Sarat, Home Buyer in Atlanta, GA

How common is it to trade homes?

Asked by Sarat, Atlanta, GA Tue Mar 11, 2008

I would like to trade up with a builder or someone who wants to downsize. I live in the Snellville area in a house valued at approx. 475k. Might be interested in moving into the Duluth or Dunwoody area into a house valued up to 700k.

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7
Sarat,

This is a question that many people have inquired about. Market conditions are starting to make people think outside the box.

To answer your question it's not that common, but it can be done. Usually there are too many scenarios that have to play out just right in order for one of these deals to work. Finding someone to agree to all the terms involved is the challenge.

I would be happy to assist you in doing some research and see if we can contact a builder or homeowner that can accomodate your request. If you would like to share some more details about your home and what you are looking for I could go ahead and contact some builders in your search area and see who is willing to discuss some options. Do you have your home listed or have had it listed in the past without success? Your home may not be that difficult to sell even though market conditions are tough.

Our brokerage just had our best Jan. & Feb. numbers ever in one of the toughest markets ever! Be sure to contact me and lets see if we can find a solution that works for you.

James Dudley
ERA Sunrise Realty
james.dudley@era.com
1 vote Thank Flag Link Tue Mar 11, 2008
I have never seen this done before.
Web Reference: http://dwellatlanta.com/
0 votes Thank Flag Link Thu Jun 5, 2008
In 20 years I don't think I have seen one.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Wed Jun 4, 2008
I swapped twice. One time for vacation for a week and another time permanently. I used http://www.CareToTrade.com since it was free.
0 votes Thank Flag Link Wed Jun 4, 2008
Try to List Your Home for FREE on http://www.TradeYourHomeOnline.com, It's a new site dedicated to putting sellers together for your exact scenario.
0 votes Thank Flag Link Sun May 18, 2008
Sarat,

Actual home trades are more common with investors and are rare in those instances. The main people doing them are higher level investors and they are trading "units" - as in, they aren't even referring to them as homes anymore.

Another common "trade" is a 1031 tax exchange. Again, this can only be used on investment property, but is a great way to "trade" up or down to a home, tax free. Please contact me about this if you are interested.

The big thing here, is the market. Even if you find a willing seller, you would have to both agree on market prices for your homes. In your case Snellville, is a bit slower than Dunwoody and Duluth. Of course, you'd be expected to bring the money for the difference in the homes and in a trade scenario, that would most likely have to be cash (if we're talking very strictly a trade).

What is more likely to happen is that you agree to "trade" but then sell your homes to each other. That will make more sense and be "cleaner." Plus it allows for financing.
0 votes Thank Flag Link Wed Mar 12, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
personally I think it is a great thing to do. I would do it in a flash i because it really takes the burden off of the whole house hunting scenario.
0 votes Thank Flag Link Wed Mar 12, 2008
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