One by one, cars lined up to snag a parking spot on a narrow street in suburban Morris Plains, New Jersey.
As soon as the 1,400-square-foot two-story home opened to visitors, a steady stream of would-be buyers lined up. Priced at $675,000, the home is within walking distance of the train station for New York City commuters.
When it comes to real estate, the adage, “location, location, location,“ prevails. With mixed economic signals, some areas of the country are hot while others are not.Suburbs close to major cities tend to trend well. But there’s another way to gauge a real estate market that’s scientific while getting to the heart of consumers’ fickleness.
According to the National Association of Realtors, the 10 top real estate markets to watch in 2023 are Atlanta, Raleigh, Dallas, Fayetteville, Arkansas, Greenville and Charleston in South Carolina, Huntsville, Alabama, Jacksonville, San Antonio and Knoxville. This is based on housing affordability as well as job and population growth.Perception and reality are very different right now in the first quarter of 2023, said Max Stokes, an agent at Compass Real Estate in New Jersey.
That is what brought Joseph Vila out on the market this year in North Jersey. After looking for two years for a home with his wife to no avail, Vila checked out the busy Morris Plains open house.Homes that are well maintained, renovated, priced right or in desirable neighborhoods are receiving multiple offers, Stokes said. Cash offers are still common to try and win bidding wars or avoid financing with higher mortgage rates.
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