New Home Source Blog

A survey conducted by TD Bank has found that a majority of Millennial homebuyers plan to purchase a home within the next two years.

By Drew Knight

The market for first-time homebuyers is ever changing, as are the wants and needs in the homes they’re shopping for.

And the same goes for the economy. As the economy shifts, the buying process shifts as well, affecting the homes first-time homebuyers can afford and the locations where they can buy them.

TD Bank, a banking service based on the East Coast, recently hosted a study evaluating more than 1,000 Americans looking to purchase a first home within the next five years, what kind of homes they’re shopping for and the factors affecting their decisions to buy.

The findings? Millennials are a bit more conservative with their finances than some might believe, as nearly two-thirds of those surveyed said they are still saving up to purchase their home. The survey also found that 63 percent of Millennials are considering a purchase within the next two years.

Here are a few more highlights:

Millennials Know Their Priorities

The key preferences survey participants mentioned include:

Move-in-ready homes: 75 percent of those looking to purchase their first home are interested in move-in ready homes.

Suburban life: 43 percent are looking to purchase their first home in a suburban area, while only 20 percent are seeking out big city or metro areas.

Childcare: 57 percent of Millennial homebuyers indicated a close proximity to childcare was important.

Backyard or pool: 60 percent of respondents are most interested in their first home having a backyard or pool.

Going green: 48 percent are looking for smart home and energy-efficient technologies.

Mortgage Rates are Heavily Influential

Among all of those surveyed, 77 percent cited mortgage rates as the most important factor when purchasing a home.

The survey also found that 17 percent of first-time buyers have yet to set aside money for unexpected home costs, which sometimes appear during the mortgage process.

“The costs of running a household can be a shock to new homeowners,” says Scott Haymore, head of pricing and secondary markets at TD Bank. “Monthly expenses for utilities, homeowner’s association fees and cable and Internet can add up quickly. Factoring these in at the beginning of the mortgage process can help borrowers assess their overall budget and determine a realistic monthly mortgage payment.”

The Down Payment is a Major Hurdle

The down payment might even be more influential.

In fact, 74 percent of those surveyed listed the down payment as the most significant obstacle in achieving homeownership. At the same time, 65 percent of all consumers indicated that saving for a down payment is delaying their decision to buy a new home.

The survey found that more Americans (about 33 percent) are putting less than 20 percent down on a home and 37 percent of first-time buyers plan to take advantage of mortgage affordability programs.

“For many consumers, a 20 percent down payment is a major barrier to homeownership,” Haymore says. “It’s often difficult to save this much cash, especially for young adults saddled with substantial student loan debt. First-time buyers are shopping for low-down-payment mortgage programs, which allow buyers to put as little as 3 percent down.”

Additional highlights from TD Bank’s second annual First-Time Homebuyer Pulse are available at tdbank.com.

Drew Knight is a digital content associate for New Home Source.

On our new-home community tour with Pokémon GO, we found this Kingler enjoying the views at Travisso in Leander, Texas.

By Drew Knight and Amy Olivarez

If you’ve taken a step outside recently, you might have noticed a new trend taking over. No, you won’t see real-life monsters running rampant in the streets, but you will notice crowds of people staring at their smartphones.

This is all thanks to a new game called Pokémon GO, a smartphone app that brings back the ever popular Pokémon from the kids’ TV show, card-trading game and video games that are still going strong after more than 20 years on the market.

The game’s premise is to get people moving, hitting the streets to virtually capture these Pokémon through their phone’s cameras and then use them for battles in “gyms,” which are located at locations like churches, parks and popular landmarks, along with Pokéstops where you can stock up on items like potions and Pokéballs to help you catch the pocket monsters.

So, what does all of this have to do with new homes?!

Well, we decided to go on a Pokémon hunt of our own in the nearby neighborhood of Travisso, a new-home community located just outside of Austin in Leander, Texas. Our discovery? These pocket monsters like new homes just as much as we do!

While we toured the beautiful model homes there, featuring builders like Toll Brothers, Taylor Morrison, Grand Haven Homes and Highland Homes, we whipped out our Pokémon GO app to see if we could find any Pokémon nearby. Here’s what we found:

Maltese Plan by Toll Brothers

We found this poison/flying type Pokémon called Zubat flying around this beautiful home by Toll Brothers. Despite our attempts to catch him with our Pokéballs, he just didn’t want to leave. But can you blame him?

This striking two-story home had plenty of space for Zubat to flex his wings with four bedrooms, four-and-a-half baths, a three-car garage and a whopping 4,225 sq. ft. Inside, we found an open kitchen with ample counter space, a two-story great room with a fireplace, a beautiful study and a roomy master bathroom complete with a Roman tub.

Because we admired his stubborn spirit, we decided to leave Zubat alone in peace in the game room.

Florian Plan by Taylor Morrison

We found Paras, the bug/grass type, hanging out at the Florian Plan model. After taking a tour, we can see why.

With three bedrooms, three baths, a two-car garage and 1,933 sq. ft., the Florian Plan included a gourmet kitchen and plenty of flexibility for outdoor living, which is perfect for Paras, as she works to tend the mushrooms that grow on her back, which, in the Pokémon universe, are known to have great healing powers.

