it's the tipping point for the amount of down payment required by the lenders.
Once the price is $1 million or more, the downpayment increases to 20%. Monthly payments aren't the problem but the downpayment is for many Buyers.
This helps to explain why we are seeing more activity in sub $1million price range-it's still doable for many Buyers who don't have the $200K or more for the down payment..
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