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 20 results.
Sort by:
Show Map

327 W Carmen Street, Tempe 85283, Brittany Lane Lot 1-41 43-81 TR A-L

  • $215,000
  • Bedrooms: 2, Baths: 2
  • Home size: 949
  • Lot size: 3,123
  • Year built: 1987
  • MLS #: 6005893
ARMLS Logo

2429 E 7th Street, Tempe 85281, University Shadows

  • $150,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,132
  • Lot size: 1,205
  • Year built: 1979
  • MLS #: 6006804
ARMLS Logo

2401 W Southern Avenue, Tempe 85282, The Meadows

  • $10,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,248
  • Lot size: 4,000
  • Year built: 1974
  • MLS #: 6003010
ARMLS Logo

103 S 58th Street, Mesa 85206, East Mesa

  • $140,000
  • Bedrooms: 2, Baths: 1
  • Home size: 810
  • Lot size: 7,199
  • Year built: 1948
  • MLS #: 6003063
ARMLS Logo

1424 S Bonarden Lane, Tempe 85281, Jen Tilly Terrace Lots 19-29 /TR A/

  • $169,900
  • Bedrooms: 1, Baths: 1
  • Home size: 960
  • Lot size: 4,781
  • Year built: 1950
  • MLS #: 5989308
ARMLS Logo

244 N Hawes Road, Mesa 85207, Meets & Bounds

  • $185,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,309
  • Lot size: 8,148
  • Year built: 1996
  • MLS #: 6005785
ARMLS Logo

535 S Alma School Road, Mesa 85210, Alma Meadows

  • $5,000
  • Bedrooms: 1, Baths: 1
  • Home size: 720
  • Lot size: 0
  • Year built: 1969
  • MLS #: 5994994
ARMLS Logo

427 S Horne --, Mesa 85204, Horne Acres Amd

  • $165,000
  • Bedrooms: 2, Baths: 1
  • Home size: 1,251
  • Lot size: 8,028
  • Year built: 1948
  • MLS #: 6006251
ARMLS Logo

1201 W Tyson Street, Chandler 85224, Camelot Estates

  • $230,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,384
  • Lot size: 7,353
  • Year built: 1972
  • MLS #: 6002619
ARMLS Logo

6036 W Sun Dance Drive, Queen Creek 85142, Santan Ranches Unit 3

  • $299,995
  • Bedrooms: 2, Baths: 2
  • Home size: 1,465
  • Lot size: 149,410
  • Year built: 1986
  • MLS #: 6005662
ARMLS Logo

950 S Valencia Avenue, Mesa 85202, Pace East Townhouses

  • $179,900
  • Bedrooms: 3, Baths: 1.5
  • Home size: 1,320
  • Lot size: 1,603
  • Year built: 1974
  • MLS #: 5994939
ARMLS Logo

1714 W 7th Avenue, Mesa 85202, Alma Ests 4 Lots 241-274, 302-318

  • $175,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,295
  • Lot size: 6,334
  • Year built: 1960
  • MLS #: 6003565
ARMLS Logo

543 S 97th Place, Mesa 85208, Golden Crest Terrace

  • $160,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,441
  • Lot size: 13,125
  • Year built: 1979
  • MLS #: 6003369
ARMLS Logo

1112 N Harold Street, Tempe 85281, North Tempe

  • $279,000
  • Bedrooms: 3, Baths: 1.5
  • Home size: 1,514
  • Lot size: 7,906
  • Year built: 1950
  • MLS #: 6001491
ARMLS Logo

1444 E Flossmoor Avenue, Mesa 85204, Mcafee Place Unit NO 1

  • $239,900
  • Bedrooms: 5, Baths: 2
  • Home size: 1,679
  • Lot size: 8,764
  • Year built: 1974
  • MLS #: 6001342
ARMLS Logo
Copyright 2019 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 11/21/2019 6:39 PM MST.