The world of buying and selling property can understandably feel exciting in New York and other parts of the United States. However, completing real estate transactions might become even more thrilling thanks to the growth in popularity of bitcoin. This cryptocurrency's value increased 19 times from January 2017 to December 2017, although it plummeted in February of this year.
Many individuals who started to accumulate this cryptocurrency before its value skyrocketed last year have accumulated a great deal of money recently. As a result, some have been turning to real estate to unload their newfound riches. In some cases, they have even bought luxury homes. Their goal has been to make high-end purchases before the cryptocurrency's high values drop drastically.
The number of single-family home deals performed with cryptocurrencies is not clear. After all, anonymity is a major perk of using cryptocurrencies to make purchases. However, several for-sale homes in early 2018 were marketed as accepting payments in the form of bitcoin. It very well may become a standard way of buying real estate down the road.
Completing real estate transactions can certainly be thrilling, especially as technology continues to advance, but it can also be a daunting and complicated process. This is especially true from a legal standpoint, with new laws impacting how deals are done. A qualified attorney in New York can provide those interested in buying or selling residential and commercial real estate properties with the guidance needed to seal the deal in a manner that will benefit them long term.
Source: realtor.com, "Will Bitcoin Revolutionize How Real Estate Is Bought and Sold?", Clare Trapasso, Feb. 8, 2018