Swap This House

Homeowners anxious to sell are resorting to house trades




Angela Heider has her profile online, but the married mother of four isn't looking for a date. She's looking to trade her house.

The Heiders live at The Point Lake and Golf Club, but the family is looking to sell their 5,600-square-foot house. The problem: the Heiders are having trouble selling. So they're considering house swapping in the area for a smaller place and a lower mortgage.

Same for Bill Law, a Lake Norman businessman who spends much of his time in Florida. He's got a million-dollar-plus waterfront home he wants to trade for a condo. If he's successful, it'll be his fourth house swap.

144.9
average days on market for Charlotte area homes in March 2010.

It's a concept that's long been popular with vacationers (e.g., someone in LA swaps her beach home with someone in the Florida Keys for a period of time), but permanent home trades are becoming more common because of the slumping housing market. In a house swap both parties have to agree on the value of what they're trading. If there's a difference, the party with the lesser value has to give up some cash. Other than that, a swap is a lot like a sale. In most cases, homeowners try to swap for a similarly valued house, but it doesn't always work that way, which is why flexibility is key. "This is not for someone set in old ways," says Greg Holt.

Holt faced a situation similar to the Heiders in February 2008, prompting him to create pad4pad.com, which connects potential house swappers. He has almost 200 homes in the Charlotte area listed on his site and he now has clients across the country. Holt says that his site gets up to 150 to 300 hits a day with two to three new people signing up to swap daily.

Heider says she's hopeful because the home switching site has generated more interest than her Realtor, but until then, the Heiders wait, hoping for the next great swap. —M. B.

More »Related Stories

Meet the Charlotteans Who Play Extras on Homeland and Sleepy Hollow

When Hollywood comes to Charlotte, many locals fill extra roles

Safe Haven: The Respite

A young widow opens a center to help grieving women

Behind the Mask

The city's mascots tell all

Charlotte Stars in Wilton Barnhardt's "Lookaway, Lookaway"

A new novel puts Charlotte at the center of the New South

We invite your responses and discussion. Please refrain from personal attacks, profanity, commercial promotion, or non sequiturs.

Add your comment:

Newsletters

Stay up-to-date on all things Charlotte by siging up for our newsletters. Learn more by clicking here.

Blogs »


Revue

Andy Smith on Charlotte Arts & Culture

Q&A with Lyle Owerko, Creator of the Boombox Project, and This Weekend in Charlotte

Comments


On Tap

Matt McKenzie on Craft Beer in Charlotte

New releases by Birdsong and Triple C this weekend, along with Charlotte Beerfest

Your guide to the latest in the local craft scene

Comments


Dusk Till Dawn

Jarvis Holliday Chronicles Charlotte's Nightlife and Social Scene, Straight No Chaser

Social Mixers, Singles Events, Red Tie Gala, Steelers vs. Panthers Tailgates and Parties, and More - Sept. 18-21

It’s an exciting next few days in Charlotte, with plenty of enticing social events on the schedule, as this is officially the last weekend of summer.

Comments


Charlotte at Home

Creating Your Space in the Queen City

Experimenting in the Kitchen

Chef Tom Dyrness shares some secrets to success before next week's Fire in the City semifinals

Comments


Dine & Dish

News, Notes, and Gossip About the Charlotte Restaurant Scene

5Church: Exploring the New Lunch Menu

5Church has unveiled a new lunch menu with several new additions including entrees, salads, and sandwiches

Comments