How the Super Bowl will Affect Phoenix Real Estate
The upcoming Super Bowl will have an estimated economic impact of $600 million to the state of Arizona, and the housing market in the area definitely stands to benefit.
However, it is the Phoenix area in particular that has a lot to gain. Tourism is expected to surge, which will ultimately have an effect on the value of real estate. That, along with other selling points for real estate such as the great weather and the presence of the University of Phoenix, means potential sellers have a lot to look forward to.
What the Super Bowl Means for Buyers and Sellers
Many homeowners in the surrounding areas of Phoenix are currently listing their homes to rent to tourists who will be coming to the city for the big game. However, there is plenty of potential to be had in the market for buyers and sellers as well, as real estate value will be at a prime during the Super Bowl.
In addition to out-of-towners with an interest in relocating taking the time to visit some of the real estate locations Phoenix has to offer, there will be a number of sellers taking advantage of the Super Bowl to host special events and even hold open houses. Add on to all of that the fact that the Super Bowl traditionally marks the start of the “real estate season” and Phoenix buyers and sellers can expect the period during and following the Super Bowl to be an even more active real estate market than usual.
The Past and Future Impact of the Super Bowl in AZ Real Estate
The 2008 Super Bowl set the precedent for this estimation, due to its overwhelmingly successful results to the housing market as well as to local businesses. Tens of thousands of visitors are expected to flood the city of Phoenix and its outer areas.
Of course, this is not their first time experiencing the benefits of the event. Arizona has been the home of 3 Super Bowls in the last 20 years, making it a destination spot for any sports fan. Arizona’s economy is expected to get a boost of over $100 million dollars from tourism alone, and while much of the overall economic impact will be in the areas of hotel stays, shopping, and entertainment, it is expected that a fair amount of money will be spent in the real estate market.