Real Estate

Same-Sex Marriages in Real Estate, post DOMA

July 24, 2013 By Teri Lussier Leave a Comment

A lesbian couple moves out of Dayton and sells their home. Only one of them actually has her name on the title. They are legally married in the state in which they now reside. Since Ohio is a dower state, meaning a spouse has a legal claim on any real estate owned by the other spouse. For heterosexual couples, the spouse also has to sign closing documents. In the wake of the recent Supreme Court ruling on DOMA, how does that affect same-sex couples in Ohio? Is a same-sex spouse entitled to dower rights? Note: I am not a lawyer. This article is for general information only. All legal concerns should be discussed with your attorney.

Realtor Magazine recently took up this issue to discuss how the DOMA ruling affects title and real estate, and while in some states this isn’t an issue, in the case of my clients above, it was a bit more confusing.

While the dismantling of DOMA provides clear-cut benefits for married gay couples who reside in the states they were married in, it creates significant ambiguities in other situations. For example, the immediate future is murky for partners who were legally married in one state but move to a state that does not recognize their union. For now, these people are caught in a confusing tangle of laws.

After the DOMA ruling, I called the title company handling the transaction for my clients, and they were not quite sure how this title transfer needed to be handled either, and had to discuss it with their legal department- which is going to be the best way to handle title questions among same-sex couples, as Realtor Magazine points out.

For real estate practitioners, “understanding the status of [your clients’] relationship is critical if you are in a jurisdiction that recognizes marriage” for gay couples, says Los Angeles attorney Wendy E. Hartmann, who specializes in tax and estate planning for same-sex couples. Practitioners should, however, encourage couples to obtain legal advice on such title and tax matters from an attorney, she noted.

It’s important to understand how title affects you:

Before the court decision, gay couples did not have the option to hold title through “tenancy by the entirety,” which is available only to legally married home owners. Like joint tenancy, this form of ownership means each spouse owns 100 percent of the property and an equal right to possess the home, and provides that when one spouse dies, the surviving spouse automatically becomes the property’s sole owner. Unlike joint tenancy, however, under tenancy by the entirety the home is more fully protected from creditors.

For my clients, the answer was No, the state of Ohio is not going to require the spouse to sign documents as the marriage is not legally valid here, alas. But going forward, the ramifications of the Supreme Court ruling and its impact on real estate are going to be complex as we work our way through them. If you don’t have a lawyer who has a niche business in LGBT issues, now would be a good time to find one.

Note: As always, I am not a lawyer. This article is for general informational purposes and should not be considered legal advice. Please discuss any specific issues with your own attorney.

Dayton, Foreclosures, and Caveat Emptor!

March 8, 2013 By Teri Lussier Leave a Comment

Dayton is the second-best metro area in the nation for good deals on foreclosures. You probably saw that news and for some buyers that will be good news, but only if you are prepared.

Foreclosures are a different beast than buying a home via a traditional home seller so if you are looking at these homes, here are a few tips to make your Dayton home-buying experience more productive, your real estate agent can give you details.

Foreclosures are popular right now and that means you need to plan ahead. These homes can sell in a matter of days, and often sell with multiple offers involved. If you are going to look for foreclosures, know the neighborhood you want, have your finances in order, and let your Realtor know your plans. She can set you, and/or herself, up in the Dayton Area Board of Realtors MLS system to receive email alerts when any property that meets your criteria comes on the market. You will know within hours of it hitting the MLS that a home is available. Be prepared to move quickly on the best homes and discuss with your Realtor ahead of time how you are going to craft on offer. Keep in mind that the best homes end up in a multiple offer situation in which case you will be asked for a “highest and best” offer, so have some idea of what your highest and best offer would be so you can respond to the bank in a timely manner.

One thing to keep in mind is that the seller- the bank- is very much like the Honey Badger in that Bank Don’t Care! This is strictly a business transaction, it’s all about the money, but by clearly understanding that the bank is concerned with their bottom line, you can make them an offer they can’t refuse. How do you do that? Glad you asked!

Cash is king. If you can pay cash for a home your offer stands a better chance of being accepted. Many transactions fall apart because in the end the buyer can’t get financed for some reason or the other and financing a home typically takes 30 days or more, whereas most cash sales can close within two weeks. Banks know this and if two offers come in exactly the same except one is cash and one is financed, they are probably going to take the cash offer- wouldn’t you? If you are financing a home, make sure you have your finances in order before you submit a bid, and that your loan will work with foreclosed homes. Many loans require extensive inspections and foreclosed homes may not pass. Discuss these details with your lender and Realtor ahead of time so you all know what type of home you can purchase.

One of the things you might choose to do is to remove inspection contingencies. Not a good choice for the novice or inexperienced home buyer, but when you make an offer on a home, you have the option to get inspections done. Inspections are a very good idea, highly recommended, but if you are familiar with construction and understand what you looking at, you might choose to forego inspections. Many foreclosures will have all utilities turned off so you will not get a chance to test plumbing or electric, furnace and air conditioning. It’s crucial to be knowledgeable under these circumstances. If you do have inspections, you may have to pay to have the utilities turned on so be prepared.

Not asking a seller to pay your closing costs is a common way to boost the strength of your offer as well, as is being able to close as soon as possible.

What can you expect from a foreclosed home? Deferred maintenance. If someone cannot pay their mortgage, they are typically not in a position to make repairs on the home. Also, these homes could be left vacant for years before they are on the market. They may have had pipes burst, they may have had animals loose in them, the copper might be stripped, appliances will probably not come with the home, the furnace and air conditioner might be missing. Broken windows are not unusual, and if it has sat vacant for awhile, the water meter might have been removed by the county and someone has to pay to get it replaced- likely, that someone is you.

Cosmetically, foreclosures tend to fall into two categories, either the home needs work- carpet, paint, new cabinets and fixtures, or, the home had some serious issues and the bank has paid for cheap fixes and cover-ups. If it looks too good to be true, it probably is, and there is always something unexpected that needs repair so make sure you have cash on hand for that.

Be prepared to sign reams of paperwork and disclosures, be prepared to act quickly, make sure you and your Realtor are signing everything that needs to be signed, and are submitting the offer in the manner requested- very crucial. If you have a doubt about either the process or the home, back away, think about it, and if necessary, move on. Know your limits, and share those with your Realtor so you do not get caught up in an unnecessary bidding war. It’s a good idea to keep looking at homes while you wait for the bank to respond to your offer. That can help you keep things in perspective, and you can quickly move on to another property if you lose the bid.

