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I received an email request from a reader “Nancy” in Orlando, Florida last night. For medical reasons, she needs to move to a real estate market that has little humidity and she wants to be in Prescott, Arizona.
Nancy writes
“Hi Joe, saw your site after doing a search “where do I trade my house“.
My husband and I have a Lakefront Home (upscaled) on 1 Acre with Rental Income near Orlando, FL. It is a 4 BR, 4 BA, 4012 sq. ft., multi-level very unique and sunset views from every “angle”. It is priced at $1,599,000. My husband is a Licensed, R.E. Broker in FL (he actually use to be District Direct of Century 21 out of Miami) Anyway, I have Fibromyalgia and we are looking to trade a house in Prescott, Arizona only (I have narrowed down the climate to a “T”)
We are looking for:Â $500,000 – $900,000 price range home with sq. ft. of 3000+ in Prescott. Age of home does not matter but we are looking to finance difference for new owner here.
What is the best way to do this…any help is so appreciated!  Nancy”
Many people around the country are in similar situations. They own a home in one real estate market but want or need to move to another real estate market. So what should Nancy do?
My recommendation to Nancy is to find the top real estate company in the Orlando market and work with somebody who has extensive experience in real estate investment (this can be determined by asking to see their own portfolio). This agent will be able to give Nancy specific advice for the Orlando real estate market.
The next advice is to think of this situation as two separate situations. First, what can Nancy do with the current house in Orlando? Second, what should Nancy do to buy a home in Prescott, Arizona ?
While a trade is definitely a possibility, what are the odds of somebody living in Prescott, Arizona needing a $1.5M home in Orlando, Florida? If a trade is going to help, it will most likely be trading the home in Orlando for a commercial property somewhere in America. Once this is done, it is possible then to trade that commercial property “somewhere in America” for a property in Prescott, Arizona. But most likely, this problem will be solved without a trade. The key is to get solid, experienced professionals helping Nancy on the ground at each location.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850)Â 386-2001.
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