Turkey Tunes: The Uncanny Real Estate Insights of Today’s Hot Music Tracks

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As families gather around their Thanksgiving tables across America tonight, some are wondering how to handle the divisive issue of our country’s next president. Will politics rear its ugly, wattled head right next to the Butterball?

Looking for a break from all that? I vote for changing the subject to an immediate issue that matters to virtually everyone in the country. I’m talking about real estate, of course—and as my alter ego, DJ Smokey Smoke, I like to channel the trends I see through music.

Try putting on my playlist of hot new tracks (plus two extra, on Spotify) that highlight the key trends in real estate this fall. I see this shaping up as the U.S. housing market’s best year in more than a decade. Now that’s something to be thankful for!

‘The Greatest,’ by Sia, featuring Kendrick Lamar

Like Sia, this recovery has “got stamina.” We correctly forecast that this would be the best year since 2006, but we’re not at the end of seeing gains in home sales. Strong demographics, coupled with a still growing economy, will continue to create opportunities for buyers and sellers alike. Next year should be even better. This recovery is still alive.

‘Raging,’ by Kygo, featuring Kodaline

The Norwegian DJ Kygo probably didn’t set out to describe the growing but shifting U.S. real estate market in this song, but he did nonetheless. Home sales are up 4% so far this year, but underneath the growth are changing dynamics. We’re seeing a move towards more new homes on the supply side. And on the demand side, we’re seeing first-time buyers re-emerge. Forecasts call for more growth ahead, but the shifting currents will make for a “raging, raging” marketplace.

‘Jumpshot,’ by Dawin

While the real estate market has been recovering now, for five solid years, at least one aspect of the market has remained depressed: first-time buyers.

They typically make up about 40% of the market, but their share has been only gradually growing into the low 30% range. That appears to be changing. In August, we saw the percentage of first-time shoppers jump above 50% in August, and it has only gotten bigger since.

Something’s got first-time buyers jumping like “Boom shakalaka, boom shakalaka, boom.”

‘Crazy Love,’ by Audien

More than 60% of first-time shoppers are millennials aged 25 to 34. Getting married, moving in with partners, and building a family are life changes that lead them to consider buying a home. That sounds like a lot of love, a lot of crazy love.

‘Alone,’ by Marshmello

Marshmello has become on of my favorite DJs. (How does he stay cool in that giant marshmallow head?) His track “Alone” seems like the perfect anthem for first-time buyers. The journey to find a home can be long and arduous, but thankfully, one of the most important pieces of advice they need to hear is that they need not go it alone.

‘Cold Water,’ by Major Lazer, featuring MØ and Justin Bieber

First-time buyers face many challenges in this market, but finding an expert local Realtor® brings an experienced professional into your corner. After all, “you shouldn’t be drowning on your own.”

A Realtor can be a buyer’s lifeline. And even though you may be new at this, they will still be patient with you.

‘24K Magic,’ by Bruno Mars

I have no doubt that this song will be at the top of the charts in a few weeks. What can we learn from Bruno? He’s “a dangerous man with some money in [his] pocket.”

How are all of these millennials buying homes? They are benefiting the most from the job market. More than 1.1 million jobs have been created in the last 12 months for people aged 25 to 34. That’s more than 40% of all jobs created!

But don’t be foolish with that money in your pocket. Improving your credit score can deliver a lower interest rate. Don’t open new credit cards or take out new loans if you are about to try to qualify for a mortgage. Save up for the down payment by avoiding unnecessary expenses.

‘Good Grief,’ by Bastille

Speaking of mortgages, have you noticed that rates are now higher than they have been for the last five months? In a few years’ time, we are going to miss them, miss them, miss them. But don’t worry about the next year or so. Most experts believe that rates will only rise gradually. If that’s the case, we don’t need to worry about relatively low rates being gone just yet.

And slightly higher rates will probably encourage lenders to woo buyers by easing credit requirements somewhat, enabling more people to take advantage of relatively low rates.

‘Chase You Down,’ by Runaground

Finding a home to buy next spring could be very challenging. We’re seeing record numbers of shoppers now, mainly planning on purchasing next spring and summer. Yet the strong demand this year has reduced available homes for sale dramatically. In October, active listings on realtor.com declined 11% compared to 2015.

Chasin’ down that perfect home will take patience, preparation, and an expert local Realtor working on your behalf. That’s exactly what it took for me to buy a home this summer, and next year is likely to be even tougher. Enjoy the holidays!

The post Turkey Tunes: The Uncanny Real Estate Insights of Today’s Hot Music Tracks appeared first on Real Estate News and Advice - realtor.com.

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