Foreclosures are not for everyone. They require cash reserves, knowledge, patience, flexibility, and preparation. If you are thinking at all about purchasing a foreclosure, discuss the pros and cons with your Realtor, ask if she might show you a few so you get an idea of what you are in for, and most importantly, be absolutely honest with yourself about your skills, experience, knowledge, and finances. Dayton is a great place to buy foreclosures, but only if you know what you are doing.

Featured Real Estate: Cooper Lofts #409

February 11, 2013 By Teri Lussier Leave a Comment

Unique. One-0f-a-kind. Eclectic. Urban. If cookie-cutter spaces in the ‘burbs are not for you, you have two options in the city of Dayton- buy a historic home, or buy a condo at Cooper Lofts. And there are loft spaces and there are loft spaces, but this is true loft living and that is very hard to find in Dayton. From the gleaming Oak floors, to the warm muted colors, open floor plan, exposed duct work and structural elements, huge windows and great views, Cooper Lofts #409 is unique even among unique spaces.

The first floor is open space with living room, dining room, and kitchen area. The kitchen is modern and clean, open but still warm and intimate, and has been updated with gleaming black granite counter tops. The counter tops, sink, and cook top are two years old. The east-facing window/wall lets in natural light and from the 4th floor vantage point, you can watch the sunrise or the city lights from the island. Those rich light Oak floors are carried throughout the lower level, blending the entire space together, while the pillars and ceiling detail create specific living areas. A remarkable space for entertaining guests or clients. Very hard to find in the city of Dayton, this is a true loft bedroom! Open to the first floor, and yet, not exposed, this loft space is where dreams are made. The vaulted ceiling and wall of windows keep this bedroom exciting and fun. Previous owner used this as an office and, like a true city-dweller, used the Murphy bed on the first level for sleeping. Even in this space, you have some flexibility with how you use it. The current owner uses the loft as both bedroom and office, and added original artwork by local Dayton artist Stephanie Williams to make the already eclectic space even more interesting. A large walk-through closet leads to the master bath.

Looking for details? www.CooperLofts409.com with give you a complete photo tour, then call Theresa Lussier, Realty Central, 937.343.1411.

2012 Homearama Lifestyle Edition at Sugar Camp Pointe Oakwood

September 11, 2012 By Dayton Most Metro 13 Comments

House # 1 – The Oakleaf

Four years after the last Dayton region Homearama, The Home Builders Association of Dayton will be presenting the 2012 Homearama Lifestyle Edition showcase of custom homes in the beautiful Sugar Camp – Pointe Oakwood community from Friday, September 14 through Sunday, September 30. The fully decorated and furnished homes range in size from 2,200 square feet to over 4,000 and will feature the latest styles, building and design trends, landscaping and technologies, with expected prices to range from $395,000 to over $600,000.

The current HBA of Dayton Builders for the show include: two homes from Bob and Steve Rhoads of R.A. Rhoads Custom Homes, Mike & Jeff Miller of M/M Construction and Scott Dickey of South Dayton Builders. The Sugar Camp-Pointe Oakwood developer is Oakwood Investment Group, LLC with partners Union Savings Bank and Landmark Title Agency South.

House # 2 - The Olde English

Unavailable until now, Sugar Camp-Pointe Oakwood offers home buyers new custom built luxury homes within the City of Oakwood. The premier residential community’s site is comprised of 20 unique acres conveniently located on Far Hills Avenue with unparalleled views of the Miami Valley. The prime location of the community allows homeowners the advantage of all the amenities that downtown Dayton has to offer while in walking distance to the center of Oakwood and its quaint business district. Sugar Camp-Pointe Oakwood is part of the 34 acre, multi-living use facility, Sugar Camp. Sugar Camp will eventually connect with the Great Miami River, Carillon Park, The Dayton Art Institute, The University of Dayton and downtown Dayton through a series of walking and bike paths.

The master plan for the community includes over 20 single family home sites, 20 attached condominium units, a 88 unit assisted care facility and a professional office park. John H. Patterson, founder of National Cash Register (NCR) established the innovative Sugar Camp in Oakwood as an NCR training camp, where classes started in 1893 at the serene secluded site.

House # 3 – The Craftsman

Adam Zengel, HBA of Dayton President commented, “The distinctive Sugar Camp-Pointe Oakwood community will provide the participating HBA builders an exceptional venue to showcase their craft with the highest quality products and homes loaded with details and extra amenities appropriate to the current market.”

“Pointe Oakwood is developing into a very special community within Oakwood. We are very proud and excited to host the ever popular Homearama at Sugar Camp this fall. It will be a great setting for the HBA builders to showcase their abilities and it is an event where people really enjoy experiencing the latest in new home design and building,” commented Bob Posner, Executive VP/Chief Operating Officer of Oakwood Investment Group, the developer of Sugar Camp.

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House # 4 - The Aspen

High Performance Homes

For the first time ever, the Green Building Task Force of the HBA of Dayton will provide an educational experience to assist new home buyers and home owners considering remodeling in the many choices they will face when exploring having their dream home reach the level of the industry’s terms of a “High Performance Home (HPH).”

The group will host the first “High Performance Home Pavilion” included with Homearama at the Pointe Oakwood site. The Pavilion will have many technology and product displays and will be staffed by experts well versed on the high performance home subject. Scheduled seminars will provide Homearama visitors an opportunity to learn more. For more information on HPH, read this full article by Walt Hibner (Executive Director of HBA Dayton).

Ticket Information

The 2012 Homearama Lifestyle Edition runs from noon to 8 pm on Fridays, Saturdays, and Sundays and 4 pm to 8 pm on Mondays through Thursdays (no one admitted after 7 pm). Tickets are $10.00 at the gate or available at Dorothy Lane Market locations ($2 discount with Club DLM card).

House # 5 - Village Pointe

DMM Ticket Contest

We have THREE PAIRS OF TICKETS to give-away to the 2012 Homearama Lifestyle Edition Preview Party on Thursday September 13th from 5-8pm ($70 value). The evening includes complimentary fine beverages, a hearty fall supper and sweet desserts from Yia Yia’s Bakery. Listen to jazz favorites performed by the renowned John Slate Trio. Bid on themed baskets in the silent auction to benefit the HomeOwnership Center of Greater Dayton, the 2012 Homearama Lifestyle Edition designated charity.

