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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2857 S Pennington Avenue, Mesa 85202, Parkview

  • $219,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,386
  • Lot size: 8,533
  • Year built: 1978
  • MLS #: 5858082
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1920 E Velvet Drive, Tempe 85284, Tempe Royal Palms

  • $259,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,391
  • Lot size: 4,643
  • Year built: 1985
  • MLS #: 5833993
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735 E 1st Place, Mesa 85203, Mesa Villa Sub Plat 1

  • $155,000
  • Bedrooms: 2, Baths: 1
  • Home size: 1,024
  • Lot size: 9,261
  • Year built: 1948
  • MLS #: 5856923
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1902 W Cortez Circle, Chandler 85224, Woodglen Unit 4 Lot 1-148

  • $277,377
  • Bedrooms: 3, Baths: 2
  • Home size: 1,589
  • Lot size: 9,291
  • Year built: 1982
  • MLS #: 5857571
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691 N Alder Drive, Chandler 85226, Park Promenade Parcel 1 Amd

  • $295,500
  • Bedrooms: 3, Baths: 2.5
  • Home size: 2,185
  • Lot size: 8,716
  • Year built: 1994
  • MLS #: 5844201
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630 S 31st Circle, Mesa 85204, Meadowgreen

  • $249,900
  • Bedrooms: 4, Baths: 3
  • Home size: 1,835
  • Lot size: 13,511
  • Year built: 1983
  • MLS #: 5856758
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1966 E Duke Drive, Tempe 85283, Knoell Tempe 5

  • $269,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,498
  • Lot size: 7,937
  • Year built: 1973
  • MLS #: 5856575
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2055 E Orange Street, Tempe 85281, Lee Park 121-142

  • $189,900
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,505
  • Lot size: 6,621
  • Year built: 1952
  • MLS #: 5819207
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3409 S Bala Drive, Tempe 85282, Tempe Royal Palms 15 Lot 13-168 & TR A

  • $284,500
  • Bedrooms: 3, Baths: 2
  • Home size: 1,700
  • Lot size: 8,259
  • Year built: 1977
  • MLS #: 5856056
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1049 S Exeter Street, Chandler 85286, Hamilton Park

  • $260,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,534
  • Lot size: 4,503
  • Year built: 2006
  • MLS #: 5846031
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1555 W 6th Drive, Mesa 85202, Alma Ests 4 Lots 241-274, 302-318

  • $169,500
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,560
  • Lot size: 6,534
  • Year built: 1960
  • MLS #: 5854094
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2333 E Southern Avenue, Tempe 85282, Hudson Trace

  • $154,350
  • Bedrooms: 1, Baths: 1
  • Home size: 905
  • Lot size: 777
  • Year built: 1985
  • MLS #: 5839167
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901 N Blackbird Drive, Gilbert 85234, Towne Meadows Patio Homes Lot 1-171 TR A-C

  • $270,000
  • Bedrooms: 4, Baths: 2.5
  • Home size: 1,800
  • Lot size: 10,263
  • Year built: 1993
  • MLS #: 5843798
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1623 E Chicago Street, Chandler 85225, Springs Unit 2 Amd Lot 30-213 217-276 278-454

  • $300,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,481
  • Lot size: 7,906
  • Year built: 1986
  • MLS #: 5851462
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ARMLS Listing Data last updated 12/16/2018 2:05 PM MST.