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, HomeExchange.com will gift you one Balloon.