Simply fill out the form below and then leave a comment telling us that YOU want to go to the 2012 Homearama Lifestyle Edition Preview Party, and we’ll announce winners on Wednesday September 12th – GOOD LUCK!

CONTEST CLOSED

Congratulations to our winners!

Heather Craaybeek
Rachelle Stiles
Mackensie Clark Wittmer

Dayton Home Sales Stats for June 2012

August 5, 2012 By Teri Lussier Leave a Comment

Dayton Home Sales Stats for June 2012 - Click Image to Enlarge

Every month the Dayton Area Board of Realtors (DABR) crunches through the sales data for the previous month and publishes the stats. They compare monthly sales to the year prior. It’s a nice way to gauge the general and overall real estate health of the Greater Dayton area.

These sales are single-family homes and condominiums reported by the Dayton Area Board of Realtors, in areas that could include everything from the Indiana border to Springfield; Celina to Hamilton, so it’s a very broad picture, so as I say with nearly every post, your community and your neighborhood might tell a very different picture- talk to a real estate agent to find the data that will directly affect your home. Commercial buildings or homes sold outside the Multiple Listing Service are not included.

So how did we do in June?

Brisk sales throughout the first six months of this year produced year-to-date across-the-board improvements over 2011. From January through June, 5,412 transactions were completed, compared to 5,014 during the same period in 2011, an increase of nearly 8%.

That’s sales. What about price?

This activity generated over $647.4 million in total sales volume for the first six months, a very strong 15.8% increase over 2011. The average sale price jumped to $119,657 while the median rose to $98,500, increases of 7.3% and 10.6%, respectively, in a year-over- year comparison.

The DABR website has other charts and graphs as well to help you make sense of what is happening in the Greater Dayton Area. Take a look!

Earnest Money: Quick tips and good faith deposits in Dayton

August 1, 2012 By Teri Lussier Leave a Comment

The Ohio Association of Realtors just produced a video regarding the legal implications of earnest money as it can be one of the most confusing aspects of a real estate transaction, and the video release is timely because I’ve seen a definite shift in seller thinking about earnest money so I thought this would be a good topic to discuss in some general terms. What is “earnest money”, what does it do, and how is it disbursed?

Please note: I’m a Realtor, I am not an attorney and I don’t play one on TV. What is included here is intended as very basic, general real estate information so if you need legal advice, please consult your attorney.

Also note: Real estate is local. If you are reading this from outside the Dayton area, please get specific advice from a local real estate agent.

In Dayton it’s called “Earnest Money Deposit” in other areas it might be called a “Good Faith Deposit” but regardless, the purpose remains the same- to let a seller know that your offer is serious and prevent a buyer from simply walking away from a home because of cold feet or a change of heart without losing something of value. An Earnest Money Deposit (EMD) is an amount of cash that a buyer offers up, to be delivered upon acceptance of an offer. But it’s not given to the seller, it is held in a non-interest bearing escrow account, and is not co-mingled with a broker’s operating funds. Here’s how the EMD is explained in the Dayton Area Board of Realtors (DABR) Purchase Contract:

EARNEST MONEY; DEFAULT. Upon presentation of this offer, Purchaser has delivered to _____ Broker, the sum of $_______ as earnest money, to be (1) deposited in the Broker’s trust account promptly after acceptance of this offer or (2) returned to Purchaser upon request if this offer is not accepted. The earnest money shall be paid to Purchaser or applied on the purchase price at closing. If the closing does not occur because of Seller’s default or because any condition of this Contract is not satisfied or waived, Purchaser shall be entitled to the earnest money. If Purchaser defaults, Seller shall be entitled to the earnest money.

Sellers need to understand that the money is not a deposit for them. It does not go to them at closing, it is not theirs. Buyers need to understand that they can get that money back at closing if the terms of the contract are met. Both parties need to understand that they both have to agree on how the funds are disbursed. More from the DABR Purchase Contract:

The parties acknowledge, however, that the Broker will not make a determination as to which party is entitled to the earnest money. Instead, the Broker shall not release the earnest money from the trust account until one of the following occurs: (1) the transaction closes and the Broker disburses the earnest money to the closing or escrow agent or otherwise disburses money pursuant to the terms of this Contract; (2) the parties provide the Broker with written instructions that both parties have signed that specify how the Broker is to disburse the earnest money; (3) the Broker receives a copy of a final court order that specifies to whom the earnest money is to be awarded; or (4) the funds become unclaimed and the Broker turns them over to the Division of Unclaimed Funds. In the event of a dispute between Seller and Purchaser regarding the disbursement of the earnest money, the Broker is required by Ohio law to maintain such funds in its trust account until the Broker receives (A) written instructions signed by the parties specifying how the earnest money is to be disbursed or (B) a final court order that specifies to whom the earnest money is to be awarded. If within two years from the date the earnest money is deposited in the Broker’s trust account, the parties have not provided the Broker with such signed instructions or written notice that legal action to resolve the dispute has been filed, the Broker shall return the earnest money to Purchaser with no further notice to Seller. Payment or refund of the earnest money shall not prejudice the rights of the Broker(s) or the non-defaulting party in an action for damages or specific performance against the defaulting party.

So, once an offer is accepted, try thinking of the EMD as belonging to both the buyer and the seller and they both have to agree on what happens to that money. As the contract states, if “(1) the transaction closes … the Broker disburses the earnest money to the closing or escrow agent or otherwise disburses money pursuant to the terms of this Contract”. We always defer- we have to do what the contract states, so if the there is a successful closing, the money is disbursed at the closing table, typically to the buyer, or if there are other instructions as to how that is disbursed, then we follow those terms. But what if it doesn’t close? We still follow the contract:

(2) the parties provide the Broker with written instructions that both parties have signed that specify how the Broker is to disburse the earnest money;

There is a specific form that will attach to the contract and gives the broker specific written instructions, agreed upon by both parties. Sometimes the money is just given back to the buyer and everyone moves on, sometimes the two parties split the money and move on, or the seller could end up with the money. It’s all negotiated and agreed-to in writing, or the broker is not allowed to release the funds. But what if the buyer and seller cannot agree to how EMD should be released? Again, we defer to the contract:

(3) the Broker receives a copy of a final court order that specifies to whom the earnest money is to be awarded;

If the parties cannot agree, one of the parties has the right to take the issue to small claims court and a judge decides how it disbursed. But even that doesn’t always happen, so then our contract says:

or (4) the funds become unclaimed and the Broker turns them over to the Division of Unclaimed Funds. In the event of a dispute between Seller and Purchaser regarding the disbursement of the earnest money, the Broker is required by Ohio law to maintain such funds in its trust account until the Broker receives (A) written instructions signed by the parties specifying how the earnest money is to be disbursed or (B) a final court order that specifies to whom the earnest money is to be awarded. If within two years from the date the earnest money is deposited in the Broker’s trust account, the parties have not provided the Broker with such signed instructions or written notice that legal action to resolve the dispute has been filed, the Broker shall return the earnest money to Purchaser with no further notice to Seller. Payment or refund of the earnest money shall not prejudice the rights of the Broker(s) or the non-defaulting party in an action for damages or specific performance against the defaulting party.

