Update:
First, thank you all for your knowledge and insight. I was estimating that the trade would be fair to both parties and neither walking away feeling cheated, based on the information I had. Everything I've read supports that conclusion thus far.
However I haven't seen the gun yet. We have agreed to trade contingent on inspecting merchandise.
I figure best case scenario I get a quality Springfield .45 worth $400+ retail. Since I don't own one, but have thought about a quality inexpensive 1911 for some time, it might be a good place to start. Worst case, it'll sell or trade for another gun easier than a washer and dryer and is more portable and probably equally as valuable.
Seller seems to know almost zero about guns. He is a business man and bought this from a private investigation firm, used, during a time he felt he needed a handgun. He shot 1/2 of box through it when he got it, put it away and never shot it again 4 years ago, and never cleaned the gun either (makes me wonder why he says the gun is "clean").
He says he also has a shotgun so doesn't feel the need to keep or carry this gun any longer, but does need the washer/dryer. Also mentioned that if he were to get another gun it would be a .357 magnum. He didn't elaborate.
It's quite possible that he took it in to a gunstore for a valuation for a trade, if indeed he's after a .357, and got a lowball figure. But any sensible person would have cleaned the gun prior to taking it in. OR, maybe not or maybe he doesn't have a cleaning kit or even know how to clean it...
PS- he's also giving me the holster and his original 1/2 box of HP ammo... and I'll see if he has a cleaning kit to throw in too. Anyone recognize the holster? Looks to be a decent leather IWB.