New trends in kitchen islands offer versatility in function and design, as well as an aesthetic boost.

You may remember when the kitchen’s status symbol was a hulking appliance like a six-burner range or a smaller but still chichi wine refrigerator. These statement pieces enhanced a kitchen and set it apart from others.

Nowadays, though, islands are taking the place as the kitchen must-have. Buyers might not consider it a deal killer if a kitchen has no island, but the house may not get the same attention, says salesperson Barb St. Amant with Atlanta Fine Homes, Sotheby’s International.

“It’s the number one design feature our clients ask for in a kitchen,” says John Potter, architect and partner at Morgante Wilson Architects in Chicago.

They might be trending now, but islands are hardly new. The difference today is that islands have evolved into an aesthetic touch and a space for gathering, rather than an area dedicated solely to kitchen tasks like chopping and prepping. “Kitchen islands can be gathering spots for the family for breakfast or the cocktail hangout spot when entertaining,” says Rozit Arditi, principal of New York City–based Arditi Design. “It’s also the main conversation area where everyone gathers while cooking,” she says.

Add to that a homework center, a space for gift wrapping, and a dinner spot as families become more casual, Potter says.

Such versatility means islands are now larger, which is in step with kitchens themselves getting bigger. Many kitchens today function as part of an open-plan layout and a bridge between the workspace and entertainment areas, says designer John Hall of JH Design International in Chagrin Falls, Ohio.

Sleek is in, which means many kitchens now lack upper cabinets. Still, a longer and wider kitchen island makes up the storage difference, says designer Jodi Swartz of KitchenVisions in Boston.

Bigger islands can also fit more seating. Although the pandemic didn’t initiate any changes in the island, it’s thought to have increased how often people congregate around it, says kitchen designer Mick De Giulio of de Giulio Kitchen Design in Chicago.

More than just the workhorse of the past, the kitchen island offers homeowners all kinds of new options, styles and uses, so long as it is designed functionally. Here are some considerations.

Size

The size should be based partly on the room’s dimensions so that the island is proportional to the space. How it’s used should also influence its size. Visually, there should be enough open space in the room, too. “Open space and flow are more important than having one more cabinet for storage,” says designer JT Norman of Kitchen Magic in Nazareth, Penn.

Suppose the kitchen space isn’t large enough. In that case, an alternative may be a peninsula, once popular and still a viable option, says designer Fabrice Garson of Bilotta Kitchen & Home in Mamaroneck, N.Y.

Placement

Where an island can fit in the room will also affect its size, says De Giulio. It shouldn’t be in the way of traffic to other rooms or other parts of the kitchen.

“If you have to walk around an island to get from a sink to a refrigerator each time, that doesn’t make sense,” De Giulio says. “I still believe in the principles of the work triangle,” he says, a concept formulated by the National Kitchen and Bath Association.

The amount of aisle space between the island and perimeter countertops and cabinetry is important, too. De Giulio advises 48 inches—enough space so that, with a dishwasher’s door open all the way, two people can pass easily.

Main Functions

When designers at Bilotta Kitchen & Home first meet with a client, they ask about the homeowner’s lifestyle and preferences and design around the answers, Garson says. Some islands may include more than one level to separate functions such as mixing drinks at a bar sink on an upper level or comfortably rolling out a pastry on a lower level. Appliances like a dishwasher or beverage cooler are also popular island options, says Michael Cox, principal with Foley & Cox in New York City.

Double Islands

Superlarge kitchens are increasingly designed with two smaller islands, rather than one enormous unit that is unwieldy to get around. Another selling point for two islands is that functions can be divided between them.

For example, De Giulio has designed one island for working and congregating and the other for setting out a buffet and serving, he says. Garson has designed one island for sitting and gathering, homework, and eating and a second with a sink and appliances—“a real workstation,” he says.

Seating

For comfortable seating, De Giulio prefers a standard 36-inch counter height rather than higher 42-inch bar height. “Many children find it hard to sit on a stool at that height,” he says. Norman advises leaving 24 inches between stools for elbow room.

One option that Hall is incorporating in some islands is to have a second seating area. A table can extend from the island at a lower 30-inch height for a comfortable option.

