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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838 N Date -- Mesa 85201, Colonial Manor Mesa Phase 3A Uts 8A-D Thru 15A-D

$150,000
Bedrooms: 2
Baths: 1
Sqft: 942
MLS: #6060220
Broker: Century 21 Arizona Foothills
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464 W Ivanhoe Place Chandler 85225, Thunderbird Park Plat 5

$289,900
Bedrooms: 4
Baths: 2
Sqft: 2,283
MLS: #6060237
Broker: HomeSmart
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3416 E Pueblo Avenue Mesa 85204, Suntrails 2

$240,000
Bedrooms: 4
Baths: 2
Sqft: 1,883
MLS: #6059839
Broker: Revelation Real Estate
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2006 W Silvergate Drive Chandler 85224, Silvergate Lot 1-181 & TR A&B

$285,000
Bedrooms: 4
Baths: 2
Sqft: 1,882
MLS: #6059514
Broker: Berkshire Hathaway HomeServices Arizona Properties
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661 E Tyson Street Chandler 85225, Wilshire Park 2

$209,500
Bedrooms: 3
Baths: 1
Sqft: 988
MLS: #6059247
Broker: True Home Realty
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6214 S Parkside Drive Tempe 85283, Wood Park Village Lot 1-314 & TR A-C

$185,750
Bedrooms: 4
Baths: 2
Sqft: 1,172
MLS: #6041625
Broker: Phoenix View Realty
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629 N Mesa Drive 26 Mesa 85201, Old West Manor Lot 1-48 TR A-F

$150,000
Bedrooms: 2
Baths: 2
Sqft: 945
MLS: #6044239
Broker: Opportunity 2 Own Real Estate
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2253 E Bramble Avenue Mesa 85204, Casa DE Sol

$185,000
Bedrooms: 2
Baths: 2
Sqft: 1,173
MLS: #6043338
Broker: West USA Realty
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1210 W Shawnee Drive Chandler 85224, Dobson Estates 3

$299,900
Bedrooms: 2
Baths: 2
Sqft: 1,797
MLS: #6058195
Broker: Realty Executives
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554 W University Drive Mesa 85201, Passey Place

$210,000
Bedrooms: 5
Baths: 3
Sqft: 2,198
MLS: #6055331
Broker: HomeSmart
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1022 S Daley Street Mesa 85204, Mcafee Place Unit NO 1

$250,000
Bedrooms: 3
Baths: 2
Sqft: 1,298
MLS: #6049976
Broker: HomeSmart
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1113 S 98th Street Mesa 85208, Superstition Country 5 Unit 3

$98,000
Bedrooms: 2
Baths: 2
Sqft: 681
MLS: #6026176
Broker: Western Lifestyle Realty
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3491 N Arizona Avenue 114 Chandler 85225, Discovery AT Daybreak Unit 1-104 TR A B

$133,000
Bedrooms: 2
Baths: 1
Sqft: 798
MLS: #6050745
Broker: Arizona Best Real Estate
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555 S Macdonald Road Mesa 85210, Stewart Add TO Mesa

$175,000
Bedrooms: 4
Baths: 1
Sqft: 1,000
MLS: #6053725
Broker: Conway Real Estate
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818 N 97th Street Mesa 85207, Superstition Village Lots 74-145

$200,000
Bedrooms: 4
Baths: 1
Sqft: 960
MLS: #6017465
Broker: West USA Realty
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