3 ON YOUR SIDE (3TV) – Valley home prices have gone up nearly 8% over the past year and they’re expected to keep rising through the next year. For sellers like Celia Peña, it’s a good thing. “Seriously, we had no words. We just looked at each other and we’re like, this is really happening,” said Peña.
Peña says she was shocked when she and her husband put their Chandler home up for sale and it sold in two days. She says that’s a far cry from when they first tried selling their home a few years ago and gave up.
“In 30 days, we had no bites and so we pulled it off two years ago. And two years later, our house is pending,” said Peña.
But some worry that the real estate market may be a little too hot, pushing us into another housing bubble. It happened more than a decade ago when the demand for houses increased dramatically. When demand fell, the market crashed back in 2008.
“We have been this cyclical economy, and we became known for this boom/bust growth pattern,” said Mark Stapp, a professor in real estate at Arizona State University’s W.P. Carey School of Business.
Currently, Stapp says the housing market is healthy. And, in his opinion, consumers shouldn’t worry. “People fear that we’re going to see another housing bubble like we did that began that last recession. I don’t see any of that. There are none of those underlying, fundamental characteristics that exist today,” he said.
A decade ago, Stapp says the real estate market shot up too much, too fast. But currently, he says there’s been slow and steady growth pattern over a long period of time, which is good.
One market driver, he says, has been the development and growth of downtowns like the expansion of Arizona State University and the University of Arizona campuses.
These Changes Could Mean It’s Time to Reevaluate Your Home Insurance Policy
MAY 20, 2019
If you haven’t updated your home insurance policy, then it’s probably time you reevaluated it, especially with summer’s increased risks.
10 Reasons to Review and Update Your Homeowner’s Insurance
If you haven’t reviewed your homeowner’s insurance in a while, then now is the time to do it before summer arrives. Summer presents a range of risks you don’t have to worry about the rest of the year, so you need to make sure you’re protected. Here are ten reasons you should review and update your homeowner’s insurance policy before summer rolls in.
Increase in Personal Property Values
Did you receive expensive gifts or did you give some to your family this past Christmas? If so, then your personal property value might be considerably higher now that it was last year at this time, and your policy needs to reflect that change.
If you have a swimming pool, you need to make sure you let your insurance company know, even though it will raise your premiums. Swimming pools are notorious for causing injuries every summer, so you will want to ensure you’re covered in case someone gets hurt on your property.
Just like swimming pools, trampolines are fun but they can pose a high risk of injury. You need to make sure your trampoline is included in your policy before the neighborhood kids start using it.
Did you adopt a new pet over the last year? If so, then you need to let your insurance company know about the addition, so you’re protected in the event your pup bites the mailman’s leg.
If you added an addition to your home or made other home renovations, then you will want to include them on your homeowner’s insurance policy. Or, if you’re making the renovations this summer, then you may also want to increase your liability insurance if you’re using contractors to protect yourself in case a contractor is injured on your job. Once the project is complete, make sure your housing replacement cost reflects the updates.