Cabinet Construction

For storage, De Giulio favors drawers. Heights within should vary to fit what’s stored. Deep drawers work for a large pot or blender, while shallow ones work for towels and silverware. Arditi suggests adding shelves to cabinets for cookbooks and staggered storage.

Countertop Materials

Swartz’s first rule of thumb is that homeowners understand that no material is 100% indestructible. That means they should not take anything hot off a range or from an oven and place it directly on any surface, including the island.

What’s popular now are manmade surfaces that look good and can be used with less worry, Garson says. Cox favors stress-free surfaces like absolute black granite and pure white Caesarstone. Some homeowners like to integrate a butcher block or live-edge, Garson says, while others may favor a marble space.

Multiple types of edges can complete the countertop. De Giulio thinks square edges look crisp and clean in a modern kitchen while an ogee or furniture edge appears more traditional. Other popular styles include eased, pencil, and bullnose.

Permanent or Removable

Some designers and homeowners prefer a table or other piece of furniture for a less utilitarian look. A movable trolley, for instance, can be wheeled about the room. “It makes the space flexible and accommodating,” Swartz says.

The downside of a table is that the island aspect becomes less practical, since it usually won’t have storage or be at the best height for multiple tasks. The problem with a mobile design is that islands tend to get heavy with stuff piled atop them, and then aren’t easy to move, De Giulio says.

Lighting

The familiar style of three pendant lights above an island has become almost a cliché. De Giulio now favors more linear, longer fixtures in metal or metal and wood that match the scale of the island. “They appear to float above the space,” he says. Cox likes to balance quality task lighting with a “killer decorative fixture for a central focal point,” he says.

BONUS: Mix and Match?

White kitchens still rank number one in popularity, according to surveys from online design and remodeling source Houzz(link is external). However, introducing another color or material differentiates an island and adds punch.

Garson finds that more than half of his clients now want a different material or color for the island than what they use around the perimeter.

Sandya Dandamudi, president of Chicago-based GI Stone, a supplier, fabricator and installer of custom stone, sees the mix-and-match look exploding. “Several of our clients select quartz counters for the perimeter, which includes around the sink and cooktop, and opt for an exotic natural stone for the island and backsplashes. This is a great way to combine practical needs and aesthetic tastes,” she says.

Will this multicolor look remain in vogue? “Short of white or cream, what isn’t trendy?” Swartz asks. “Cabinets are fashion. Some elements go out of style every 10 to 15 years. People should choose wisely and best match the feel of their home’s architecture,” she says.

De Giulio advises that homeowners base color choices on what looks best to their eye. “It depends on a room’s whole artistry,” he says.

©National Association of REALTORS®
Reprinted with permission

When moving in or remodeling, homeowners are wise to focus on the power of light to illuminate rooms, add decorative panache and color, pare energy consumption and improve safety.

Key Takeaways:

• Make lighting a priority rather than an afterthought in your renovation and redecorating plans.
• LED innovation has expanded considerably over the years, offering an affordable and energy efficient option for lighting.
• Add lighting in multiple layers for greatest functionality, aesthetics and mood making.

October is all about getting back to a routine and welcoming the crispness of fall. It sometimes serves as a reminder to dig into a home improvement project before winter sets in.

So much of the time, plans to decorate or fix up a home focus on big fun projects such as kitchens, bathrooms, paint palettes and furnishings. Other projects, like lighting, are often an afterthought.

“Lighting is often overlooked, yet it’s so important,” says Marina Case, principal designer at The Red Shutters in Hudson Valley, N.Y., and Martha’s Vineyard, Mass.

Choosing where to cut holes for recessed ceiling cans or install light switches in walls may seem ho-hum and boring, “but these decisions and others should be part of any plan because there’s so much new lighting technology to take advantage of,” Case says.

Technology isn’t the only reason to keep lighting at the forefront of design plans. Thoughtful light decisions made early on can both help save money and time and limit mistakes. For example, adding recessing cans to a ceiling after it’s been painted might require rewiring and repainting.

Getting Started

“Start thinking about your lighting design as early as you consider your overall vision for your home,” designer Avraham Mor, CEO of Chicago-area Morlights, advises. “Lighting has one of the most significant impacts on how your spaces come to life.”

