It's official, cryptocurrency is no longer just something you see people arguing about on social media, it has moved over to the real estate industry too! With properties listed in bitcoins popping up all over the world, we have created a list to highlight a few things you need to know about.
1. There are Specific Cryptocurrency Real Estate Websites While at the beginning of this year, there were 37 single-family homes in the U.S. accepting payment in bitcoin on Realtor.com, there are nearly 400 listed on Bitcoin-RealEstate.com, a website that allows the user to list their property in the cryptocurrency of their choice.
2. Cryptocurrency is Volatile - Agree on an Exchange Rate According to The Mercury News, one of the first cryptocurrency real estate listings in the Bay Area was that of Alec Wang, a real estate investor from Oakland. Because the value of bitcoin can fluctuate up to 30% in just a few hours, Wang said it is essential to agree upon a dollar amount for the price of the house and an exchange rate at closing.
3. Listing in Bitcoin can be a Great Marketing Tool Wang stated that soon after listing his property, he was receiving calls about it "every five minutes" from all over the world.
4. Real Estate Agents Expect Crypto-listings to Grow in Popularity One listing agent from Miami who has jumped right into the trend stated to Curbed.com that "We think in five years it will hit 25 to 30 percent of our sales."
Gimmick or not, it seems that cryptocurrency listings definitely garner attention. Would you jump on this trend?
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