Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Bitcoin and housing market collide as home sellers increasingly accept crypto

Last month, there were 71 listings that mentioned crypto or bitcoin in their descriptions on the real estate listing site. That's 14.3 listings per 100,000 homes, or the highest rate on record.

When real estate agent Whitney Pannell listed an investment home that she bought and renovated for $300,000, she added an unusual note to the description: "Sellers are accepting Bitcoin for this home."

“I’m a firm believer in bitcoin — I believe it will be the future,” said Pannell, who has been investing seriously in the digital coin since 2019 with her husband, Rick. She had heard of properties in California selling for bitcoin years ago, but not in her home market of Lexington, Kentucky. “I figured somebody will do it, why not us?”

She's not alone. More sellers — albeit still a small segment — are trying to get in on bitcoin and cryptocurrency through the hot housing market, according to Realtor.com data provided to Yahoo Money.

Last month, there were 71 listings that mentioned crypto or bitcoin in their descriptions on the real estate listing site. That's 14.3 listings per 100,000 homes, the highest rate on record, according to the data.

The previous high occurred in March 2018, during cryptocurrency’s last peak in popularity and prices. At that point, Realtor.com saw 12.7 listings per 100,000 homes.

“If the cryptocurrency market can get a firmer foothold and grow confidence from the general public, we may see a wider adoption of home sellers accepting cryptocurrencies as payment,” Nicolas Bedo, an economic research analyst at Realtor.com, told Yahoo Money.

Bitcoin has surged more than 500% in the past year, from less than $10,000 to the current price of almost $60,000. The cryptocurrency now has a market value of more than $1 trillion, according to CoinMarketCap.com.

Other digital tokens, including ethereum, Binance coin, and Dogecoin have also rallied as investors pile into the sector, pushing the value of the more than 6,000 crypto coins past a total of $2.25 trillion.

At the same time, home values increased 12% year over year in February, the highest annual gain recorded by the S&P CoreLogic Case-Shiller national home price index since February 2006 — or two months shy of the last peak in housing.

“Bitcoin has appreciated about 200% a year, while the Lexington market did 3% — now 10% with what’s going on — but far less than what bitcoin has appreciated,” Pannell said. “It’s just about finding that buyer.”

Raul Chavez of 800buykwik.com agrees and is instructing his real estate agents to note in listings that cryptocurrency is accepted. Chavez has been a house flipper in California — an investor who buys homes, fixes them up, and quickly resells them — since 2000.

Lately, he’s also been investing in bitcoin and ethereum.

“I feel in the long run, bitcoin will have the higher opportunity,” Chavez, who seriously got into the crypto market in April of last year, told Yahoo Money. “Yes, it’s more volatile, but 10 years from now, this is where the world is headed.”

His only problem is finding new homes to buy and flip for crypto in a housing market suffering from inventory shortages. The number of homes for sale at the end of March hit 1.07 million units, down 28.2% from a year ago and near historic lows, according to the National Association of Realtors.

“It's definitely a very hot housing market,” he said.

Potentially too hot to hold out for bitcoin buyers: Both listings that Chavez and Pannell put up are under contract to buyers offering run-of-the-mill U.S. dollars.

“No bitcoin offers, but we did sell it after multiple offers over the asking price,” Pannell said. “We’re not at the point that we’ll turn away all cash.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×