Frustrated homeowners trading places
Page 1 of 2.... 5:00AM Sunday Sep 28, 2008
Rachel Grunwell

Frustrated homeowners unable to sell their properties are fuelling a new phenomenon - house trading.

Real estate agents told the Herald on Sunday they had noted an increasing number of swaps and a website launched today will specialise in it.

The site is among innovative methods being used to keep the market moving as fewer houses sell - and for less - in the recession.

Buyers can also take advantage of generous vendor finance and deals to waive part of the price if a property dives in value over a certain period.

First National agent Roger Simpson-Marvin and Hamilton-based Ray White agent Bobbie Jarvis were among those to report an increase in house trading.

"If people really want [to sell] they have to be realistic about things," said Jarvis. "Times are tough."

Several properties were listed as possible trades on Trade Me this week, but the online auction site may face stiff competition from RealTrades being launched today by Century 21 agents Suzy Sheppard and Doug Coward.

More here.