This came to us from the guys at OpenListings.com. In their blog about buying a house with bitcoin they do admit the demand rose very much through the 2017 hype.
Most of all, some new people now have money to spend, often for the first time ever in their lives. At the same time, the perspective of BTC hitting 19k USD again at some point makes it psychologically somewhat attractive to hold on to. Certainly more attractive than a lot of extra USD generated from the sale of a property, as we know USD will never hit very much at all in terms of the upside.
As the good people from Open Listings dryly put it, after 2017 there are only two things certain if you work in the real estate business:
- Your parents will ask you to explain what the hell bitcoin is over and over again.
- Your clients who’ve mined their way to crypto riches will want to know if there is a way for them to buy a house with Bitcoin.
And indeed, the real estate market doesn’t wait for blockchain political in-fights to pass nor for a sacrament of ETF approval to be granted before securing their piece of the pie.
There are still bottlenecks
Buying a house involves number of people and organizations, usually it’s not just the buyer and the seller. Even though the situation is getting better fast, there may still be bottlenecks.
The seller has to be down - You can find available sellers by appending “Bitcoin” or “Ethereum” to your search. Chances are, people who will not be willing to sell for crypto unless they explicitly say so in their listing.
The title and escrow companies have to agree to handle your transaction. It is still tricky to find insurance and escrow companies comfortable with cryptocurrency transactions. It may be the case that the escrow will require you to cash out your cryptocurrency first. You still should not be denied fiat money that was until recently in cryptocurrency, which routinely happens when putting down a payment for mortgage.
Come have a look
Here is a taster of what is out there to be had for your bitcoins in California and Washington, US.
These particular properties have been sold already but feel free to browse around. You will be surprised, it’s not only super posh frat boys who is being targeted.
6023 W Beachwood Ln. Los Angeles, CA 90038
“This Hollywood Hills new construction is smart home ready & highly walkable. Listing price is $1,190,000. If you buy it with Open Listings, you’ll get $11,900 back.” View
1338 Orchard Ave. Wenatchee, WA 98801
“This charming & Wenatchee home could make a great investment for the right Bitcoin buyer with its big corner lot and full apartment above the garage. Listing price is $399,900.” View
1301 Duhig Rd Napa, CA 94559
“This may only be the bird’s eye view of this 10 acre plot in Napa County, but it’s ready and waiting for you with 3 bedrooms, 2 bathrooms, a hot tub, and some of Napa Valley’s finest wineries as your neighbors. Pretty, pretty, pretty good. Listing price is $2,900,000. Buy it with Open Listings, and get $36,250 back.” View