Just a year ago, the real estate boom induced by the pandemic saw packed open houses with lines of prospective buyers snaking down the street. Now many homes sit on the market with no takers.
One might think tons of prospective buyers would jump at the chance to see inside a nice home located in a desirable area, but when Inside Edition arrived at an open house in a popular suburb near New York City, no one showed up.
And might be because the housing market has turned upside down, as mortgage rates reach their highest level in two decades.
The four-bedroom, four-bathroom home Inside Edition stopped by is just a few miles from New York City in Ridgefield, New Jersey. It’s on the market for a little over $1 million, but the price has been lowered by $100,000. After two months, it's still on the market, as potential home buyers are scared off by those high mortgage rates.
Just a year ago, the real estate boom induced by the pandemic saw packed open houses with lines of prospective buyers snaking down the street. Now, even a lovely home with a modern kitchen and bathrooms in a great school district sits on the market with no takers.
But Christine Tremain of Weichert Realtors says mortgage rates eventually going down.
“You can always refinance…nearly everyone is eligible to refinance,” she said. “You can't always worry about the rates, it's going to go up and down, it's just when, is it right for you?"
