TheIndyChannel.com

ticketnetwork
Money
Related To Story

House-Swap Attractive To Those Struggling To Sell

Homeowners Seek Alternatives To Unload Property

POSTED: 12:59 pm EDT May 15, 2008

Sellers desperate to unload their property during the housing crunch are doing just about anything to reel in buyers, including offering fancy food and agreeing to pay closing costs.

A growing number of services are pairing up anxious sellers to help each other out, hoping to put an end to homes languishing on the market for months or years, 6News' Todd Wallace reported.

House-swapping is basically matchmaking real estate-style.

Gary Upchurch's home on Geist Reservoir features a spacious kitchen and large entertainment area -- just two reasons he thinks his Brigantine Drive home is priced as a steal, relative to the location.

"This house is the lowest-priced house on the main body of the lake," Upchurch said.

Upchurch's home has been on the market for several months, despite the price and view, so he decided to think a bit out of the box.

The home is now listed on house swapping sites that pair compatible homeowners to trade properties.

"You can contact other people and you'll get two or three a week -- people offering to trade you a house in Colorado or a motel in Texas," Upchurch said. "(There are) a lot of different opportunities out there."

House-swapping has been around for quite a while, but it was typically limited to vacation and rental homes.

On Craigslist.com, trade offers have tripled since property postings began in 2006, Wallace reported.

"In this market, sellers are typically having to drastically reduce the price of their homes, and with this they are not having to do that," said Daniel Westbrook, of onlinehousetrading.com.

Once a homeowner registers, the companies send a list of potential matches based on the criteria.

There are plenty of success stories, but the National Association of Realtors cautions that it doesn't always work out.

"You don't have access to the entire marketplace, so you are only limited to the properties that are in a swapping type of environment," said Dale Mattison, of the National Association of Realtors.

Upchurch said he gets a couple of calls or e-mails a week. He hasn't closed a deal yet, but believes it's just a matter of time.

Experts said it is important to check the property in person once a deal has been reached and hire a professional to close the deal.

Links We Like

Sponsored Content
Employers generally have options when it comes to hiring. Makes sure you present yourself as professionally as possible, or else. More

Before you splurge on that pricey remodeling project, beware. It may not pay you back when it's time to sell. More

Learn how to melt off the pounds with meal plans and exercises from Jillian Michaels of TV’s Biggest Loser. MoreClick Here

Ever wonder which cars people are buying the most? Find out here as we count down America’s top 20 sellers. More

Credit Report

560? 675? 720? The average US Credit Score is 692. What is your score? See it online for FREE! More

Best Local Rates On...



LocalNational

30 Yr Fixed Mortgage5.31%5.22%

48 Mo New Car Loan4.61%7.05%

$30k Home Eq Loan7.99%8.34%

6 Month CD1.12%1.14%
Help! I don't understand!
More Rates


Sponsored Links

Stock Quotes

Get a Quote
Enter Symbol

Smart Savings

Do you catch yourself counting every penny these days? Find money-saving ideas big and small in our Smart Savings guide. More


E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters