Homebuyers are starting to bring cryptocurrency to the Bay Area housing market. But, is this a long-term trend, or just a blip? Local real estate experts say it’s here to stay.
“It’s something that people will have to grasp, but the younger generations do, and so they’re going to be using the funds that they make in cryptocurrencies to purchase properties,” says San Francisco real estate developer and broker, Rick Teed. “That’s where they’re going to have their wealth.”
Teed recently built a 5-bed, 6-bath multi-story home on North Point St. in the city’s Russian Hill neighborhood. The property, which sits in the shadow of Ghirardelli Square, is currently listed at $13 million. His decision to accept Bitcoin as a form of payment has been attracting attention among would-be buyers.
“I would take Bitcoin in a heartbeat,” says Teed. “Bitcoin is more liquid than most people think.”
Digital currencies, such as Bitcoin, work without a bank or middleman. They’ve created fast wealth for investors, some of whom are now cashing out and going house hunting. A growing number of agents have been fielding questions from clients who are now exploring their options.
VIDEO: Inside the $13 million home that may sell for Bitcoin
“At the end of the day, we want to get people into their dream homes, and get our sellers the true top dollar for their properties,” says Neil Canlas, San Francisco real estate agent. “However that stimulates the economy, if that’s Bitcoin, then that’s great.”
Real estate brokerage, Redfin, has seen dozens of listings nationwide in which the seller mentioned accepting Bitcoin, which shows that the conversation about cryptocurrency, and its impact on the housing market, isn’t just happening here.
“It is remarkable, and shows that people with a lot of money are adopting it, and accepting it, and putting trust in it,” says San Francisco real estate agent, Justin Fichelson. “The more they put trust behind it, the more the public’s going to put trust behind it.”
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