June 17, 2024

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People call the house flippers a home of more than $1.2 million

People call the house flippers a home of more than $1.2 million

Image showing listing of viral homes in New York.
Zillow

  • Social media users are discussing a New York home that hit the market for $1.2 million in June.
  • People were shocked to find out that the house originally sold for $260,000 in July 2020.
  • Home swings take a hit in 2022 as the housing market falters.

A New York home that originally sold for $260,000 has been renovated and re-listed for $1.2 million, sparking an affordability debate as the housing market falters.

On Tuesday, TikTok user Upload a video an offer Single-family residence in Beacon, New Yorkwhich initially sold for $260,000 in June 2020. At the time, the 83-year-old’s home had two bedrooms and two bathrooms, the video said.

“This goes out to all the greedy house flippers and corporations in my area who buy homes like this and do a lot,” TikToker said in the video, inviting users to guess what the house currently costs.

Over the course of three years, the house appeared to undergo renovations before being listed on the market again in June 2023 – but this time at an astronomical price. The home is now a three-bedroom, three-bathroom home described as a “contemporary design of the classic 1940s cod that was popular in the Hudson Valley,” according to her. Zillow.

Image showing home listing and sale prices between June 2020 and June 2023.
Zillow

In comparison, the house immediately next door is a Two-bedroom, one-bathroom apartment sold for $377,000 in December 2020. Redfin List Notes That the median list price of homes in this particular zip code is $550,000, and the median sale price is $522,500.

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According to Redfin, the home next door sold for $377,000 in December 2020.
Redfin

On TikTok, users shared their shock over the price jump, with many saying their initial estimate was way off. The video later made it to Twitter, where it went viral and accumulated more views.

“omfg first you said $450K, then you saw the house after the flip and it said $800K and I was so wrong. We need serious house price regulations,” one person writes.

Another added, “HGTV has totally blown people’s minds.”

Viral video comes as americans grapple with a struggling housing market. Insider’s James Rodriguez mentioned that mortgage rates are still high, people aren’t selling their homes, and homes on the market are overwhelmed with competition. It is a phenomenon named ice age housing.

The struggle has reverberated across the industry, with house flippers due in the fall of 2022 Lower the sale prices of real estate – which means a potential loss of profits – or change careers to become landlords. In June, Torak Capital Partners told Insider that Some house flippers still see profits, but they are more specific about the projects they pursue.