The contract is very specific about EMD and it’s imperative that everyone understands how they could be impacted by an earnest money deposit.

How much money should a buyer put down? Everything is negotiable and EMD is no different. Personally, I think the minimum they can get away with and still let the seller know they are serious is best, as a buyer you certainly don’t want to tie up your money unnecessarily as we just discussed it can be a point of negotiation and possible contention. So what’s typical? Well, foreclosures almost always ask for $1000.00, but sometimes a seller will take as low as $250.00 or $500.00 on lower priced properties. It varies from property to property and transaction to transaction, but figure between 5 and 10%. Also, while it is typical for an EMD to be a personal check, and it is customary for the buyer’s broker to hold the EMD, some sellers will want to have the EMD be a certified check and they will ask for their broker to hold the EMD, but remember, how the EMD is handled is determined by the contract, so neither broker can make an independent decision on how or when to release the earnest money.

While we see signs that the market is improving, we are a long way from the days where a seller would simply release the EMD because they knew another buyer was right around the corner. Earnest money is an increasingly critical negotiating tool, and in 2009 the Dayton Area Board of Realtors Purchase Contract changed to provide the detailed instructions you see above, so don’t be surprised if a seller asks for a large EMD to make sure a buyer is serious, or does not agree to Release of Escrow without a fight. Each transaction and each offer will hold some unique circumstances so please ask your real estate agent or lawyer as many questions you need to feel comfortable with the earnest money.

Looking for some insider baseball? To get the nitty gritty on some legal issues regarding earnest money, check out the Ohio Association of REALTORS Attorneys Peg Ritenour and Lorie Garland as they talk to REALTORS about how to deal with earnest money accounts with regard to Ohio laws.

Image credits:
Dayton Area Board of Realtors
LuMax Art

Eco-Rehabarama 2012

June 23, 2012 By Teri Lussier 1 Comment

If you missed the Eco-Rehabarama in Huber Heights, never fear. I took some great pictures of the homes and want to share them to inspire the Midcentury Modest home owners among us. These homes were a joint effort between CountyCorp’s The Housing Source, and the Home Builders Association of Dayton (HBA) and showcase not only the possibilities for Dayton’s older housing stock but also the creative minds of the builders who were involved in this tour.

Note: The Housing Source continues to renovate and sell homes throughout some of the first-tier suburbs of Dayton and their website is the best source for information about the Neighborhood Stabilization Program and homes that are for sale at any given time. In addition, The Housing Source allows local Realtors the opportunity to host open houses at some of their homes, so check their facebook page for updates.

Photo credits: T Lussier

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Real Estate Featured Home: 111 Harries Street #401 (Cooper Lofts)

May 29, 2012 By Dayton Most Metro Leave a Comment

Once a candy factory, later a warehouse… the history of the beautiful old building at the corner of Ice Avenue and Harries St. has been resurrected as the “Old Side” of the Cooper Lofts – 7 stunning warehouse conversions and one commercial space, currently occupied by Hangar18, a retail clothing outfit. Perhaps the most stunning of the units is on the top floor, with amazing views of the sunrise over the Cannery and sunsets behind the city skyline.

Expansive and original wood floors shimmer with the light of 17 windows that frame the cityscape views of Downtown Dayton. Erected in 1904, the building was restored as residential space in 2003, with an eye for both luxury and preservation. Unit 401 showcases many original components, including adapted reuse of staircase railings, original windows and immense French doors – integrated into the open space to build rooms and logical separations while maintaining a floorplan that honors the building origins.

With over 2300 sq. feet, the main living area of the unit emanates comfort and warmth with a fall color pallet. The entrance welcomes you with an infusion of light from the skylight and windows. The skylight was added where the original freight elevator had been. Outfitted with special padding to absorb sound, plush carpets virtually engulf your feet in the study and master bedroom. The master bath calls you to relax in the whirlpool tub built for two. Outfitted with custom drawers and fittings, the walk-in closet is just one example of several clever storage options.

The kitchen is built to please a gourmet chef. A tiled, piano sized island separates the open, L-shaped kitchen from the dining area. With granite counter tops, a bar, and high-end stainless steel appliances that include a GE Monogram grill/stove/convection oven combination & exhaust hood, side by side refrigerator and wine chiller, the kitchen is truly the heartbeat of this incredible space. The possibilities for creating delicious meals and hosting amazing parties are truly inspiring. The dining room buffet with granite topper welcomes your guests to enjoy the food and hospitality.

Unit 401 could proudly grace the cover of any home and garden magazine. This unique and inviting 2 Bedroom/2 Bath unit is available for lease with utilities and cleaning service included for $2300/mo. Several custom features, including the HD movie projector and 11 foot screen, washer/dryer, area rugs and dining room buffet are included. The unit comes with 1 parking space (a 2nd is available) in the heated garage and use of a storage unit in the basement. A furry friend is welcome, but smoking in this unit is against the condominium bi-laws. The unit can be rented partially or fully furnished.

The Cooper Lofts is an extremely secure building with 24 units, mostly owner occupied, in the heart of the downtown Cooper Park residential district. Surrounded by plentiful green space, community gardens and metro parks, the neighborhood represents a vibrant community committed to the Downtown Dayton resurgence. It is walking distance to everything and seconds to bike trails and the riverfront.

Envision yourself basking in the luxurious life this unit offers, while enjoying all of downtown’s wonderful amenities. If you can see yourself living in this warehouse loft condo, contact [email protected] today!

