Bitcoin and the crypto economy have been making their way into the world of real estate these days. A recently published report shows that Realtor.com data indicates that people selling property for crypto assets have risen a great deal. Statistics show that there are 14.3 crypto accepting listings per 100,000 homes in the company database.
Real Estate Listings Are Seeing More Bitcoin Acceptance for Homes and Properties
According to a report from Yahoo Money, the housing market and bitcoin are starting to “collide.” The report talks with real estate agent Whitney Pannell who listed a renovated home for $300,000 and wrote in the listing: “Sellers are accepting Bitcoin for this home.” Pannell says that she is a “firm believer in bitcoin” and told Yahoo Money contributor Janna Herron that she believes “it will be the future.”
Bonnie Heatzig, a South Florida MLS realtor, has also seen an increased amount of real estate listings for crypto in the Sunshine State. “It’s certainly indicative that cryptocurrency is on the rise,” Heatzig told West Palm Beach news (wptv.com). “We are seeing an uptick in Bitcoin and cryptocurrencies being offered for real estate. Since the pandemic, South Florida has seen a large number of very tech-savvy titans and finance titans coming in from Silicon Valley and New York, and these are the people (who) are making these cryptocurrency offers,” she added.
The article also talked with a representative from Realtor.com and the agent said that bitcoin and crypto acceptance in the world of real estate is rising. Realtor.com’s data shows that 71 listings show crypto-asset acceptance which is roughly 14.3 listings per 100,000 homes. Back in 2018, the numbers were lower at 12.7 crypto-related listings per 100,000 homes. Nicolas Bedo, an economic research analyst at Realtor.com said in an interview with Herron that broad crypto adoption may be happening.
“If the cryptocurrency market can get a firmer foothold and grow confidence from the general public, we may see a wider adoption of home sellers accepting cryptocurrencies as payment,” Bedo remarked. In another report from Yahoo Finance, data shows that U.S. real estate sellers are trying to capitalize off of the frothy housing market and cryptocurrencies. Raul Chavez of 800buykwik.com also told Yahoo that his real estate agents have noticed the uptick in crypto listings.
“I feel in the long run, bitcoin will have the higher opportunity,” Chavez said. “Yes, it’s more volatile, but 10 years from now, this is where the world is headed.”
Rick Caruso’s LA Firm Goes Crypto and Luxury Penthouses See Bitcoin Listings
In addition to representatives from Realtor.com and 800buykwik.com, Rick Caruso’s LA-based real estate giant has embraced crypto assets for listings across his retail and commercial properties. Moreover, Caruso told CNBC that the company is investing in bitcoin (BTC) as well with the help of the Gemini exchange. “We’ve allocated a percentage of what would normally go into the capital markets into Bitcoin,” Caruso noted.
The popular online real estate blog thinkrealty.com recently published an editorial called “Three Reasons to Sell Your Real Estate for Cryptocurrency.”
Just recently the Haupt Residence in the Amagansett Dunes area of Beverly Hills got listed for $65 million or the equivalent in bitcoin. Nick Candy’s luxury Hyde Park penthouse was listed for £175 million or the equivalent in bitcoin.
Real estate agent Raul Chavez also explained that the real estate market is extremely hot right now. Flipping houses for cryptocurrency is not the problem as agents are really dealing with “inventory shortages,” the report concludes.
What do you think about the increasing number of real estate listings accepting digital currencies? Let us know what you think about this subject in the comments section below.