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339 sats \ 4 replies \ @Bitcoinisawesome 5 Dec 2023 \ on: Will Bitcoin Solve the Housing Crisis? bitcoin
When money was very cheap in 2020 you couldn't buy a house easily because someone (redfin, Zillow, BlackRock, others) had already offered 30% over asking in cash (which funnily enough is now the current value of the average home, go figure) site unseen before you and your real-estate agents even walked through the door. These people are using homes en masse as a store of value. The second the gain the confidence, understanding, and/or permission to use a better store of value, they will. My uneducated opinion is that cheaper homes are on the horizon.
bitcoin is just so cool eh?
Many believe cheaper housing is on the way regardless of bitcoin actually. At least in the short term. The issue is that if you can't afford a large down payment you won't be able to get in on it. I suspect many investment and rental prop businesses will be scooping up houses.
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I think the amount of scooping they're doing is relative to interest rates. I only say that based on word of mouth of pleb home buyers. When they had free money every perspective home buyer you spoke to had put 4-5 offers on different houses with no luck. You aren't hearing that from the plebs currently. Housing market really is a wild beast and it's fun to discuss and speculate.
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Its also very different depending on location. It always is but it really has been since 2020. If you live in Texas, Tennessee, Florida, or Oklahoma the story is much different from states like California or New York. And within states like California certain counties are seeing increases while others are losing residents.
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