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DMM has just started featuring area homes for sale/rent and so far the response has been incredible! If you are interested in advertising in our real estate section or you’d like to feature your listing, please contact us today and we’ll be happy to work with you!

National Open House Weekend 2012

April 29, 2012 By Teri Lussier 2 Comments

For at least a few years now, the National Board of REALTORS has held a National Open House Weekend. REALTORS across the country are encouraged to hold their listings open on the same day or weekend, typically during the height of home shopping season. This year, National Open House Weekend is April 28-29, but our local custom in Dayton is to hold Open Houses on Sunday, so for Dayton, today is the day.

Some people love Open Houses, it’s a bit of a hobby for them. Some people would love Open Houses if only they didn’t have REALTORS attached to them. Well, can’t do anything about that. We are there to show off the home and answer questions about the home. Last year in this space I wrote a post called 4 Quick and Dirty Tips for Making the Most of an Open House and that advice still holds up today:

1)Don’t try to avoid the Realtor. We do need a record of who is visiting the home, it’s something we are obligated to do for the sellers. You wouldn’t want random folks walking in and wondering around your home, would you? No one does, and an Open House doesn’t change that. We know there are a plethora of reasons why people visit Open Houses- we are okay with that, but realize you are a guest and will be expected to sign in with at least a name.

2) About the reasons you are there? Whatever they are, it’s fine. The best thing to do, as always, just be honest about why you are there: You are a neighbor and always wanted to see the home; or you are looking for decorating tips; or you are looking for a home for yourself or a family member- whatever your reason, it’s okay for you to admit it up front. The Realtor will appreciate the honesty, and then she can be helpful. If you are there for decorating tips, the Realtor can find out where items were purchased, what the color the master bedroom walls are painted, and who does the landscaping.

3) If you are working with another REALTOR, tell the hosting REALTOR upfront. Realtors have cooperating agreements with each other, which means that even if you are working with another Realtor, we will be happy to give you details about the property, because ultimately we are there to sell the home. Just remember that hosting Realtors work for the seller, so be careful about what you say- it could be shared with sellers.

4) If you are not currently working with a Realtor, you can use Open Houses to interview them. When an Open House is busy, you may not get the time to talk in private or indepth, but you will certainly get a good indication of whether or not you want to have that Realtor help you with such an important transaction.

Go have fun today at an Open House! Enjoy yourself and do a little dreaming. A complete list of homes in the Dayton area that are participating in National Open House Day, or any given Sunday, can be found via the Dayton Area Board of REALTORS Open House search link.

Real Estate Featured Home: 237 Morton Ave, Dayton Ohio

April 18, 2012 By Teri Lussier Leave a Comment

How does home feel? It feels like 237 Morton Ave- the graciousness and quality of a bygone era, the amenities and convenience of a modern life, beautifully combined to create a one-of-a-kind space, as unique as you are. Add the charming, income-producing Victorian cottage, and prepare to fall in love.

Glorious soaring ceilings and rich Eastlake woodwork grace the first floor parlor and dining room, both of which feature an abundance of natural light from the tall windows. In the parlor, the fireplace mantel is white marble- stunning against the red walls, and the ambiance is adjustable with a trey ceiling and recessed lighting in addition to a beautiful chandelier. Wood floors? Of course.

The dining room is large, welcoming, comfortable. Family and friends will love lingering around the table. South facing windows bath this room in sunlight.

What about the kitchen? Open and clean, featuring lots of cabinets, a pantry for storage, and a small computer room that is a sunny wall of windows. A comfortable place to enjoy coffee and the paper. All appliances stay.

Upstairs are two bright and airy bedrooms, both with large windows and natural woodwork, and attic storage.

What is perhaps the pièce de résistance of this beautiful home is the luxurious bathroom. If you long for a bath that is a place of relaxation and indulgence, look no further. This bath was recently gutted and completely redone to extraordinary results. Double sinks with vanities, a huge glass-enclosed shower with modern, clean subway tiles, and what every historic home needs- a clawfoot tub for soaking away the cares of the day. The laundry is tucked away in the bath as well, washer and dryer stay. That stunning tile floor is more than beautiful to look at- it’s heated. Yes, those cold Dayton winters are a pleasure to face with toasty toes, and the exposed brick wall is its own textural work of art. So much to love!

The brick exterior of 237 Morton is equally as charming as the interior. Cozy corners and delightful surprises await you. The wrought iron fence immediately creates a welcoming atmosphere, and the landscape borders are the perfect place to indulge your green thumb. The covered front porch makes a nice place to watch the neighborhood activities, but this home also has another cozy porch in the backyard for more private relaxation. Tucked away from the street, is the patio- professionally installed slate pavers create a place to party and play. There’s enough lawn to have a brilliant green carpet, but it’s small enough that you could get away with using either an eco-friendly electric or a reel push mower.

Let’s look at the Victorian Cottage- 239 Morton Ave. This charming shotgun bungalow style home is another reason why this is such a unique property. This is a fully contained cottage with living room, one bedroom, eat-in kitchen, and a full bath. It has its own tiny yard tucked within the backyard of the main home. The Cottage is well-maintained by a long-term renter, currently on a month-by-month lease at $425.00 per month. If you need an in-law suite, combined generations, an artist’s studio, a guest cottage, or continue as rental income to pay part of the mortgage, the two homes together create flexibility that is hard to find anywhere in Dayton. There is also a two car garage on the property, so you don’t have to utilize street parking if you’d prefer not to.

Exteriors of all three buildings- home, cottage, and garage- have had a fresh coat of paint, making this home a showcase in the neighborhood. In fact, this home has been on several of South Park’s famous neighborhood tours.

2/9/13 Note: Listed for sale at $147,000.

Ready for a tour? Call Theresa Lussier, Realty Central, 937-343-1411.

How to use an FHA 203k renovation loan to Eco-Rehabarama your own Dayton home

April 15, 2012 By Teri Lussier 14 Comments

When you head off to the Eco-Rehabarama in May (details here), you might go to find your next home- the homes will be for sale- but seeing as there are 10 homes on the tour and they are expecting a couple hundred guests, obviously not everyone who visits is going to buy one of those homes. Many guests will be looking for inspiration for either their own home, or, information on how to turn a classic brick ranch into a stunning dream home. You will find it all at the Eco-Rehabarama, but today I wanted to share some information that might help you finance not only a home, but the renovations as well.

