House-swap is the Latest Craze

With home buying at some of the lowest levels in decades, house-swapping provides a new way for homeowners to sell their homes.

By: James R. Lindamood There's a new trend developing in the real estate industry. House swapping is the latest idea that many homeowners are coming up with during the housing slump. Some families have tried selling their homes on their own for months, using real estate websites, realtors, and even yards signs, to no avail. With so many similar other homes on sale, there are just too many eggs in the basket and buyers are having a hard time choosing. House swaps are a new way of ridding yourself of a home you no longer want, and getting into a home that fits your lifestyle. The most common swap seems to be with people who are making changes in size or location. Job changes and family changees are two of the most common life changing events, and can lead to new real estate requirements. Families post an ad looking to swap homes. They list their wants and desires, then list what they're able to trade for it. For example a couple needding 4 bedrroms for a growing family may trade with an older couple who need fewer bedrooms. Sites like Craigslist seem to be the most effective way of structuring a swap; they added a "Housing Swap" category nearly two years ago, so they're way ahead of the game. Once there is a match, the owners structure their agreement in a suitable fashion, and both owners take posession at the same time, that way neither owner is stuck paying two mortgages.