![]() ![]() “With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic,” said Redfin Chief Economist Daryl Fairweather. And while the most common response to accumulating down payment funds was “saved directly from paychecks” (52%), the increased popularity in crypto is changing how homebuyers prepare for purchasing their next residence. residents planning to buy or sell a home in the next 12 months, found that crypto sales nearly tied “cash gift from family” (12%) as a down payment source and bypassed “pulled money out of a retirement fund early” (10%). This percentage is up from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019. What Happened: According to a new survey from the brokerage Redfin (NASDAQ: RDFN), roughly one in nine first-time homebuyers (11.6%) said selling cryptocurrency during the fourth quarter of 2021 helped them save for a down payment. While Dogecoin (CRYPTO: DOGE) and Bitcoin (CRYPTO: BTC) may be on the way to the moon, it appears that cryptocurrency is also helping Earth-bound homebuyers secure their dream properties.
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