Happy New Year 2017 – Looking Ahead in Phoenix Real Estate

We have spent 7.5 years in an awesome growth period as a country. On the flip side, this makes us well overdue for a little recession. That’s pretty amazing though – considering we’ve come a long way from foreclosure and losing our homes back in 2008.

The interesting thing about being overdue for a recession is this: It’s kind of like being overdue for a major earthquake in Los Angeles – except a tiny recession is much more likely to happen yet won’t leave your life in shambles.

This mini-recession will not be anywhere near as bad as 2008. We won’t have to rebuild an entire city, or country, for that matter.

If you have never had to experience or live through an actual earthquake, you are doing pretty good my friend.

 

Here are some friendly tips to brace yourself for the mini-recession because IT IS COMING:

Tip #1 Set up a little emergency fund. Pay yourself! Set aside about 2 months of income in an FDIC-insured account. Not in a stock plan or anything similar. We want your money to be protected and unaffected by the stock market. Certificate of Deposits at insured online banks like Ally and Capital One are a good start.

Tip #2 Live within your means. Really tackle your budget. Cut down on expenses (i.e. Starbuck’s, eating out at restaurants or bars, getting your nails done, AppleTV, Netflix, Xbox Live, etc.) and make sure that you have a surplus of funds every month – even if it’s only a few dollars or a few hundred dollars.

Tip #3 Pay off your debt. Make sure you’re not carrying big credit card balances. Don’t go to those big title loan companies! If money is tight, find a way to cut the expenses rather than going into debt (or more debt if you’re already in debt). Being in debt in a recession is the kiss of death.

Tip #4 Recession proof your income. If you’re lucky enough to have a job or if you’re working for yourself, treat your job like a business. You are responsible for your own income, which is essentially your own mini-economy. So, if your job is not cutting it look for other opportunities and make as many valuable industry connections as you can before you leave your job. Maybe look for multiple sources of income that you never thought were possible in the past.

Tip #5 Diversify. If you have investments, spread them around. Stay away from the high-risk stuff. Let the people that are willing to live in their cars if things don’t work out invest in the high-risk stuff. There are a lot of solid investments out there in that if there is a downturn, and these investments do take a hit, they’re more than likely to recover.

Overall, cut down the weekly latte habit (buy a French Press or Keurig), and think long-term when it comes to mini-recession-proofing your life. Don’t dip into the piggy back if times get tough. I believe in you.

If you have any questions or concerns, you know where to find me!

Kristin LaVanway
480-282-7464
kristin@hereinphoenix.com

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536 W 1st Avenue, Mesa 85210, Vineyard Place Amd

  • $129,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,077
  • Lot size: 6,250
  • Year built: 1915
  • MLS #: 5755633
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1007 E Henry Street, Tempe 85281, North Tempe

  • $189,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,584
  • Lot size: 9,000
  • Year built: 1926
  • MLS #: 5755346
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2565 E Southern Avenue, Mesa 85204, Lindsay Park Townhomes Replat

  • $215,000
  • Bedrooms: 3, Baths: 2.5
  • Home size: 1,836
  • Lot size: 3,016
  • Year built: 2011
  • MLS #: 5755716
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6340 E Akron Street, Mesa 85205, Granite Reef Vista Park

  • $175,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,386
  • Lot size: 8,009
  • Year built: 1974
  • MLS #: 5755679
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2308 E Commonwealth Avenue, Chandler 85225, Colonia Coronita

  • $240,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,300
  • Lot size: 7,301
  • Year built: 1979
  • MLS #: 5755281
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857 E Park Avenue, Gilbert 85234, Lowe Estates

  • $205,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,317
  • Lot size: 4,591
  • Year built: 1986
  • MLS #: 5737838
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461 W Holmes Avenue, Mesa 85210, Circle Tree Condominiums

  • $110,000
  • Bedrooms: 2, Baths: 2
  • Home size: 846
  • Lot size: 84
  • Year built: 1983
  • MLS #: 5753625
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5210 E Casper Road, Mesa 85205, Dreamland Villa 6

  • $139,900
  • Bedrooms: 2, Baths: 2
  • Home size: 1,208
  • Lot size: 7,813
  • Year built: 1965
  • MLS #: 5754527
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600 S Dobson Road, Mesa 85202, Hallcraft Villas Mesa /Planned Res Dev/

  • $120,000
  • Bedrooms: 2, Baths: 1
  • Home size: 902
  • Lot size: 802
  • Year built: 1972
  • MLS #: 5744916
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410 S 89th Place, Mesa 85208, Mesa Vista

  • $149,000
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,429
  • Lot size: 3,255
  • Year built: 2000
  • MLS #: 5687159
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1502 S Lee Circle, Mesa 85204, Casa Mesa 4

  • $175,900
  • Bedrooms: 4, Baths: 3
  • Home size: 1,536
  • Lot size: 6,652
  • Year built: 1971
  • MLS #: 5720016
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5490 E Boise Street, Mesa 85205, Dreamland Villa 2 Lots 50-58, TR B

  • $140,500
  • Bedrooms: 2, Baths: 2
  • Home size: 1,228
  • Lot size: 7,881
  • Year built: 1960
  • MLS #: 5737987
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1907 E Intrepid Avenue, Mesa 85204, Suntree Lot 1-228 TR A

  • $150,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,089
  • Lot size: 3,589
  • Year built: 1983
  • MLS #: 5743770
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1842 W Alamo Drive, Chandler 85224, Bridgeporte LT 1-79

  • $244,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,553
  • Lot size: 7,283
  • Year built: 1984
  • MLS #: 5665392
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2480 E Fairview Street, Chandler 85225, Kempton Crossing

  • $270,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,713
  • Lot size: 8,512
  • Year built: 2000
  • MLS #: 5750859
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ARMLS Listing Data last updated 4/23/2018 2:04 PM MST.