This can be done through a relatively unknown loan called an FHA 203k loan. It’s basically mortgage and renovation

financing rolled into a single loan and a single closing. I spoke with Mortgage Banker, Jerry Stewart, of Evolve Bank & Trust in Dayton, 937.528.6881, to find out how home buyers in Dayton can benefit from using the FHA 203k renovation loan. Here’s what Jerry said:

There are several things that make these renovation loans so great and often they are the only option for home buyers.

By renovating an existing property you are really choosing location over property specifications and we all know the three rules of real estate, location, location, location. So you can now buy that distressed or obsolete home in that desired location.

Sometimes buyers want to live in a specific community, but the price of a move-in condition home make that area off limits to them. The buyer may not have the cash on hand, or skills to do renovations on a distressed home themselves.
The FHA 203k loan can help with that. This is going to be important factor for older cities like Dayton and the first-tier or inner ring suburbs, which have a tremendous stock of aging homes and distressed neighborhoods. What better way to get those homes updated and the neighborhood values stabilized than by renovating existing housing stock, like the homes you will see at Eco-Rehabarama. The photos used in this article are before-and-afters from the same home, pulled from the Dayton Area Board of Realtors. While the 203k loan wasn’t used to finance these updates, this is an example of the type of work the loan could cover. Jerry explains another way home values are improved through this loan:

The other factor is value. When bank foreclosures or REOs are placed for sale, if they do not meet the minimum home standards that conventional and government loans require, they can only be bought with cash. This severely limits the amount of potential buyers. Lowering the number of buyers in turn lowers the eventual sales price. This gives you a great advantage to come in and buy these homes at a substantial discount and finance the needed updates.

Think about the ramifications for older neighborhoods: this can increase the number of owner occupants and decrease the number of investors, absentee owners, and negligent landlords that can devastate communities. But a buyer’s financial stability is also increased when the renovations are financed through a renovation loan. Jerry explains it like this:

With upgrading the major mechanicals you provide a certain level of certainty for years to come. The majority of home buyers in our area are doing so for the first time. Finding a home is the first part of home ownership but staying in the home is the most difficult part. Why not renovate the major mechanicals at purchase, and make the process that much more enjoyable, not to mention the tax credits.

A number of the short sales and foreclosures we see are being sold in mid-remodel, in other words, the buyers simply ran out of money or their financial situation changed and they are unable to finish needed upgrades or cosmetic improvements to the home. Sadly, it’s back on the market and it’s distressed, and the neighborhood is suffering as well. The FHA 203k loan can help get these homes mechanically sound at the time of purchase so the families do not have to come up with the money for those repairs later.

Ultimately though, for anyone who is looking for a renovation loan, this is a labor of love, with all the benefits of creating the home you’ve always wanted. Jerry talked about the emotional benefits of making a house, a home:

By doing it this way you make it yours. You pick the kitchen, the carpet, the square footage, not the previous owner. In 15 years of originating these loans the majority of projects I’ve done didn’t require renovations but the owners wanted to make it their own at the time of purchase.

So your home doesn’t have to show a need for renovations- it does not have to be distressed, you can simply finance your wish list using this loan as well.

Meanwhile, over the past few years the big box home improvement stores have made it easier for buyers to get the 203k renovations done with a minimum amount of hassle. As an example, you can see Lowe’s REBuildUSA program here for some general information about the process.

This loan is not going to be for everyone. It takes patience, organizational skills, and tenacity, but if you are looking for a way to finance your home and the renovations you’ve dreamed of, talk to your own lender, or Jerry at Evolve, to see if you qualify for the FHA 203k loan.

Huber Heights to host Rehabarama 2012

March 5, 2012 By Teri Lussier 5 Comments

Okay, so officially it’s “Eco-Rehabarama”, not just “Rehabarama”, but the concept is the same: Older homes that have been rehabilitated, are open to the public. Rehabaramas and Citiramas have been in Dayton since 1993, when the very first Rehabarama was held in McPherson Town Historic District. What a treat it was to see those historic homes restored and updated. The whole neighborhood was energized, which was an added benefit. It’s true that once one neighbor starts to fix up their home, there is often a ripple effect throughout the neighborhood. It’s not so much keeping-up-with-the-Jones, but more seeing possibilities that we couldn’t see before. Enter Eco-Rehabarama.

For the first time in Rehabarama history, the tour will be held in a neighborhood outside the Dayton city limits. This year Eco-Rehabarama is in Huber Heights. Yes, that’s right, the brick ranch finally gets to strut its stuff. Before you roll your eyes, consider why this style home was chosen. From Home Builders Association of Dayton (HBA) Executive Director, Walt Hibner: “All those years ago, we gave Charles Huber grief. But he had something there that we couldn’t appreciate until 50 years later.”

The Huber brick ranch is a size and scale of home that lends itself to affordable rehabbing. The ranch home means no stairs, and the brick exterior is a low maintenance construction material, these are important issues for today’s home buyer. But as Hibner says, “These are not your father’s Huber Homes.” With renewed interest in Mid-Century Modern style, these classic, but affordable MCM homes fit that bill. Eco-Rehabarama is a builder’s showcase. Seven residential construction professional members of the HBA of Dayton took over the 10 homes that are on this tour. Eco-Rehabarama is a builder’s showcase. Each home was stripped to bare studs and the builders created a unique theme for each home. The focus is on energy efficient upgrades, hence Eco-Rehabarama, but floor plans have been altered, sometimes dramatically, and the upgrades are visually stunning. On this tour, Hibner says, visitors “will be able to see and touch the HGTV finishes.”

Themes for the homes run from “Breathe Easy” an “Allergy Friendly” home, to “Young. Hip. Fresh!” with a modern interior that is a little more edgy, to “Home for Life” with renovated space with an eye for ease of movement, convenient for someone in a wheelchair.

The Eco-Rehabarama Home Builders Association of Dayton, in partnership with CountyCorp’s The Housing Source is presenting Eco-Rehabarama, held in May- dates and times can be found here, and in up-coming posts, I’ll take you inside the homes, discuss what CountyCorp and The Housing Source are and what they do, and talk to the builders about what it takes to rehab a home, and how they created their unique themes. All homes will be for sale through CountyCorp’s The Housing Source Signature Homes, for occupancy at the conclusion of the show. Meanwhile, if you are looking for inspiration and a sneak peek, take a look at the descriptions for the ten homes, here.

Images: CountyCorp The Housing Source.

