Nate
TikTok user @baviddoughy made waves this month by sharing a captivating Zillow listing video of a single-family house in Beacon, just 55 miles north of New York City.
The house, originally sold for $260,000 in June 2020, returned to the market after renovations with a significantly higher price tag thanks to flippers. His virtual tour of the upgraded property piqued viewers’ curiosity, prompting them to guess the new selling price.
The viral TikTok story not only showcased the power of house flipping in boosting property value but also underscored the growing trend of sharing unique experiences and stories on social media platforms.
“Welcome to a game called ‘Guess how much it is now’”
“This video goes out to all the greedy, delusional house flippers and corporations in my area who are buying houses like this and doing too much”
“This is a photo of a house in Beacon, New York about 55 miles north of New York City, and it was taken in 2019”
“Here’s a quick look at the other houses in the neighborhood.”
“You see, it’s here, a typical small Northeastern town, and a year later, the house was sold to someone or something for $260,000 and this is what it looks like now”
“As you can see, whoever or whatever bought it gutted it completely and started over”
“Here are some pictures of the inside. You can see, completely redone, it’s giving midlife crisis, recently divorced. And here’s the fun part. Shocker.”
“It’s on the market again after all of these renovations, and I want you to guess how much they put it on the market for. I’ll give you two seconds. You’re wrong”
“The answer is $1.25 million. Yep. Uh huh. That’s what I said”
@baviddoughy Excuse me what ….🥹#greenscreen #fypシ #house #ny #home
The United States has witnessed a remarkable surge in home prices in recent years, with states like Idaho, Montana, and Georgia experiencing record-high jumps since 2018. However, New York has shown a more modest 39.3% rise in house prices over the past five years, with an average value of $629,516.
This disparity reflects the complex dynamics of the real estate industry, influenced by various factors such as local economic conditions, population trends, and housing demand. As the market continues to evolve, homeowners, investors, and policymakers need to stay vigilant and well-informed to navigate these diverging trends effectively.
“Only the wealthy are essentially buying homes”
The U.S. real estate market has witnessed a surge in cash-only transactions, accounting for approximately 31% of home sales in NYC. This trend coincides with a decline in first-time buyers, while wealthier, older, and predominantly white individuals become the primary homebuyers.
Lawrence Yun, the chief economist at the National Association of Realtors, has expressed concern about the potential societal implications of this trend. Greedy house flippers are also seen as a contributing factor to ruining the market. Policymakers and experts are now faced with the challenge of creating a more accessible and equitable housing market for all.
Viewers were taken aback by the price, and quickly joined the conversation in the comments section.
