Taylor Morrison Home CEO Sheryl Palmer talks about building a house

Taylor Morrison Home CEO Sheryl Palmer talks about building a house

Q: It’s been a strong year for the new-home market. How do you see it heading from here? A: There are a lot of dynamics at work, but when I just look at the supply-demand needs of providing shelter, the trajectory we’ve seen, with pricing moving the way it has, and the level (of construction) — I think everybody slowed it down to match production, to allow production to get caught up — I think we have a good runway ahead for the industry.

Big homebuilders like Scottsdale, Arizona-based Taylor Morrison Home Corp., have had to calibrate construction schedules to account for the supply crunch, which has caused delays and limited the number of homes for sale. CEO Sheryl Palmer recently spoke to The Associated Press about the U.S. housing market, the impact of inflation and supply chain problems, and the company’s push to sell homes online. The interview has been edited for length and clarity. Q: How have the building materials constraints and higher prices for key components like lumber affected your business?

A: We found ourselves with $1,600-$1,700 lumber for a good part of this year, really unprecedented levels. We went ahead and continued to build … customers’ houses. They cost a lot more than we thought they were going to cost when we sold them the house, because it was such an unprecedented movement in lumber. Q: The supply crunch has also lengthened the time it takes to build homes, correct?

A: It’s extending timelines a little bit. Most builders are deploying the same strategy, and that is aligning sales with production capacity. Q: When you look at the surge in U.S. home prices this year, do you worry the pool of buyers who can afford a new home is shrinking? A: There’s such an undersupply. When I look at affordability — I think the average was a 23% increase in (home) prices year-over-year — that’s unprecedented. Is that a sustainable formula? Absolutely not. Having said that, what’s also really interesting and has probably seeded some of that is if I were to look at a $400,000 house today and put a conventional loan on it — 20% down payment, 80% mortgage — my (monthly) payment would be lower today than it was a year ago, because interest rates have been so attractive.

Q: The pandemic helped popularize virtual home tours. Taylor Morrison is leaning into this trend with the launch of an online homebuying portal. Will this have enduring appeal outside of a social distancing scenario? A: The whole intent of the virtual suite is that there isn’t one-size-fits-all and we want to engage with the customer in the way that’s most comfortable for them. And if they want to do it in person, great. If they’re out of state, which is something that happens quite often, and they know the neighborhood and they’re comfortable doing it virtually, that works, too.

The News Highlights

  • Taylor Morrison Home CEO Sheryl Palmer talks about building a house
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
'I want a solution to this problem' |  Business owner in downtown Austin reacts to implementation of camping ban
SQUIRE Technologies Gets $60M Financing for Series D; Rating triples to 750M
This product will increase the opportunity for shop owners to become more effective, as well as fine tune their business acumen, by helping their barbers build ...
The next iMac might debut in 2022 with a 32-inch screen and a better processor
The next iMac might debut in 2022 with a 32-inch screen and a better processor
2022 iMac: The latest rumors July 26: Twitter leaker Dylan says the “high-end iMac” will launch in 2022. The 24-inch iMac was released not too long ago, but ...
Apple Watches start at $170, and there are also HomeKit cameras and other items on sale
Apple Watches start at $170, and there are also HomeKit cameras and other items on sale
Apple Watch deals start at just $170 in this 1-day sale Woot is discounting a selection of certified refurbished Apple Watch models, starting at $170. ...
Johnson rejects Gove's observation that Covid vaccine deniers are 'selfish' |  Coronavirus
Johnson rejects Gove’s observation that Covid vaccine deniers are ‘selfish’ | Coronavirus
Asked if he supported the idea, Johnson said only: “I think it’s a very positive thing to do to get a vaccine.” Gove had said domestic Covid passports were ...
Android 13’s Codename Has Been Revealed
Android 13’s Codename Has Been Revealed
It appears Google is already starting to lay the groundwork for the release, despite it still being a long way off. And it seems that the dessert names are ...
Was Macron’s phone a snooper’s target? The French are conducting an investigation into the United States. News & World Report is a publication that publishes news and information about the world
Was Macron’s phone a snooper’s target? The French are conducting an investigation into the United States. News & World Report is a publication that publishes news and information about the world
By Associated Press July 28, 2021 France’s defense minister wants to learn from her Israeli counterpart what, if anything, Israel knew about the clients of ...
Baldo: The Guardian Owls Will Release On Nintendo Switch 27th August
Baldo: The Guardian Owls Will Release On Nintendo Switch 27th August
“Baldo: The Guardian Owls is full of challenging puzzles to solve and intricate dungeons to explore. Traverse this captivating open world as Baldo, and meet ...
The Beauty Health Company will report second quarter 2021 financial results on August 10, 2021
The Beauty Health Company will report second quarter 2021 financial results on August 10, 2021
About The Beauty Health Company Clint Carnell, Chief Executive Officer, and Liyuan Woo, Chief Financial Officer, will be presenting at Canaccord ...
Apple’s earnings are expected to be released on Tuesday. Why the Market Might Already Have Moved On From Them
Apple’s earnings are expected to be released on Tuesday. Why the Market Might Already Have Moved On From Them
Apple’s recent rally has not erased concerns about the stock. Growing regulatory scrutiny of Big Tech generally and Apple (ticker: AAPL) in particular, with ...
A new leak reveals a Snapdragon 898 chipset with a 3.09GHz X2 Super Core!
A new leak reveals a Snapdragon 898 chipset with a 3.09GHz X2 Super Core!
There are many rumors about the new name for the new chipset, we believe by continuing the previous naming pattern, it will be named as the Snapdragon 898 ...
Show next
Compsmag - Latest News from tech, business and health
Logo