Earlier this year, news broke that a surprising 12% of purchasers had invested in and sold cryptocurrency to finance down payments. This more than doubled 2019’s number, 4.6%.
This two-fold jump was part investor savviness, part lockdown-born boredom. “With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic,” said Redfin Chief Economist Daryl Fairweather.
The young were particularly restless. Millennials now account for more than half of new mortgages. This same age group – roughly ages 25-40 – has embraced crypto quicker than their elders. Nearly half (49%) of Millennials now feel comfortable trading crypto, and 12% see crypto not only as a solid investment option, but the best investment option.
And while no reliable data exists on the frequency of cryptocurrencies being used to place down payments rather than merely fund them, most experts agree that such instances are rising sharply – with no ceiling in sight.
For the real estate community, the takeaway is that crypto’s part of the overall pie will continue to increase. Cyber-currencies once seen as playthings for the wealthy and ultra-tech savvy are now far more accessible. In fact, there are already companies selling tokenized NFTs of real property real estate in some US markets.
Crypto and the virtual world around it are here to stay, and the real estate community should lean into these trends enthusiastically.
New Kid on the Blockchain
Anyone who’s purchased a home understands the frustrating maze of records and documents homebuying entails. Worse, some details – including title histories, prior renovations and inspection records – are frequently inaccurate or incomplete.
Continue reading: https://njbmagazine.com/njb-news-now/the-future-of-homebuying-block-by-blockchain/
This two-fold jump was part investor savviness, part lockdown-born boredom. “With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic,” said Redfin Chief Economist Daryl Fairweather.
The young were particularly restless. Millennials now account for more than half of new mortgages. This same age group – roughly ages 25-40 – has embraced crypto quicker than their elders. Nearly half (49%) of Millennials now feel comfortable trading crypto, and 12% see crypto not only as a solid investment option, but the best investment option.
And while no reliable data exists on the frequency of cryptocurrencies being used to place down payments rather than merely fund them, most experts agree that such instances are rising sharply – with no ceiling in sight.
For the real estate community, the takeaway is that crypto’s part of the overall pie will continue to increase. Cyber-currencies once seen as playthings for the wealthy and ultra-tech savvy are now far more accessible. In fact, there are already companies selling tokenized NFTs of real property real estate in some US markets.
Crypto and the virtual world around it are here to stay, and the real estate community should lean into these trends enthusiastically.
New Kid on the Blockchain
Anyone who’s purchased a home understands the frustrating maze of records and documents homebuying entails. Worse, some details – including title histories, prior renovations and inspection records – are frequently inaccurate or incomplete.
Continue reading: https://njbmagazine.com/njb-news-now/the-future-of-homebuying-block-by-blockchain/
