For many years, homeowners have offered up a house trade or swap for the opportunity to try a different locale for relaxing vacations or for long term temporary housing needs. In this tough real estate market, a new trend is emerging in which homeowners are actually trading or swapping houses permanently. Home swapping or trading offers benefits to both home owners looking to avoid a lengthy selling process in a tough housing market.
Typically the homeowners will sell their homes in one transaction, and then buy the other home in a separate transaction. Instead of going through the costly process of placing the homes on the market, each party is buying the others' home. Avoiding the costs and hassles of the current housing market are the main benefits to this growing trend. Just like in any major market, there are pros and cons to house trading, swapping. Knowing the limitations of this growing trend will help homeowners to successfully trade or swap a home.
Homeowners that are interested in exploring the home swapping trend must remember that they aren't necessarily trading their home for one of equal value. Once appraisal of each property is complete, the buyer of the home with the greater value will need to have the cash or a mortgage to settle the difference in price.
Home trading or swapping allows both parties to pay only one set of broker fees, which is anywhere between 4-7% of the home's price.
If a homeowner is looking to buy a new house, some developers are attempting to break into this relatively new side of real estate to be free from excess housing.
Avoid involvement with homeowners that owe more than the home is worth. These homeowners will have a difficult time obtaining financing.
With the current state of the economy there are a number of websites, social networks and blogs appearing offering services to help homeowners find each other. For more information on a how the
home swap or
house trade process and to see current listings in your area works visit us at Trade a Home.
