While some house flippers are still experiencing profits, they have become more selective about the projects they pursue. Insider’s James Rodriguez referred to this phenomenon as the “housing Ice Age.” House flippers are feeling the impact as they are forced to adjust their prices or change career paths to become landlords in order to continue profiting from the market. Mortgage rates are high, homeowners are reluctant to sell, and competition is fierce. This viral video is drawing attention to the challenges faced by the housing market in the United States. Some social media users criticized the greed and delusion of house flippers, attributing the phenomenon to the influence of shows like HGTV. Many commented on how their initial estimations were far lower than the actual asking price for the home. The video went viral on TikTok and later made its way to Twitter, where users expressed shock at the price jump. The median listing price for homes in that ZIP code is $550,000, with a median sale price of $522,500.
The house, originally built 83 years ago with two bedrooms and two bathrooms, has now been transformed into a three-bedroom, three-bathroom home with a contemporary design.Ĭompared to the neighboring house, a two-bedroom, one-bathroom property, which sold for $377,000 in December 2020, the price difference is staggering. The video invited viewers to guess the price of the home that had been renovated since its previous sale. The house flipping market took a hit amid the stumbling housing market in 2020, and this dramatic price difference has reignited discussions about housing affordability.Ī TikTok video uploaded by a user showcased the single-family residence and highlighted the disparity in cost. A home in Beacon, New York, has sparked outrage after it was listed for $1.2 million in June, despite being sold for just $260,000 in July of the previous year.
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