Home Values Up, Foreclosures Down, and What it Really Means for Dayton Real Estate

January 15, 2012 By Teri Lussier 4 Comments

This past week brought Dayton real estate into the national spotlight with some interesting news:

While home prices across the U.S. fell slightly in 2011, the Dayton metro area bucked the trend, posting the largest increase in home values among 50 major metros, according to a leading property valuation firm.

Median home prices rose 11.5 percent in the Dayton area to $72,000 last year, California-based ClearCapital reported Monday.

Local home prices appreciated nearly twice as fast as the next two strongest markets, and Dayton was the only metro to post a double-digit gain in home prices, according to the market report.

Before we break out the champagne and start singing Happy Days are Here Again, allow me to be the wet blanket. First things first, this report takes the entire Greater Dayton area into consideration, and as I say with every post, neighborhoods vary so what happens in Santa Clara is not what is happening in South Park which is not what is happening in Tara Estates or Carriage Trails. Okaythen, back to the news and what this means for us as a region. I think this means we are showing signs of some stabilization. We have likely reached the bottom and can now focus on stabilizing our real estate values as a region, although some neighborhoods are going to continue to be hollowed out with foreclosures, vacancies, and demolition. As I said last week, land banking and planned demolition will become a integral part of Dayton’s future for at least the next few years, but I think we can figure longer. I wish it were not so, but I’ve not seen any other way for cities to aggressively fight the combined problems of shrinking population and deteriorating and aging housing stock. I also think that our first-tier suburbs like Huber Heights, Kettering, Trotwood, Riverside, should start developing plans to deal with some of these issues as well. Which brings us to our second bit of news:

Compared to 2010, the number of properties with foreclosure filings in Montgomery, Greene, Miami and Preble counties fell by about 31 percent to 6,131 last year, according to a RealtyTrac’s annual market report released today. On a month-to-month basis, the number dropped nearly 45 percent from November to 525 last month, RealtyTrac reported.

In Clark County, the number of properties with foreclosure filings fell 23 percent to 1,001 last year. In Champaign County, the number fell 71 percent to 74 properties. In Warren County, the number fell 18 percent to 1,481 properties in 2011.

By comparison, the number of properties in the state hit with default notices, auctions or bank repossessions declined 27 percent to 79,422 last year.

… But researchers were quick to point out that processing delays stemming from the so-called robosigning scandal, in which some big banks admitted processing foreclosures without verifying documents, stymied foreclosure activity across the country.

In other words, while we had a respite from mass foreclosure filings, we are still dealing with this mess and will be for a few years, even if it’s not at the levels seen in 2009. Again with the wet blanket: It’s an unpopular opinion, I’m aware, however, if you live next to a foreclosed home, it is in your best interest to keep an eye on the property. I realize it’s not your home, the banks might be the bad guys, etc. however, your property values are determined by the neighborhood and a buyer’s perception is affected by the neighboring properties. You do have an interest in how that property is maintained and cared for. It might not be your job, I get that, but it is your business. I digress…

Overall, these two pieces of news would indicate that the Greater Dayton area, which got slammed hard with foreclosures, declining home values, and shrinking population, appears to have hit the bottom, and the next few years should show continued signs of stabilization to the general area, if not the beginnings of recovery in real estate. Right then, cue-up some Gloria Gaynor for you oldtimers, maybe a little Destiny’s Child for the whippersnappers.

Photos: Teri Lussier

Dayton real estate 2012: Prognostications, trends, and silver linings.

January 2, 2012 By Teri Lussier 2 Comments

2011 brought some changes to the Dayton real estate market. These type of crystal ball posts are sometimes difficult to write because my business might be very different than another real estate agent’s business. Some of us specialize in condos, or foreclosures, or investment properties. There are agents who specialize in lease-to-own, or upscale, or new builds. I’m sharing the things I’ve noticed, but as always, talk to a real estate agent for your specific needs.

A few things to keep in mind if you are buying a home: some markets are being driven by foreclosures or short sales. One of trends that seems to be emerging among foreclosures or cosmetically flipped homes is that are being listed at below market prices which creates a bidding war. In other words, a home hits the market priced lower than other homes and within days there are multiple offers on the property. It’s a good strategy for a seller to get at or above asking price so be prepared if you are looking at foreclosures- you may need to act fast, and might end up paying full price or more to get the home you want. Now this isn’t horrible in and of itself as long as the price supports updates you will be making so don’t panic, but also don’t get sucked into more for a home than its worth. Know what the neighborhood will support.

Short sales are a different beast altogether and while the process for buying and selling short sales has improved over the past year, you should still expect that they could take months to close. However, because short sales account for a large percentage of homes on the market, it’s worth it to plan ahead and take them into consideration. In many communities, distressed properties are driving the market, so if sweat equity doesn’t bother you, this is a good market for you. If you don’t want to do the work yourself, there are a few loan options available for owner occupants who would prefer to finance any repairs or upgrades. Programs like the 203k financing require preparation, organization, and stick-to-it-tiveness on your part, but the repairs have to be made by contractors and professionals. These trends will continue for quite some time in this area as housing stock ages and becomes more distressed.

The other big trend this year is in rentals and seller financing. People need a place to live, and while interest rates have hit record lows and there are lots of homes on the market, if you can’t get a loan, you can’t get a loan. Enter seller financing like land contracts and lease-to-own, and a market for rentals. If you are considering being a landlord, this is a good time to do that, if you are a seller looking for a way to create a niche seller’s market within this broader buyer’s market, this is a remarkable time to do that.

Speaking of trends, I want to point out that a few weeks ago it was reported that National Association of Realtors (NAR) got it wrong:

“All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought,” NAR spokesman Walter Malony told Reuters. “

If you’ve been paying attention to what is happening in your own neighborhood, this should not be news to you. There are few established neighborhoods in the Greater Dayton area which haven’t taken a hit the last 4 years in particular, but for a number of neighborhoods in Montgomery County, this has been going on for years as those neighborhoods have been bleeding population for decades. It’s supply and demand and I don’t see us picking up in population for awhile. Now, shrinking should no longer be confused with dying, but it is a trend and that’s what we are concerned with for this post. So expect inventory to stay up. Land banking and planned demolition will be part of life in the Miami Valley. Again, this may or may not be doom and gloom, but it is change.

