Is The Future of Real Estate Buying Crypto?
Will real estate transactions soon be made in cryptocurrency rather than dollars? Will buying a home or commercial building soon be as simple as transferring Bitcoin (or another cryptocurrency) from the buyer’s digital wallet to the seller’s? Will the laws and regulations that protect buyers and sellers in real estate transactions provide the same level of protection when the currency is virtual?
Not too long ago, cryptocurrency was the future. While that may still be true, the future isn’t now. At least not in real estate.
We continually monitor the state of cryptocurrency and real estate technology, and we’ve seen a significant drop in the role of cryptocurrency for one simple reason: its volatility means that, right now, it’s worth much less than it was. Bitcoin and other cryptocurrencies are, in some cases, worth half of what they were a year ago. That also means there are fewer “crypto millionaires” buying real estate.
However, in Austin, Texas, the future is now: A start-up called MyEListing is the nation’s only marketplace to buy and sell residential and commercial real estate and land with cryptocurrency or cash. The company claims its ASAP program allows buyers and sellers to settle much faster. Currently, the site only lists properties in Texas.
Will cryptocurrency become the standard currency for buying real estate? We’ll let you know. But it certainly isn’t now.
If you have any questions about cryptocurrency or any part of the buying and selling process, or if you would like to discuss an upcoming or prospective transaction, please contact us.