HOME SWEET HOME

Gary, CAO of Medallion XLN

In the classic film The Wizard of Oz, Dorothy clicked the heels of her ruby red slippers together and repeatedly confessed that, “There’s no place like home. There’s no place like home.” And she was magically transported back home to Kansas with her little pooch, Toto. While being a homeowner is the desire of almost everyone, you won’t get a home by clicking your heels together. So stop searching Amazon for ruby red slippers. Seriously stop. Start clicking the keys on your keyboard to see how the blockchain can help you cross the threshold for your new home. 

If only I had a brain

The real estate market has been going crazy! A September 29, 2022, New York Times, Market Report article by Stefano Chen tells the tale of the current real estate rollercoaster. The interest rate for the most common home loans in the United States surpassed seven percent this week, by one measure – the latest signal that the high-flying housing market is falling back to earth. According to Mortgage News Daily, a popular industry gauge, the average 30-year fixed-rate mortgage reached 7.08 percent on Tuesday. Freddie Mac placed it at 6.7%, up from 3.01% during the same week last year. Assuming a 10 percent down payment, a home listed at the national-median asking price – $435,050 in August 2022– cost nearly $1000 more each month than it did in August 2021– when the average mortgage rate was 2.88 percent and the median home price was about 14% lower, said Danielle Hale, the chief economist at Realtor.com.

Attack on the Housing Market ( 2022 ) directed by Jerome Powell

While it may not be the best time to buy a home, the real estate industry is utilizing the blockchain to help the sellers, buyers, renters and agents. Blockchain in Real Estate: 17 Companies Shaping the Industry written by Sam Daley, featured in Builtin, gives us insight into real estate companies embracing blockchain technology. Why is blockchain poised to give the real estate agency such a significant leg up? First and foremost, by leveraging distributed ledger technology (DLT), it increases trust through greater transparency. In real estate, trust of a website, an agent, a listing – is imperative.  Real estate blockchain also expedites contract processes, saves time and reduces cost. The daily rate of real estate transactions is so immense, a common database of leases and purchases is more necessary than ever. Upgrading the traditional MLS database to a blockchain-based one would create a far more transparent ledger system where brokers and agents could see the entire transaction history of a property. It’s also being adopted by the burgeoning property-sharing sector. Let’s take a look at a few of these amazing companies.

No one is safe

Safe Wire, located in Columbus, Ohio, which has been acquired by Closing Lock, presents a solution to the growing wire fraud that challenges that real estate firms, agents, clients and industries face due to hacker intervention. The Safe Wire platform operates via a blockchain network to ensure security for vulnerable transactions  from the moment they are sent to the time they are received  and processed, reducing the money, clients and time lost due to wire fraud. ShelterZoom is based in New York, New York. Docuwalk is Shelter Zoom’s document management platform, uses blockchain to manage all aspects of the real estate offer and acceptance process. The secure online platform records every action along the path to closing on a real estate deal to ensure an immutable financial record. Located in Manhattan Beach, California, The Crypto Realty Group is a consulting firm that works with crypto escrow and financial consulting companies to help clients buy and sell residential, commercial, local  and international real estate using cryptocurrency. Ubitquity’s products include its Non-Fungible Title platform, giving titles a digital identity and Ubitquity Pay for crypto payments and real estate transactions. The company says its open source blockchain platform provides “a simple user experience for securely recording/tracking of title and other critical documents.” Ubitquity is in Wilmington, Delaware. Streetwire, PropertyClub, ManageGo, RealBlocks and SMARTReality are a few more examples of real estate industry professionals using blockchain technology in their business. Along with Vairt, located in my hometown of Cincinnati, Ohio. Vairt analyzes property investment opportunities using a 100-point screening tool and independent third-party market data to assess  the investment attractiveness of each property. That includes market overviews, neighborhood insights, property analysis and long-term support, all operating on a blockchain network for supreme security. Whether you’re a first time home buyer, downsizing, leasing, renting or buying commercial real estate, there are companies eagerly awaiting a chance to assist you and make your experience as informed, hassle free and secure as possible. Because Dorothy was right, there’s no place like home.

Godzilla can destroy Cities but the Fed can destroy the Global economy

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