Still, the NAR is the national organization that is tasked with representing its members and they have become one of the most important lobbying groups on K St. When the NAR talks, our elected officials pay attention, but that doesn’t mean you should. If you want to know what is going on in your community, ask a local real estate agent to pull the stats for a particular area, because for us the market talks and in order to serve our clients, we listen to the market, not the NAR.

One more possible trend to be aware of: Because the real estate market has changed, many agents have left the business, some numbers suggest as much as 40-50% and I see this as positive. It’s anecdotal I know, but it seems that those agents who are left are highly professional and some of the best I’ve had the pleasure of working with, and to me, this is good news for everyone.

All the best to the entire DaytonMostMetro.com family- editors, readers, contributors, and here’s to finding more silver linings in 2012!

By the numbers: A Dayton real estate market report

October 23, 2011 By Teri Lussier Leave a Comment

Today we look at some Dayton real estate market stats. Both buyers and sellers need to know what is going on in the market, so let’s see the numbers.

I pulled the numbers on a very specific area- Hills and Dales in Kettering. The Dayton Area Board of Realtors defines this area as generally north of Dorothy Lane, east of S. Dixie Hwy, south of Schantz, and to the west of Hills and Dales Park. I chose this area because it’s got a little bit of everything as far as housing stock goes- vintage, newer, custom-built, affordable, starter homes, move-up homes, upscale homes, it’s all represented here. Plus it’s an area that most people reading this will be at least somewhat familiar with, also, this neighborhood would have been affected by the economic issues Dayton has dealt with over the past 6 years including both GM and NCR pulling out of Dayton so we can see how the real estate market responded.

This is a year over year Market Report for Hills and Dales. I’ve searched for single family homes only, no condos, land, or multi-family homes. We are looking at the averages here- just a big picture snapshot. DOM= Days On Market. I went back to 2006 which is generally considered the peak of the real estate market. One other thing, I only searched for sales from Jan. to Oct. for each year So let’s take a look.

Year	# Sold	Avg List Price	Avg Sale Price	% List/Sale Price	Avg DOM
2011 YTD	27	$123,296	$118,885	96%	111
2010	41	$111,926	$106,037	94%	95
2009	29	$115,112	$109,359	95%	156
2008	24	$99,877	$97,116	97%	124
2007	37	$132,130	$126,854	96%	107
2006	50	$138,440	$134,051	96%	123

Pretty much what you expected? This Buyer’s Market you keep hearing about has a lot to do with the interest rates on loans, which are at historic lows. Home prices for many areas are coming back, and loans themselves are more difficult to qualify for. Buyers are still paying about 96% of asking price- that’s remained fairly consistent, and all those great deals you might hear about? They often sell within days of being listed and with multiple offers which drive up the price.

If you are selling your home, things are looking up, although whether or not home prices return to 2006 levels is anybody’s guess. But still, a well-prepared and well-priced home will sell and seller financing is still a good way to take advantage of the current market and get a better price than a sale with lender financing.

Finally, I can’t say this often enough- real estate is local. This one small area of Dayton and your neighborhood is going to have unique challenges and opportunities, so get informed before you make a decision about how to make the most of the current real estate market.

Patterson Square: The new kid on the block.

September 18, 2011 By Teri Lussier 1 Comment

On the corner of First and Patterson is Dayton’s latest condo development: Patterson Square. Not your father’s townhouse, Patterson Square combines the best of traditional and modern interior designs. As a Realtor, I like seeing new builds or renovations in downtown Dayton. There is a need for it. I understand we have a lot of single family homes looking for owners, but people like variety. And no I don’t work for Charles Simms Development, I’m a HouseNerd who gets her kicks talking about real estate. So let’s take a quick tour.

It’s a (sing it with me) brick, house, and it is kinda mighty mighty if you want to know the truth. The exterior is all brick and like most townhouses, the windows are big. When you only have two sides to work with, you try to grab as much natural light as you can. At the street level is an attached 1 car garage w/ storage at the back, and a gated entry with a bricked courtyard at the front. Sandwiched between the two, is what they are calling a live/work space. Most likely to be used as an office or den, it could double as a guest room, this room is approx 12’2″ x 11′ 8″ with windows that will look out on the courtyard. Those buildings that face south will get some nice natural light in this room. HVAC system is in the garage.

Next level is what Simms calls the “Living Level”, but the rest of us call it the second floor. It’s an open kitchen/ living space with large windows on one side, and patio doors that lead to an 8×6 deck on the other which overlooks the common area of the development. Owners should get some nice views from here. You’ll be able to sit out there and enjoy music festivals at Riverscape. This level has an open floor plan and exposed beam 9′ ceilings, it’s a nice loft-like feel here- very modern. The entire space is 36″ long so you could pack some people in there for entertaining, but separate areas- kitchen, dining, living are nicely designated so it lends itself to more intimate gatherings as well. The powder room on this floor.

The third level is private spaces- two bedrooms and a shared bath. The master bedroom is 13’6″ x 11′ and features trey ceilings- a nice touch. Two separate closets? Yes, please. The second bedroom has its own walk-in closet, and the laundry is on this level. The full bath can be accessed from either the master or the hall. The entire unit is pre-wired for audio on all three levels, and is 1331 sq ft, not too shabby for a townhouse in the downtown residential district.

There are some Green Building features here, of course. You can’t really build these days without incorporating some green features and this development is Energy Star qualified- generally 20-30% more efficient than standard homes.

Overall, it’s another option to the growing residential district in downtown Dayton. Patterson Square will serve a market that is looking for something new, something efficient, close to everything in downtown Dayton, but a more traditional style than the Litehouse Development. These townhouses start at $139,900, and as of the offers of this post 9-18-11, they are offering pre-construction incentives such as closing costs if financed with their preferred lender, 6 months of HOA fees paid, flooring upgrades on Living Level (that is some beautiful flooring, I will say). Note: Prices and incentives are subject to change, please consult your Realtor or Simms Development for details. Each home comes with an in-house 1 year warranty, and a personal walk-thru with Charles Simms the developer, himself.

The Simms website is here, Patterson Square is here, but since it’s a new build there are no photos yet, so go to the Twin Lakes West photos to see a very similar townhouse. The photos included in this post came from the model at Twin Lakes West and while there will be some minor changes to the floor plan to make it optimized for the downtown site, you can see what Patterson Square is going to look like. How do you find out more? Contact Sales Rep Stephanie Dietz at Simms, 937-436-2913; or contact your Realtor who can walk you through the process and act as your professional eyes and ears to any new home purchase.