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

Displaying 1 - 15 of 30 results.
Sort by:

3915 E Gable Avenue, Mesa 85206, Fairfield Place 3 Lot 245-338

  • $230,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,637
  • Lot size: 9,108
  • Year built: 1985
  • MLS #: 5827459
ARMLS Logo

246 Leisure World --, Mesa 85206, Leisure World Golden Hills Plat 3 Cond PL

  • $189,900
  • Bedrooms: 2, Baths: 2
  • Home size: 1,731
  • Lot size: 2,205
  • Year built: 1974
  • MLS #: 5828600
ARMLS Logo

129 E Morelos Street, Chandler 85225, Winns Add

  • $139,900
  • Bedrooms: 6, Baths: 2
  • Home size: 2,030
  • Lot size: 6,948
  • Year built: 1946
  • MLS #: 5819952
ARMLS Logo

2516 W Carson Drive, Tempe 85282, Tempe Heights 2

  • $179,000
  • Bedrooms: 3, Baths: 1
  • Home size: 912
  • Lot size: 5,744
  • Year built: 1959
  • MLS #: 5833543
ARMLS Logo

5104 S Kenneth Place, Tempe 85282, Park Premiere Townhouses 1

  • $150,000
  • Bedrooms: 2, Baths: 1
  • Home size: 792
  • Lot size: 1,446
  • Year built: 1972
  • MLS #: 5832192
ARMLS Logo

887 W Ivanhoe Street, Chandler 85225, Sherwood Park

  • $279,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,425
  • Lot size: 9,000
  • Year built: 2000
  • MLS #: 5792396
ARMLS Logo

321 E Hermosa Circle, Tempe 85282, NU-Vista

  • $249,900
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,372
  • Lot size: 8,834
  • Year built: 1962
  • MLS #: 5822646
ARMLS Logo

10801 E Grove Street, Mesa 85208, Desert Village 3 LT 8-21, 36-49, 67-77

  • $220,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,842
  • Lot size: 35,109
  • Year built: 1987
  • MLS #: 5825224
ARMLS Logo

1015 E Henry Street, Tempe 85281, North Tempe

  • $189,900
  • Bedrooms: 2, Baths: 1
  • Home size: 704
  • Lot size: 7,610
  • Year built: 1957
  • MLS #: 5783559
ARMLS Logo

1702 W Lindner Avenue, Mesa 85202, Golden Palms Estates-Mesa Lot 1-155

  • $300,000
  • Bedrooms: 4, Baths: 3
  • Home size: 2,246
  • Lot size: 14,305
  • Year built: 1980
  • MLS #: 5832071
ARMLS Logo

2055 E Orange Street, Tempe 85281, Lee Park 121-142

  • $199,899
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,505
  • Lot size: 6,621
  • Year built: 1952
  • MLS #: 5819207
ARMLS Logo

2319 E Laird Street, Tempe 85281, Tbd

  • $218,500
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,244
  • Lot size: 9,145
  • Year built: 1987
  • MLS #: 5832094
ARMLS Logo

1024 W Isleta Avenue, Mesa 85210, Sunridge 2 Lot 171-210

  • $299,000
  • Bedrooms: 4, Baths: 2
  • Home size: 2,057
  • Lot size: 9,879
  • Year built: 1977
  • MLS #: 5797612
ARMLS Logo

200 S 95th Place, Chandler 85224, Green Valley Estates Unit 2

  • $220,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,808
  • Lot size: 8,096
  • Year built: 1974
  • MLS #: 5816915
ARMLS Logo

1755 W Alcott Street, Mesa 85201, Casa Mesa Amended Lot 192-299 & TR B

  • $209,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,092
  • Lot size: 6,029
  • Year built: 1960
  • MLS #: 5821168
ARMLS Logo
Copyright 2018 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS.

IDX Solution Provided by iFoundAgent.com

ARMLS Listing Data last updated 10/15/2018 6:05 PM MST.