Can't sell your home? Or just don't like where you're living?? Well, you may be able to swap it for another one.
"Exchange, trade, swap, It's kind of like monopoly." That's according to John Huff, a broker with Coldwell Banker. He says home exchange is the latest real estate trend to hit the valley, so popular there is an entire section dedicated to house swapping on Craigslist.
Huff explains further, "exchanging is where people want to trade up or down for another property." He says a declining housing market and people having a tough time selling their homes has them looking for other options.
Builders, homeowners, investors, and developers can take advantage of the exchange, sometimes all working together to make sure everyone gets the home or land they want.
Huff says the major motivators for people are to get a home sold, get in another one quicker and get a new interest rate while you're at it. It's as simple as I'll buy yours if you buy mine. Huff explains, "interest rates have come down so instead of refinancing and paying those fees they could exchange into a new home and reduce their payments by getting a better interest rate."
Huff says the best thing to do is to ask questions and get as much information as possible.