Crypto and TikTok Trends!
Three Reasons Why Crypto is Here to Stay
The use of cryptocurrency, or crypto, is growing in local real estate sales. Recently, a $29 million New York property was the first to be put on the market for Bitcoin only. Crypto is “digital cash” that doesn’t use central or regulatory authorities for transactions. It’s used most often in international real estate purchases. But now we’re seeing it increasingly become a local concept. Here are four reasons why it may be time to add crypto to your business plan:
Real estate often sells quicker and closer to its value using crypto.
Less limits for investors.
Ease of use and quick transactions has made crypto a go-to for real estate investors.
Secure and transparent.
Every crypto transaction is recorded securely in a digital ledger for the buyer and seller to see.1
College-Educated Grow in Homeownership Ranks
The U.S. Census Bureau has found that homeownership among college graduates increased 18% from 2010 to 2020. For comparison, rates for high school graduates decreased by 8% over the same time period. A bachelor’s degree has long signaled that a graduate will enter the housing market. But increasing student loan debt is leaving some college graduates behind because they’re unable to qualify for a mortgage. These realities can help real estate agents tailor sales and marketing strategies. For example, the promotion of down payment assistance programs could assist both groups in realizing the American dream of homeownership.3
TikTok-Like App Reimagines Home Shopping
A new app called Playhouse combines a TikTok-like interface with real estate listings. Created by Square Footage, the app provides home shoppers with pictures, listing details, and maps, and encourages engagement by allowing comments. Real estate videos are uploaded and give agents a chance to bring their unique personalities to life. Developers even included an “addictive” game that enables buyers to guess listing prices. Playhouse’s Beta version, available in the App Store, is currently only available for San Francisco Bay Area properties. But it’s a clear sign of innovation coming in the real estate market.4
Three Things to Know About International Jet Set Buyers
It’s no secret that international real estate buyers are often savvy and knowledgeable. They’ve usually already identified a property type, and many can afford luxury properties. Here are three more things to know when working with international buyers:
- Discuss how they plan to finance their purchase.
Make sure you do a background check on international buyers or speak to your bank. Paying with a large sum of cash may be considered a red flag by the federal government. Also, most overseas buyers are not allowed to buy with a conforming loan unless they hold a green card or similar visa.
- Keep up on your communication platforms.
International buyers can be anywhere in the world at any time. They tend to prefer to conduct business on WhatsApp or Facetime. Remember that early morning and late-night conversations will be common since they’re often in another time zone.
- Know they’ll pay top dollar for turn-key.
Most international buyers are looking for turn-key properties that are move-in ready with luxury furnishings and top-of-the-line appliances. 5