This single-story home also has the option to extend the patio to wrap around the home, making it an ideal place for Paras to entertain her fellow grass types and enjoy the Texas sun.

Merida Plan by Toll Brothers

We didn’t find this Weedle until we ventured upstairs at the Merida Plan model and after learning about the acute sense of smell Weedles are known for, it was no shock to find him next to the wall of wine.

Perhaps an aspiring sommelier, we found this poison/bug type Pokémon bugging out over this dynamic second-floor game room/wine room. Weedle was also in awe of the home’s foyer, which greets guests with two elegant circular staircases. With four bedrooms, four-and-a-half bathrooms, a three-car garage and 4,816 sq. ft., it’s clear this bug has great taste.

Bon appétit, Weedle, bon appétit.

Drew Knight is a digital content associate and Amy Olivarez is a digital content intern for New Home Source.

New Home Source highlights key exhibitors at the 2016 Dwell On Design conference in Los Angeles, Calif.

By Drew Knight

It has more than 300 of the world’s leading brand exhibitors, more than 2,000 modern furnishings on display and dozens of onstage presenters throughout three days at the Los Angeles Convention Center.

We’re talking about Dwell On Design, people, the largest design event in the nation. And this year, New Home Source was there to bring you the latest in design.

As we got a behind-the-scenes look of the convention, interviewed all of the presenters below (videos are coming soon, so stay tuned to NewHomeSource.com) and got a first-hand look at some of the new designs and products unveiled at the event, here are a few of the top things that stood out to us:

LivingHomes and Plant Prefab

One of the highlights of the Dwell On Design event were the full-scale prefab homes constructed inside the convention center. As exhibitors don’t have much time to prepare their displays, the not-so-easy feat of constructing a home had to be completed in only days, adding a sense of wonder and amazement to the show floor.

One of the most buzzed about prefab homes was the LivingHomes and Plant Prefab CK4.2, which debuted for the first time at Dwell On Design. The CK4.2 is a low-cost, two-story prefabricated home and is the first project built by LivingHomes’ spin-off company, Plant Prefab, the nation’s first prefab company focused on sustainable construction. It boasts 1,700 sq. ft. with three bedrooms and two-and-a-half bathrooms. Dwell attendees were able to tour its spacious master suite, reconfigurable second bedrooms, kitchen, bathrooms and more.

“The CK4.2 is our first lower-cost two-story LivingHome,” said LivingHome founder Steve Glenn in a press release. “It’s designed for narrow lots in cities and it gives people a much faster and more cost-effective solution versus site-built homes.”

Monogram Modern Home

Another popular attraction at the convention center was the Monogram Modern Home, a custom prefab outfitted with Monogram’s most innovative appliances, built by Method Homes, presented by Dwell.

Currently on a cross-country tour, the Monogram Modern Home is set in a completely custom 1,100-square-foot Method Homes prefab.

Monogram Industrial Design Director, Lou Lenzi, was on hand to walk us through the exhibit and some of its great appliances.

On the Monogram Modern Home, Lenzi says, “We get out a lot of the design studio — conducting over 100 consumer studies each year — gathering insights that translate into real-world innovations like the bottle wash feature in the Monogram dishwasher, the ergonomic extension racks found in our Monogram wall oven or the beautifully lit interior of the new Monogram French Door Refrigerator featuring LED lighting.”

Signature Kitchen Suite

Plant Prefab wasn’t the only brand unveiled at Dwell On Design – a new luxury appliance label also made its debut. Dubbed Signature Kitchen Suite, the brand showcased its line of refrigerators, ranges, cooktops, ovens and dishwasher to convention attendees with demonstrations and a free kitchen giveaway.

New Home Source got an interview with Zach Elkin, general manager with Signature Kitchen Suite, and a hands-on demonstration of these consumer-friendly appliances designed to inspire creativity in the kitchen to match the extraordinary nature of those who use it.

“Signature Kitchen Suite marries luxury and elegant design with advanced technology and superior customer service, giving consumers the opportunity to transform their kitchen and make their mark in ways never before imaginable,” said Elkin in a news release. “The new Signature Kitchen Suite embodies the style and personality that American families bring to the kitchen, delivered in an innovative, aesthetically pleasing package that will elevate the décor of any high-end kitchen.”

Jamie Durie’s Dwell Outdoor

The ever-popular Dwell Outdoor exhibit was this year curated by award-winning international designer and TV host Jamie Durie.

This 30,000-square-foot showcase featured contemporary outdoor furnishings designed by Durie himself, as well as a beer garden and the prefab buildings mentioned above. Durie’s design collections ranged from Danish-inspired teak furniture, vertical gardens, transterior textures and more, alluding to his unique philosophy of taking the outdoors in and the indoors out.

Durie took the time out of his busy schedule during the event to walk us through his designs, sharing the reasoning and inspiration behind it all, including his aptly named “Love Dome.” Stay tuned to NewHomeSource.com for our exclusive interview with him and the others mentioned above.

Drew Knight is a digital content associate for New Home Source.