“HGTV has completely destroyed people’s minds”

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

• Many people said they were shocked to learn that the original home sold for $260,000 in July 2020.

• Home-flipping took a hit last year as it struggled with a tough real estate market.

A New York home that originally sold for $260,000 has been renovated and relisted for $1.2 million, sparking a debate over affordability in the wake of the real estate market collapse.

TikTok users Upload a video from tuesday Detached house in Beacon, New Yorkwhich sold in June 2020 for $260,000. The 83-year-old’s house originally had two bedrooms and two bathrooms, the video said.

“This goes out to all the home sellers and greedy businesses in my area who are buying houses like this and making too much,” TikToker said in the video, prompting users to guess how much the house would be worth.

The house was renovated before reopening in June this year – but this time at an outrageous price. The house is listed Zillo A three bedroom, three bath home, it is described as “a contemporary take on the classic 1940’s Cod style that was popular in the Hudson Valley.”

It compares with the house next door A two-bedroom, one-bathroom apartment sold for $377,000 in December 2020.. Redfin List Sagat The average list price of homes in that particular zip code is $550,000 and the average sales price is $522,500.

TikTok users bemoaned the price hike, with many commenting that their original estimate was way off the mark. The video later hit Twitter, where it went viral and gained 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 totally wrong. We need serious control of house prices.”

The story goes on

Another added, “HGTV absolutely blew people away.”

Viral video comes as American Struggling with a tough real estate market. Insider James Rodriguez reports that mortgage rates are high, people aren’t selling their homes, and the real estate market is plagued by competition — a phenomenon he says Ice Age Habitat.

The fight has resonated across the industry and home sales are on the horizon in the fall of 2022 Reduce the sale price of real estate – which means a potential profit loss – or change jobs and become a landlord. Torak Capital Partners Insider made the announcement in June Some home sellers were still making money, but they were becoming more specific about which projects to pursue.

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