5 Lessons We Learned from the Housing Crisis

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Recently, I read an interesting article about what we learned from the housing crisis. I wanted to share these five financial lessons with you today.

1. Your home isn't always an investment. In 2005 and 2006, people were wildly speculating. No one had really seen home prices go down. Now, we are aware that value will go up and down over time.

2. Every homeowner should have an emergency fund. Back in the day, there were all kinds of sketchy loans: 100%, no money down, etc. It's important for homeowners to have an emergency fund for any repairs that you might need to make to the home.

3. Be aware of risky mortgages. Interest rates still are historically low, but they will increase next year. If you're buying a home now, lock in that low rate on a 30-year fixed mortgage.

4. Buy what feels comfortable. Things change. You might get a new job in a year, or start a family, or need to downsize. Buy what feels comfortable to you now.

Homeownership isn't for everybody. If you have to travel or move around a lot for your job, you might be better off renting. It really depends on your situation.

If you have any questions about today's video or real estate, give me a call or send me an email. I would be happy to help you!

Questions to Ask When Shopping for a Phoenix Home

Looking to buy in Phoenix?  Get a full home search, 

Looking to Sell in Phoenix?  Get a free home value report

If you're buying a home, there are a number of questions you should ask yourself in order to make informed decisions.

• How is the neighborhood? Even if you move from area to area, some others can be completely different even within a short amount of distance. I recommend prospective buyers visit the neighborhood at different times of the day to fully experience what it feels like.

• How are the schools? How does this particular district compare to others in the Phoenix area? We can give you a report with condensed information about this.
• What are the average utility bills? How does it compare to other properties in the area? They could range widely.
• What are the age and cost of major items? I’m talking about air conditioning, the hot water heater, and others. It’s important to consider how old they are, to determine when they should be replaced later on.

If you have any questions, reach out to us via email or phone. We’d be happy to help and talk with you!

Real Estate News for Phoenix Buyers, Sellers, and Investors

Looking to buy in Phoenix?  Get a full home search, 

Looking to Sell in Phoenix?  Get a free home value report

Today we are here to answer the question “What’s been going on in the Phoenix residential real estate market?” The answer really depends on whether you are looking to invest, buy, or sell.

If you’re an investor and you already own a rental property already, now is a great time to buy another. Rental rates are continuing to go up across the board and vacancy is at an all-time low.

If you are a buyer or seller, the strength of the market depends on which price range you are looking in. In the $300,000 and below range, we are in a seller’s market. In the $300,000-$600,000 range, we are in more of a balanced market. In the $600,000+ range, we are in more of a buyer’s market. However, there are pockets in each price range where there is a lot of inventory, and you can still get a great deal on a home in Arizona.

If you want to know more about those pockets or what’s going on in your specific area, give us a call or send us an email. We look forward to speaking with you!