“HGTV absolutely destroyed people’s minds”

• Social media users are discussing a New York home that hit the market for $1.2 million in June.

• Many people said they were shocked to find out that the house originally sold for $260,000 in July 2020.

• Home flipping took a hit last year when they had to deal with a struggling housing market.

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

TikTok user Upload a video on tuesday of Single-family residence in Beacon, New Yorkwhich sold for $260,000 in June 2020. The 83-year-old’s home initially had two bedrooms and two bathrooms, the video said.

“This goes out to all the house flippers and greedy companies in my area who buy homes like this and do way too much,” TikToker said in the video, inviting users to guess what the house would cost.

The home was renovated before it was put on the market again in June this year – but this time at an outrageous price. The house is listed on Zillow As a three-bedroom, three-bath home it is described as “a contemporary design take on the classic 1940s cod that was popular in the Hudson Valley.”

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

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

One person commented: “omfg at first I said $450K, then I saw the house after it was flipped and said $800K and I was so wrong. We need serious house price regulations.”

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

Viral video comes as americans grapple with a struggling housing market. Insider’s James Rodriguez reported that mortgage rates were high, people weren’t selling their homes, and the housing market was mired in competition — a phenomenon he dubbed ice age housing.

The struggle has reverberated across the industry, with house flippers due in the fall of 2022 Lowering the sale prices of real estate – which means a possible loss of profit – or changing careers to become landlords. In June, Torak Capital Partners told Insider that Some house flippers were still making money, but they were getting more specific about which projects to pursue.

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