“Hi Gary, I have thought about possibly trading my home for a townhome, so you might tell me about how many people do that. Thank you…”
***ANSWER:
AS I mentioned in a recent newsletter, a literal trade (as in “I’ll trade my property for yours”) is rare because for that to happen:
* You’d have to like someone’s home
* It would have to be in your price range
* You’d have to negotiate a price agreeable to both parties
* That same person would have to like your home
* It would have to be in their price range
* They’d have to negotiate a price agreeable to both parties
So it almost never happens.
But of course you can accomplish the same thing by simply selling your home and buying another. There is the common concern of, “I don’t want to sell my home and end up on the street because I haven’t found a home.” re are protections so that you don’t end up selling yours and NOT having a home to buy and move right into. At the same time, some people prefer to make the timing easier by moving into a rental in between their sale and purchase.
On another topic, you paid $715,000 for your home and may have invested additional money in improvements and upgrades. You’re surely aware that prices have dropped considerably. Homes of your size with views are selling in the $500s. Of course, a home you buy will have also dropped in price, but many people are not willing to sell their home at a loss, even if its in their best interests.
Given that you would have to take a substantial loss, would you still be willing to make a move?
