The unpredictability of Bitcoin’s worth has been a hot topic –and it’s about to get even hotter!
A spokesperson for Trulia stated that, at last count, there were 80 property listings that referenced “accepting cryptocurrency.”
One home in near Joshua Tree National Park in Southern California was listed at $2.1 Million or 125 bitcoins. Trulia has stated that it has yet to see any transaction take place where cryptocurrency was involved, but it may not be that far off.
Redfin is also seeing cryptocurrency real estate listings pop up on their site. Property listings with alluring titles like BITCOIN SALE PREFERRED!!! attract early Bitcoin investors who are eager to turn their virtual fortunes into tangible goods.
The volatile nature of cryptocurrency is the main problem with using it to purchase homes. One agent from San Fransisco said that she had a crypto-deal fall through because the Initial Coin Offering (ICO) or value had plummeted.
Regulation is yet another issue. Escrow services that are willing to work with a crypto sale are hard to come by and there are no real “laws” to govern these types of transactions.
Homebuyers are working around this and instead use bitcoin to pay for their homes in an indirect way by exchanging their cryptocurrency for cash and using it to pay for their closing costs.
Digital mortgage is here, friends. Are you ready?