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.

Edit ModuleShow Tags

More »Related Stories

I'd Like a Cubicle Mate, Please

Work from home but crave a daily dose of The Office camaraderie in your working routine? Co-op work spaces like Lightbulb Co-Working in NoDa are the answer.

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

Add your comment:
Edit Module Edit ModuleShow Tags Edit ModuleShow Tags

Newsletters

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

Newsletter Sign Up
Email*
 
Edit ModuleShow Tags Edit Module

Blogs »

Edit ModuleShow Tags


Dusk Till Dawn

Jared Misner Chronicles Charlotte's Nightlife and Social Scene, Straight No Chaser

Craft Cocktail Crawl, Metropolitan Avenue Progressive Dinner, First Friday in Fort Mill, No-Pants Ride and More, March 5-March 8

Comments


Charlotte at Home

Creating Your Space in the Queen City

Four Not-to-Miss Opportunities

In these final days of winter, enjoy an orchid display and brush up on your gardening and food-preservation skills

Comments


Poking the Hornet's Nest

Greg Lacour on Politics

Some Thoughts from a Monday Night in Charlotte

The Charlotte City Council hearing on LGBT protections brought out the community in all its ragged glory.

Comments


On Tap

Matt McKenzie on Craft Beer in Charlotte

Brawley’s Beverage hosting Wooden Robot release this Wednesday

Three Laws Black Saison is collaboration with Haw River Farmhouse Ales

Comments


Dine & Dish

News, Notes, and Gossip About the Charlotte Restaurant Scene

Blue Gets Peruvian

The 4th charity event benefiting Wellspring International will take place on March 13

Comments

Edit ModuleShow Tags