A TikTok video exposed a shocking house flipping in Beacon, New York. The property, originally bought for $260,000 in 2020, was renovated and listed at an astounding $1.2 million in 2023.
This drastic price increase sparked heated discussions about the price of houses, especially during a time when the market faces significant challenges.
The Dramatic Transformation
The 83-year-old residence went through a remarkable transformation during the renovation process. Initially featuring two bedrooms and two bathrooms, it was revamped into a modern three-bedroom, three-bathroom home, boasting a contemporary take on the classic 1940s cape cod style.
Many people who came across the new price tag found it to be a little bit on the high side. However, a couple of others also agreed with the property’s current value.
Stunned Reactions and Viral Outrage
TikTok users were left in utter shock by the huge price difference and quickly shared their opinions, causing the video to go viral even on Twitter. Many people commented on how the influence of home improvement shows, like HGTV, might contribute to unrealistic expectations and overpriced flipping practices.
“This goes out to all the greedy, delusional house flippers and corporations in my area who are buying houses like this and doing too much,” the TikToker said in the viral video.
Struggling Housing Market and Its Impact
The viral video gained lots of traction, especially with the current state of the housing market. With soaring mortgage rates, a shortage of home sellers, and intense competition, the housing market has entered what experts call a “housing Ice Age.”
In response, some flippers are reevaluating their strategies or even transitioning to becoming landlords to navigate the current market conditions. Another thing that caused so many eyebrows to be raised is the fact that a two-bedroom house next door, which has a single bathroom, cost $377,000 in December 2020.
Calls for Regulation and Reflection on Flipping Practices
The viral video has ignited calls for stricter regulations to curb inflated housing prices. Critics are questioning how the portrayal of house flipping on shows like HGTV might be influencing the industry, calling for more responsible and realistic practices in the future.
Housing affordability is a pressing concern for many, particularly as the market experiences issues. The vast price difference between the initial purchase and the relisting of the property has raised eyebrows and fueled debates about the ethics of house flipping.
