become the property of SCCU. Click here to download a printable PDF Student Application Form.

Selection

Scholarship Committee made up of SCCU staff will select recipients based on the applicants’ academic histories, goals, needs, and extra-curricular activities. The decision of the Scholarship Selection Committee is final and not subject to review.

Deadline

Your completed and signed SAF needs to be received by Friday, April 30, 2021, and can be mailed to:

Superior Choice Credit Union
Attn: Scholarship Program
1320 Grand Avenue
Superior, WI 54880

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2021: THE YEAR TO START PLANNING FOR YOUR RETIREMENT

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If 2020 taught us anything, it’s that we need to have a plan for our futures. Retirement plans are a great way to start saving specifically for your future. When looking into different plans there are a few things to think about. First, your income, some retirement plans such as a Roth IRA (Individual Retirement Account), have a yearly maximum that can be contributed based off your income. You want to start this plan as early as possible to make sure you can contribute as much as possible. To those who have just landed your first job, this is the perfect time to think about your retirement, when you are likely able to contribute the maximum amount. The second thing you want to think about is the dreaded taxes. In the case of retirement, you have some control over your taxes. You can decide whether you want to be taxed when you take your money out when in retirement or when you put your money in before you retire. In most cases its smart to diversify and have some plans that are taxed before and some that are taxed after. Third, your age, some plans have an age limit that you’ll want to keep in mind. Again, the earlier you start thinking and planning for your retirement, the better. But, if you are late to the game, don’t worry! There is likely still time for you to plan, an IRA allows contributions from those over the age of 50 (dol.gov).

Want to research more on IRAs and see if a Traditional or Roth would suit you best? Click here for the SCCU Retirement Central Tool. Research options, get answers to frequently asked questions, and even contribute online!

*Consult a tax advisor for additional information.

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Managing Your Credit Cards

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Does paying off your credit card sometimes feel like a never ending battle? 💳 Suppose when you're 18, you charge $1,500 on a credit card with a 19% interest rate. If you repay only the minimum amount due each month, and your minimum is 4% of the outstanding balance, you'll only have a $60 payment. But, you'll be more than 26 years old by the time you pay off that balance! Learn how to best manage your credit cards: https://bit.ly/2T2ddsD

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NEW YEARS RESOLUTION: Taking control of your finances

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Taking control of one’s finances can be intimidating and overwhelming, the COVID-19 pandemic only amplified those feelings. The year 2021 can represent financial reform and taking control of your finances instead of being taken over by them. Whether you need to learn the best way to budget, how to pay off debt, or build up your credit, taking control of your finances should be a goal for you!

To help you and your financial goals SCCU has a partnership with Lutheran Social Services (LSS) which helps provide our members with the opportunity to take control of their finances. Financial counseling makes any financial process manageable and understandable. SCCU offers 6 FREE financial counseling sessions to its members and members of their household. Click here to learn more.

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2021 UPDATED HOURS OF OPERATION

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WE ARE TAKING THE PROPER STEPS TO CONTINUE TO SERVE YOU IN THE BEST WAY POSSIBLE
As are many other businesses in our community, we at SCCU continue to deal with the evolving COVID-19 pandemic. We understand this is a tough time for everyone. In order to maintain the health and safety of our staff and members, the SCCU Hermantown branch drive-up will be temporarily reducing its hours beginning Monday, January 4, 2021. The hours will be reduced to Monday - Friday 8:30 AM - 5:30 PM. The reduction of hours will allow us to serve you in the best way possible, and keep our staff safe. We apologize for the inconvenience and thank you for your continued patience. Please know, we are committed to keeping your financial needs a top priority.
 
Also, beginning Monday, January 4, 2021, our Tower Avenue branch drive-up will return to normal business hours: Monday - Friday 7:30 AM to 6:00 PM and Saturday 9:00 AM to 1:00 PM.
 
As always, we encourage members to utilize our, ATMs, and digital banking (manage your account, open deposit accounts, apply for a loan) services. If you have any questions or would like to set up an appointment with a financial specialist, commercial lender, or mortgage originator, please call our Contact Center at 1-800-569-4167 or email [email protected]
 
We are here for YOU
The health and safety of our staff and members remain our top priority. Thank you for your membership! 
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SCCU New Years Hours

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All Superior Choice Credit Union branches will be closing at 3 PM on Thursday, December 31st, 2020, and will be Closed Friday, January 1st, 2021 in observance of New Years'. We hope you have a wonderful weekend.

Goodbye 2020, Hello 2021!

As a reminder, our digital banking and ATMs are available 24/7. For after-hours assistance please visit:

https://www.superiorchoice.com/after-hours-lost-stolen-phone-numbers?fbclid=IwAR1KV4jQbtYP5_ctM5OwMWUIZQzop6v3T6tK-6ycLoZ1R6zDl64Y1bTIsDM

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SCCU Christmas Hours

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In observance of Christmas, SCCU will be closing at 1 PM on Thursday, December 24th and we will be closed Friday, December 25th. We hope you have a wonderful weekend and that you stay safe and healthy.

As a reminder, our digital banking and ATMs are available 24/7. For after-hours assistance please visit:

https://www.superiorchoice.com/after-hours-lost-stolen-phone-numbers?fbclid=IwAR1KV4jQbtYP5_ctM5OwMWUIZQzop6v3T6tK-6ycLoZ1R6zDl64Y1bTIsDM

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2020 Shopping Tips

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This year has been just a little different from the past. Work isn't the same, socializing isn't the same, even shopping isn't the same. Our partner, Lutheran Social Service has a great article on shopping in the year 2020 while making sure you continue to use your money wisely. Check it out HERE.

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Christmas donations from SCCU

Presents Wrapped

Presents unwrapped

 

 

 

 

 

 

 

 

 

Before and after! 🎁 And just like that, presents are wrapped and off to the Salvation Army for their holiday toy drive. So glad to be able to support a great initiative, brightening the holidays for those in need. Want to get involved? There's still time! https://bit.ly/34oGl4P

 

 

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Give The Gift of Financial Education

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It is never too early to teach money skills. From a $10 birthday present to a $2 allowance, kids can learn how to save, donate, and best spend their ‘earnings’.

Teaching children and young adults about money and various money decisions is preparing them for a better future. Just as elementary, middle, and high school students are learning math and English they should also be learning about money and about saving. At superior Choice Credit Union, we encourage kids and young adults ages 13-17 to open a teen checking account with the help and support of a parent or guardian. This jumpstarts their education and skills on earning, managing, and saving money and will make managing their finances a breeze later in their life. Financial Literacy or the ability to understand and make good money decisions is valuable all throughout life and will be beneficial when they get their first job, car, or head off to college.

Our teen checking account:

  • Two fee reversals allowed while your teen learns to manage a checking account
  • Rolls into a Simple Checking account upon 18th birthday
  • No minimum balance
  • No monthly account fees
  • Cashback at merchants
  • No fee at SCCU ATMs
  • Free online banking

 

VISIT YOUR NEAREST BRANCH TO GET STARTED!

Terms and conditions apply. Membership eligibility required. Teen Checking account rolls into Simple Checking Account upon member’s 18th birthday.

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