FACT: House trading greatly increases the likelihood of selling your home faster in today’s challenging market. In my experience, many Realtors and their Seller or Buyer Clients have no clue on what a House Trade is and how that might be a “win win” option for all parties to consider.
Sellers, if you are looking to either downsize or upsize in the local market, your home should be marketed, “will consider House Trade.” Briefly describe the criterion that would cause you to be interested in your next home. For example, you might want to purchase a home in the Blackman School zone, sized 1800-2500 sq ft and priced in the $180,000-$250,000 list price range. This may spark interest from Buyer prospects who already have their homes listed for sale and who may also be searching to buy a house just like yours! Additionally, Home Owners who maybe on the sidelines for various reasons (e.g. who have yet to list their home for sale) oftentimes will inquire about your house when they see the words “house trade” in your advertisements.
Most recently, I was involved in a successful House Trade this past spring. The Buyers did not have their home on the market because they didn’t want the inconvenience of multiple showing appointment requests because of their very busy family lifestyle (3 young boys, etc). They were “cramped” however, in their 2200 sq ft sized house and desired a larger house with a pool. Hence, that Buyer saw the House Trade Marketing data on one of my listings that had 3700+ sq ft, and the rest is history. My Seller was looking for a 2000-2500 sq ft house, and now both are happily living in their “new” houses. Success through House Trading!
What are some key characteristics to know when determining if a house trade is likely to work out:
- There must be some “equity” in the respective properties.
- Both properties must appraise for the purchase price or greater.
- Both homeowners must “match” their home purchase search criterion.
- If financing is required, the Lender must have the expertise necessary to close this type of loan(s).
- A Realtor, such as me, must have the experience necessary to properly manage the house trade process through a successful closing.