HGTV has announced they’ve renewed Flea Market Flip for season two. Hosted by Lara Spencer, the second season will have eight half-hour episodes and is expected to premiere in early 2013.

Here’s the official press release:

HGTV ANNOUNCES SECOND SEASON RENEWAL OF “FLEA MARKET FLIP” STARRING NETWORK NEWS CORRESPONDENT AND I BRAKE FOR YARD SALES AUTHOR LARA SPENCER

NEW YORK – Monday, Oct. 1, 2012 – On the heels of last Friday’s series premiere of Flea Market Flip, HGTV announces a second season renewal. Embracing the popular and growing flea market trend, each episode of Flea Market Flip, hosted by network news correspondent and I Brake For Yard Sales author Lara Spencer, pits two teams of avid flea market patrons against each other to compete for $5,000. Currently in production, the second season of HGTV’s Flea Market Flip includes eight half-hour episodes and is expected to premiere in early 2013.

“Flea Market Flip combines elements of competition, design, DIY and bargain hunting,” said Kathleen Finch, HGTV’s general manager. “And since our viewers enjoy the latest trends and the fall flea market season is upon us, it is the perfect time to renew the series. With Lara leading the charge, this friendly competition show is fun and highly entertaining.”

With only one-hour to shop and $500 to find, fix-up and flip projects, each team must dig through trash and turn them into treasures worthy of purchase. Before the teams can get started, Spencer, also an interior designer, assigns a flea market “flip list” of elements to be used throughout the competition, including “mix-and-match,” repurposing, upholstery and wild card projects. After searching, haggling and brainstorming on the fly, the crews head back to the flip warehouse to transform the drab and sometimes weird finds into top-notch designs they can sell for a profit. With only half the battle fought, the next challenge for the teams is to sell their pieces the following day. The designers-turned-salespeople must attract customers, negotiate and at times, put on a show, to move their items and walk away with bragging rights and a $5,000 cash prize.

Flea Market Flip currently airs on HGTV on Fridays at 9 p.m. ET. For more information on HGTV’s Flea Market Flip, visit HGTV.com. Viewers can also become fans of HGTV and interact with other home and design enthusiasts through Facebook, Twitter and Pinterest.

About HGTV

America’s leading home and lifestyle brand HGTV features a top-rated cable network that is distributed to more than 99 million U.S. households and the HGTV website, HGTV.com, the nation’s leading online home-and-garden destination that attracts an average of four million unique visitors per month. The brand also includes the HGTV HOME consumer products line, which showcases exclusive collections of paint, flooring, lighting, furniture, plants and other home-oriented products, as well as HGTV Magazine, a new home and lifestyle publication published in partnership with Hearst Magazines.

What do you think? Do you like the Flea Market Flip TV series on HGTV? Will you be watching season two?