This famous US real estate broker predicts that cryptocurrencies are the future for buying real estate
Famed real estate broker Ryan Serhant has envisioned the future of home buying, and this one involves cryptocurrencies.
The ‘Million Dollar Listing New York’ star forecasts a future where half of all residential property transactions will be done using blockchain and digital assets.
“I see a world very soon where 50% of all real estate transactions will be in cryptocurrencies, where contracts will be recorded on the blockchain and ‘signed’ as NFTs ( non-fungible tokens ),” Serhant wrote in his annual letter. to customers, as Inman recently reported. “Our agents are currently working on many crypto wallet-to-wallet transactions, both in New York and Florida, a trend you will read a lot about in 2022, as wealthy crypto holders look to diversify into tangible assets.”
What will happen next?
Serhant notes that blockchain has already permeated the realm of home buying, with titles being registered on the blockchain and sold as NFTs. However, he has acknowledged that the real estate industry’s path to crypto is uphill.
“There seems to be a lack of acceptance to understand the value of what is new, decentralized, progressive and arguably complex,” Serhant said. “We are most threatened by things we don’t yet appreciate or understand.”
Technically, a person can buy a house with crypto today, but only if the seller accepts this form of payment. US lenders do not accept cryptocurrencies for mortgage payments, but some lenders like Rocket Mortgage of Rocket Companies Inc. RKT -3.21%
Will they accept bitcoin BTC and other cryptocurrencies?
Settled in the form of US dollars within an asset account. But even if a buyer and seller agree to a crypto transaction, finding an escrow or title insurance company to join the digital asset bandwagon is another matter.
However, Serhant prophecies that tomorrow’s homebuyers will be poised to buy real estate thanks to their cryptocurrency investments.
“Cryptocurrency has created the largest wealth transfer of our lifetime and so many of our buyers in 2021 have used those earnings to make home purchases or transacted in cryptocurrencies, wallet to wallet,” he wrote. Serhant.