Brave New World: Bitcoin for St. Cloud Homes for Sale?

Dated: April 30 2021

Views: 40

Local homeowners with St. Cloud homes for sale may be tradition-bound when it comes to how they plan on being paid (that is, with money)—but not every homeowner is equally old-fashioned. As CNBC pointed out last week, dollars aren’t the only option. Their report, “Real estate catches onto the crypto craze as people buy homes with bitcoin,” promised to examine how real estate agents “are pivoting to work with the cryptocurrency…”

The three-minute report that aired earlier this month did deliver on part of the premise, but fell short in verifying that much actual ‘pivoting’ has yet taken place. Boiled down to its verifiable elements, they reported—

·         Cryptocurrencies are cited as a growing trend for Realtors® buying and selling homes with Bitcoin. Party-poopers might point out that since no number is given for either before or after, a “trend” might mean only a couple of actual transactions. That would constitute a trend if zero is the starting point.

·         Crypto market capitalization is now pegged at $1.9 trillion. Party-poopers would have a hard time explaining that—even after last week’s $200 billion Bitcoin price plunge.

·         CNBC’s Diana Olek (who has been reporting on cryptos for years) says that only three years ago, “selling a home with Bitcoin was almost impossible.”

As it digs deeper into the “craze,” CNBC does back off of adjectives like “mania,” preferring descriptions like “seeping” or “trickling in” to its effect on real estate. It turns out that “more and more” home sellers are “asking how to go about using Bitcoin as the form of currency.” In other words, “asking how” seems to be the actual trend that’s on “a steep incline”—while literally completing a sale may be a relative rarity. One reason is that in order to complete a sale, you need a crypto-real estate attorney and third-party escrow firm “experienced in how to transfer and hold the token.”

Despite the hurdles, few observers question the future of cryptocurrencies—or that of government-issued digital currencies. Especially at the high end of the luxury market, international buyers may be attracted by listings that include a price tag in Bitcoin. Admittedly, even those properties usually wind up being purchased with the less speculative alternative: cash.

A Bitcoin price tag might be an attention-getter, but that’s just one piece of the marketing mix. If you will be putting your own St. Cloud home for sale anytime soon, do call to discuss what to expect in today’s market!

Bitcoins and U.s Dollar Bills

Providing a superior level of informed, professional real estate services to buyers and sellers throughout Central Minnesota. We have agents specializing in residential, commercial, multifamily, new construction, existing, investment properties, foreclosures/REO, and short sales with offices located in:

Multiple Office Locations To Serve YOU!

Saint Cloud 320-259-4554

Princeton 320-983-3555

Sartell 320-259-4554

Little Falls 320-259-4554

Minneapolis 612-355-1260

Hutchinson 320-455-9127

Litchfield 320-298-1140

 

Premier Real Estate specializes MANY areas around Central MN including Saint Cloud, Waite Park, Rice, Royalton, Sartell, Royalton, Little Falls, Cold Spring, Saint Joseph, Elk River, Monticello, Ramsey, Saint Michael, Andover, Ham Lake, Anoka, Champlin, Buffalo, Glencoe, Brownton, Silver Lake, Kandiyohi, Dassel, Minneapolis, Maple Grove, Saint Louis Park, Saint Paul, Robbinsdale, Crystal, New Hope, Brooklyn Center, Brainerd, Nisswa, Aitkin, Albany, Coon Rapids, Sauk Rapids and more!

Blog author image

Noel Johnson

Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Years of purchasing, developing, and managing several rental properties, while assisting friends & cli....

Latest Blog Posts

Inflation, Hyperinflation, and Deciding to List St. Cloud Homes

Inflation has been on a lot of peoples’ minds lately, including St. Cloud homeowners who have been considering whether now is the time to list their St. Cloud homes. In what has been

Read More

How Much Time Do You Need To Save

How Much Time Do You Need To Save for a Down Payment?One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you&rsquo

Read More

St. Cloud Homeowners: Time to Think ‘Deck’

Back in March, real estate site apartmenttherapy.com urged homeowners to do some soul-searching before signing up for a new backyard deck. Although their “5 Questions” were said to be

Read More

Buying a Home in St. Cloud: What’s the Starting Point?

“First things first” is another one of those simple sayings that people utter without thinking—it just means, “Do this; everything else can wait.” It can be uttered by

Read More