By Holly Henbest, Realtor
Is anyone else feeling incredibly lucky to live here? We just hosted the Super Bowl and had our annual Barrett Jackson and Waste Management Phoenix Open events and now we’re in the midst of Spring Training. On top of that we’re enjoying better weather than most of the country and we’re seeing a huge influx of companies moving to Arizona.
Did you know that the combination of the Super Bowl and Phoenix Open brought over $24 billion dollars (Per AZ Big Media) to our economy! The last time we hosted the Super Bowl, in 2015, it was estimated that it brought $719 million to our economy. I felt the difference between 2015 to the 2023 events, as it seemed there was more to go see and do all over town.
All eyes were on Arizona, and it was certainly a sight to see with our beautiful weather and stunning scenery. It makes one wonder how many people will now start to consider relocating to Arizona.
I mention this because I think people forget that the Valley of the Sun is a destination that is highly sought after. We’re known for attracting vacation/second-home owners, retirees, and big business, such as TSMC, which is expected to bring at least 20,000 new jobs to Phoenix. They are scheduled to open in 2024 off I17 and Dove Valley Road––you’ve probably noticed the huge cranes if you’ve driven in the area.
So, yes, I feel lucky to live here because all these factors make us a great place to buy real estate. We are a destination city that people dream about living in and we have the infrastructure to support more growth. We aren’t a city that has one major economic source. Instead, we have many industries that support our economy–– healthcare, tourism, aerospace, electronics, semi-conductor manufacturing, agriculture, mining, and so much more. This diversity of industries helps to ensure a more stable economic future.
Why am I sharing all this? Because lately there has been so much press about the decline of the real estate market, and while it’s true that the last two quarters of last year were sluggish, that was primarily due to the increase in mortgage interest rates. As interest rates have decreased in the last two months, we’ve seen a nice increase in real estate activity. February data is showing that we are returning to a normal market. We’re not in a wild and crazy market like we saw in 2021 and the beginning of 2022, but a normal market.
Mortgage interest rates continue to bounce up and down a bit, but each time we’ve seen a decrease in rate, we’ve seen an increase in buyer activity. So, while our market may not be wild and crazy, we are returning to normal, and we remain and will always be a destination city that attracts new businesses and home buyers.
So, consider yourself lucky to live in such a highly desired hometown and enjoy all the things that AZ has to offer. We live in a place that everyone else wants to go to for a vacation, but we get to be here all the time!
Holly has been a Desert Ridge resident since 2000 and has been a Realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a certified luxury marketing expert. She has been ranked #24 in the Top 50 Realtors by the “Phoenix Business Journal” for the past several years and recognized by “So Scottsdale!” magazine as a Real Estate Superstar for 2019, 2020 and 2021. She’s also been the #1 ranked realtor at Realty One Group/North Scottsdale for the past several years. Learn more at henbest.com.