Home swapping or bartering may be a way out for home sellers wanting to trade-up or down-size, and finding a match that works for both home sellers.
The housing slump and credit crunch in the US have resulted in homes sitting on the market for months without little prospect of selling. Homes sellers who are exploring other avenues, looking for creative ways to sell their homes. Here is a success story on 2 home owners
making a swap for one another's home.
Will home swapping happen in Canada?
With Richmond BC homes taking over 17 months or 500 days to sell in the current slow market, home owners have little hope of selling their homes without drastically cutting their selling prices. Granted that these homes are listed onthe MLS system, and exposed to all Realtors are searching online for properties matching the requirements of their buyers, home sellers have to price their homes well to sell. In addition they have to spend money preparing their homes to attract buyers.
Currently, there is hardly any viable avenue for a home owner to contemplate "swapping" their homes with another home owner. The concept is so new and non-conventional, the idea of swapping a home hardly make it to be reported in the press and media. Unless home swapping is promoted and a "swapping registry for home owners" is set up for home owners, home swapping will be a rarity. Co-ownership or buying as joint-tenant may be a viable option for those who are able to work out the issues and buy a home together.
Other sale options
Rent-to-own
These are options for home sellers and home buyers entering into a non-traditional home sale and purchase arrangement. Rent-to-own is not new, and it's popularity increases when the housing market is in a slump. The current housing market in Greater Vancouver may go into a protrated few years of low sales and price decline, whereby rent-to-own may catch on with both home sellers and buyers.
Tenant-in-common Tenant-in-common is an arrangement whereby 2 friends or families enter into a contractual arrangement to buy a home for economic reason. When affordability is a problem, and the 2 parties can only financially afford to buy a home on their combined incomes, tenant-in-common home ownership may work for them. The home for such a purchase option has to be large enough to accomodate the needs of the 2 parties. The driving force behind such arrangement is normally the parties wish to live in a most desirable neighborhood, but the homes there are just too expansive for on party to afford it.
If you are interested in buying a home in a great neighborhood like Point Grey area or any other Vancouver west location, and can contact me for possible match with another buyer who wish to enter into such a home purchase arrangement.
Return to Hompage.