7874 Hartman Road
Wadsworth, OH 44281
Phone: (330) 607-6985
Fax: (330) 334-8034
sales@paradisehomesofmedina.com
Bringing Paradise To Your Home
Recent news
2013 Parade of Homes
April 24, 2013
Mark your calendars: The 2013 Medina County Parade of Homes starts Saturday, May 11, 2013 and runs through Sunday, May 26, 2013. More info to follow.
April National New Homes Month
Article from the Medina HBA:
The Many Social and Economic Benefits of Buying a New Home
MEDINA, OH -
April is National New Homes Month and the construction of a new home is an important element of GDP growth for Ohio with permit value totaling $2.8 billion in the state last year.
“There is a direct connection between housing and the economic vitality of state, local government and neighborhoods”, said Al Scott, President of the Ohio Home Builders Association (OHBA). Every home that is built has a direct and indirect impact on our economy.
Direct impact includes jobs such as construction workers, office workers, estimators, accountants, supervisors, etc. Indirect impact includes the ripple effect of suppliers, architects, engineers, truckers, workers spending money in the local community at the grocery store, shops, restaurants, medical providers, etc. For every dollar spent directly on a house, there is a $0.48 of additional impact known as the local multiplier effect. Each job created to build a house leads to $0.52 ripple effect jobs in the community where it’s built.
Jobs, spending and tax revenue contribute to a vibrant local economy during and after construction. According to the National Association of Home Builders (NAHB), an average price house of $321,000 generates a one year impact of $211,000 in local income, $22,000 in taxes and fees revenue for the local government and 3.24 full time local jobs. NAHB also estimates that on a permanent basis, the new resident contributes direct and indirect trickle down of $31,000 in local income spent, $7,430 in local taxes and .5 local jobs.
According to John Sumodi, President of the Medina County HBA, “There is a broad misperception that new housing is a drag on local budgets and education. When you consider direct and indirect impacts, housing positively contributes to the local economy”.
The number of jobs involved in building one single 1,200 square foot home in your local neighborhood is estimated at more than 250 – all jobs in your community. In most cases, a home is the single largest investment a family makes. “It is not just a monetary investment, but a social investment in families”, said Sumodi.
Members of our local homebuilders associations are acutely aware of the emotional and social investments in the clients’ new homes. “Public health research has proven how people live has a profound effect on their health and well-being”, says David LeHotan, Co-Executive Director of the Medina County HBA. Scott, OHBA President, encourages people building new homes to work with members of their local builders association who are familiar with the latest technology and building techniques in home construction.
The Medina County Home Builders Association (MCHBA) is an organization comprised of Home Builders, developers, and providers of services committed to promoting and protecting the growth of the Medina County housing industry for both our builder members and the consumer.
August 6, 2013 - A total of 247 metropolitan areas across 49 states and the District of Columbia qualified for inclusion on the National Association of Home Builders/First American Improving Markets Index (IMI) for August, released today. While this is eight metros shy of the number listed on the IMI in July, it is approximately three times the number of metros that qualified for the list in August of 2012.
The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Three new markets were added to the list and 11 dropped from it in August. Newly added metros this month include Kankakee, Ill., along with Atlantic City and Ocean City, N.J.
“In all, 244 metros that were listed as improving in July retained that status in August, and this is an encouraging sign of the continuing housing recovery,” noted NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “That said, we know that the pace of improvement is being hampered somewhat by challenges that builders and buyers are experiencing with regard to the availability of credit, materials, lots for development and labor.”
“While the number of improving housing markets this August remains well ahead of the same month last year, the index is affected by seasonal softening in home prices just as we saw happen in 2012. The metros that fell off the list this month originally qualified with very small home price improvements that have since slipped back,” explained NAHB Chief Economist David Crowe. “As house prices return to more normal levels in fully recovered markets, further IMI advancements will be more modest.”
“Even with the small decline in the IMI this month, close to 70 percent of all U.S. metros are represented, and the geographic distribution of entrants continues to be very widespread,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company. “These facts should be reassuring to today’s prospective home buyers.”
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metro area must see improvement in all three measures for at least six consecutive months following those measures’ respective troughs before being included on the improving markets list.
A complete list of all 247 metros currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in August, is available at www.nahb.org/imi.
Improving Markets List Includes 247 Metros in August
July 23, 2013 - Sales of newly built, single-family homes surged 8.3 percent to a seasonally adjusted, annual rate of 497,000 units in June, their fastest pace in the last five years, according to data released today by HUD and the U.S. Census Bureau.
“New-home buyers are returning to the market in larger numbers as firming prices, shrinking inventories of homes for sale and improving local economies convince them that now is the time to make their move,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Meanwhile, the very low supply of new homes on the market is indicative of the difficulty that builders are having in keeping up with demand due to availability issues with regard to materials, credit, labor and lots for development.”
“The takeaway from this report is that the housing recovery is solidly on track and isn’t going to be derailed by slightly higher mortgage rates,” said NAHB Chief Economist David Crowe. “After years of fence-sitting, buyers are back and are ready to move forward with an investment in homeownership.” Looking ahead, he said he anticipates further, though more incremental gains in sales through the end of this year.
Three out of four regions saw solid gains in new-home sales activity in June, with the Northeast, South and West posting increases of 18.5 percent, 10.9 percent and 13.8 percent, respectively. The Midwest posted an 11.8 percent decline following an above-trend bump in activity in May.
The inventory of new homes for sale declined to 161,000 units in June, marking a razor-thin, 3.9-month supply at the current sales pace. The months’ supply of homes for sale has not fallen below this level since March of 2004.