No. Balloons can only be earned by either committing to host another Member who holds a Balloon or by renewing a second year of paid membership, after 365 days of previous Membership. And only if you have not earned a Balloon by hosting a member in your first year of Membership.
Does HomeExchange gift Balloons?
A select group of Members received a Balloon from HomeExchange.com during the pilot program. If you were not one of them, you can always earn one Balloon every time you commit to host another Member who holds a Balloon. If it hasn’t been possible for you to host a Member by the time of your first paid renewal, after 365 days of Membership, and upon renewal of Membership, HomeExchange.com will gift you one Balloon.
Unfortunately, it isn’t possible for HomeExchange to gift Balloons in any other circumstance.