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Social media users are discussing a New York home that went on sale for $1.2 million in June.
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Many said they were shocked to learn that the home originally sold for $260,000 in July 2020.
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The home reversal business took a hit last year when it had to deal with a downturn in the housing market.
The New York home, which originally sold for $260,000, has been refurbished and relisted for $1.2 million, sparking debate over affordability amid a sluggish housing market.
TikTok user uploaded a video on Tuesday of Single-family home in Beacon, New YorkAccording to the video, the 83-year-old mansion originally had two bedrooms and two bathrooms.
“This rewards all the greedy and delusional home flippers and big business in my area who buy homes like this and overdo it,” TikToker said in a video, prompting users to guess the price of a home.
The home was renovated before it went on the market again in June this year, but this time at an astronomical price. The house is listed on Jiro The three-bedroom, three-bathroom home has been described as “a modern take on the classic 1940s Cape Cod of the Hudson Valley.”
In comparison, the house next door 2 bedroom, 1 bathroom home sold for $377,000 in December 2020. Redfin’s listing says: Assume that the median listing price for homes in that particular zip code is $550,000 and the median selling price is $522,500.
TikTok users shared their shock at the price hike, with many commenting that initial estimates were off significantly. The video was later posted on his Twitter and went viral, garnering even more views.
One person commented, “Oh, at first I said $450,000, then I turned it over and looked at the house and said $800,000. That was so wrong. We need strict house price controls.”
“HGTV has completely destroyed people’s brains,” added another.
Viral videos come out as Americans Tackling a sluggish housing market. Insider James Rodriguez reported. mortgage interest rate High house prices, people not selling their homes, and a competitive housing market, he called the phenomenon. housing ice age.
The struggle has echoed across the industry, and House Flippers is set to take place in the fall of 2022. significantly reduce the sale price of the property (meaning potential loss of profits) or change landlords. In June, Toorak Capital Partners told an insider: Some house flippers are still profitable, but are becoming more cautious about which projects they pursue.
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