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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2300 W Vineyard Road Tempe 85282, Knoell Gardens Amd

$230,000
Bedrooms: 3
Baths: 2
Sqft: 1,358
MLS: #6037912
Broker: My Home Group Real Estate
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311 W Laguna Drive Tempe 85282, Laguna Estates Replat

$264,900
Bedrooms: 3
Baths: 1.75
Sqft: 1,352
MLS: #6039692
Broker: Superlative Realty
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210 S Dakota Street Chandler 85225, Chandler Block I Mcr 9-2

$169,000
Bedrooms: 2
Baths: 1
Sqft: 744
MLS: #6039860
Broker: Keller Williams Integrity First
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5104 S Stanley Place Tempe 85282, Park Premiere Townhouses 1

$205,000
Bedrooms: 3
Baths: 2.5
Sqft: 1,452
MLS: #6039754
Broker: Berkshire Hathaway HomeServices Arizona Properties
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232 S Horne -- Mesa 85204, NO Hoa

$147,900
Bedrooms: 3
Baths: 1
Sqft: 848
MLS: #6034635
Broker: HomeSmart
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108 N 88th Place Mesa 85207, EL Cortez Mobile Home Ranchos 2

$62,000
Bedrooms: 3
Baths: 2
Sqft: 1,100
MLS: #6017736
Broker: American Allstar Realty
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1813 W 3rd Place Mesa 85201, Evans Park

$180,000
Bedrooms: 3
Baths: 1
Sqft: 1,050
MLS: #6038976
Broker: Waldenwest Realty
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830 S Dobson Road 37 Mesa 85202, Skyview Mesa Unit One Amended

$129,999
Bedrooms: 2
Baths: 1
Sqft: 784
MLS: #6038824
Broker: Desert Fairways Realty, LLC
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151 E Broadway Road 301 Tempe 85282, Broadway Terrace

$139,900
Bedrooms: 1
Baths: 1
Sqft: 775
MLS: #6028375
Broker: Rachael Richards Realty
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457 S Grand -- Mesa 85210, Stewart Add TO Mesa Ext

$119,000
Bedrooms: 3
Baths: 1
Sqft: 1,428
MLS: #6036182
Broker: Gentry Real Estate
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6036 W Sun Dance Drive Queen Creek 85142, Santan Ranches Unit 3

$299,995
Bedrooms: 2
Baths: 2
Sqft: 1,465
MLS: #6005662
Broker: HomeSmart
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1162 W Tulane Drive Tempe 85283, Wood Park Village Lot 1-314 & TR A-C

$219,900
Bedrooms: 3
Baths: 2
Sqft: 1,172
MLS: #6036837
Broker: Tierra Bella Realty
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2149 N Higley Road Mesa 85215, Apache Wells Mobile Park 4A

$159,900
Bedrooms: 3
Baths: 2
Sqft: 1,537
MLS: #6037792
Broker: Long Realty Partners
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1507 E Dunbar Drive Tempe 85282, Park Riviera South 2 Townhouses

$221,700
Bedrooms: 2
Baths: 2
Sqft: 1,320
MLS: #6026349
Broker: HomeSmart Lifestyles
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2220 W Fremont Drive Tempe 85282, Knoell Garden Villas 1 Amd

$150,000
Bedrooms: 2
Baths: 1
Sqft: 928
MLS: #6037903
Broker: My Home Group Real Estate
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