Why does bitcoin has to be versus anything, why not bitcoin AND real estate. In fact that is the best way of looking at bitcoin, a currency with a price that is not tied to any other markets which makes it an excellent choice for those who want to diversify.
its not btc vs [anything] meaning people are forced to choose one.
its btc vs [anything] so that people can think about, choose, evaluate and calculate options which are BEST to put wealth into
for instance when BTC is running at a ATH its best not to be putting money into BTC
when gold is at a HIGH best to not put money into it
its the simple case of buy low sell high
real estate has seasons too when 'comps'(average price for area) jump stupidly high in a short period
where usually a crisis happens after that where people end up selling at a loss/foreclosure which causes comps to drop
other factors are where neighbours heavily invested in upgrades/modernisations. mean their higher price houses get high valuations. but then requires you to then invest big a second time to modernise yours just to stay equal to the area. meaning if you sold the house 'as is' without upgrades. it becomes less desirable and bidder try to underprice your house because they have to do alot of work to get it up to standard
also knowing that buying certain things are not simply buying it and leaving it. but instead requiring ongoing maintenance/admin/tax/interest/utility costs. can help people gauge which investment works best for them
housing is not really a investment as in just buy and leave. it does require ongoing work/investment
EG buying a property that stays empty for years whilst you pay mortgage+ renting a secondary place to live in, is not as profitable as buying a home for you to live in where you are not then having to pay rent for somewhere else
however you still have to factor in your living costs and interest and insurances over time into the future sell price
bitcoin is a simple investment. no ongoing /added costs required to invest in bitcoin.
real estate has ongoing costs which raise up the end sell price needed to break even. so to ensure you break even you need to really look at all costs involved and add them up and hope those extra costs are under the comps rise