Homebuilder and developer Taylor Morrison’s 2017 Consumer Survey revealed that 58% of prospective millennial homebuyers believe that “the concept of a forever home is outdated.”
Moreover, 56% of all homebuyers share the same sentiment, while a third of millennial homebuyers plan on living in the next home they buy for less than 10 years; 80% or more prefer a newly constructed home over a resale home; and 26% stated that floor plans that fit their lifestyle is an advantage with a newly constructed home over a pre-owned home.
“Understanding the lens in which homeowners and homebuyers are seeing the market is integral to our strategy,” said Sheryl Palmer, Taylor Morrison president and chief executive officer. “In the last decade so much about the housing industry has changed—from locations where people want to live, to the types of homes people want to buy.”
The priority of owning a home was also deemed more essential than higher mortgage rates, as homebuyers were reportedly willing to deal with low double-digit interest rates.
“While we are unlikely to see double-digit interest rates in the foreseeable future, consumers’ tolerance for higher potential rates signal a real commitment among prospective buyers to make their home purchase a reality,” said Tawn Kelley, Taylor Morrison Home Funding executive vice president and president of mortgage operations. “Customers appreciate that we may be heading into a rising interest rate environment and are not deterred by the potential for further rate volatility going forward.”
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Staying in one home for the rest of your life? That’s so last year – at least for millennial homebuyers.