While $3 million could get a giant yard, pool and home theatre in a lot of neighborhoods, people in New York City are struggling to secure an apartment for less than $3 million. In result, buyers are starting to take out a mortgage or waiving a mortgage contingency in order to secure a home, Bloomberg reported.
Manhattan home prices force buyers into mortgages
Supply of $3 million homes begins to disappear
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Home sellers are returning to the market
The weekly volume of new listings is higher than at any time last year. And growth is happening in most places, with Florida and Texas leading the way.