Getting started might feel overwhelming, especially if you’re not accustomed to thinking about lighting, but a little preparation and help from the experts will make a big difference.

Do Your Homework and Make a Plan

Like many industries, the lighting space has changed to accommodate new technology, energy needs, and styles. Do a bit of research on what’s available. Consider your design preferences and how far you want to move into the technology space when it comes to lighting. Remember to also consider how much natural light a space gets, Mor says.

For research, a simple Google search will produce a long list of resources. You can also opt for one of the American Lighting Association’s(link is external) publications. The association offers a downloadable “Lighting Planning Guide” and its Lighting magazine, says executive vice president Larry Lauck. All manner of topics are covered, from lighting for aging eyes to remote controls for fixtures. You’ll also learn a host of key terms like “lumens,” “baffles” and “watts.”

Learn About LEDs

Even though they’re not new, the buzzword in the industry is still LEDs. The light emitting diodes are responsible for many improvements, including energy efficiency. In today’s market, they come in a range of colors and can be programmable. In many cases, they can be controlled from an app on a phone or by voice command.

“LEDs have been around for years but became more popular in late 2009 to 2010, when they replaced compact fluorescents,” Lauck says, adding, “Each year, they’re more sophisticated and better quality.”

Among their pros:

• They consume less energy. In fact, they’re so energy-efficient that the Department of Energy(link is external) announced plans this past April to phase incandescent and halogen bulbs out of production and sale in the U.S. before a ban takes effect next year.
• They cost less. After initially emerging as a pricey option, many LEDs cost about $1.50, down from $80 apiece in 2008, says Nathan Kipnis, a Chicago and Boulder, Colo.–based architect and expert on sustainability.
• They last longer. Lauck says he used to replace a porch light monthly and now expects its LED replacement to last 10 years. Joseph A. Rey-Barreau, lighting designer and associate professor at the University of Kentucky, says LEDs typically last from 10,000 to 50,000 hours of light. For maximum longevity, he says, “don’t skimp on quality.”
• They’re smaller. Let’s face it: Sometimes lightbulbs are a bit of an eyesore. A ceiling with recessed cans can have apertures of one inch in diameter—versus the standard five or six inches from years back—so it minimizes the look of holes in a ceiling, Rey-Barreau says. They also come in narrow, less visible “ropes” for all sorts of architectural applications, Lauck says.

Visit a Retail Showroom

Nothing compares to viewing lighting options in person. If you’re uninterested in a big-box store, showrooms can be found on the ALA website(link is external) by ZIP code; some have a lighting lab, which demonstrates products in vignettes that simulate rooms.

Even if a homeowner can’t visit a lab, experts at most showrooms are trained to demonstrate options. They can help most if homeowners bring specifics, such as a floor plan or rough sketch of the room in question. It’s even better if the measurements and placement of doors, windows (since natural light affects how artificial light looks) and furniture are sketched in, says Shawn Carstensen of Wolberg Lighting Design & Electrical Supply in Kingston, N.Y.

“I’ll ask what the function of the room is, how they want it to look, and what type of light they may want to see—a wide beam or crisp focus,” he says.

Develop a Lighting Plan

With a pro on board, a homeowner can have a lighting plan drawn up. “It’s less expensive to work from a plan rather than piecemeal and have someone come back multiple times or have to correct mistakes,” Lauck says.

When preparing a plan, architect Nicole Semple, principal with Chicago-based Kuklinski + Rappe, says she and colleagues focus on using LEDs, automation, dimming, and mixing light layers for maximum effect.

Case includes lighting suggestions in her plans and elevation drawings and then has her contractor or electrician fine-tune them based on the fixtures and bulbs that will work best in each room.

A homeowner’s age and physical challenges may also come into play. “If they are getting older and have poorer eyesight, they may want different lighting to illuminate a path to a bathroom at night or into a kitchen to grab a glass of water,” Lauck says. Wheelchair users may want switches at 48 inches above a floor rather than at 52 inches.

And then there are other decisions such as the choice of fixtures, baffles, lenses, and housings (the protective covers for cans) and the number of switches.

Considerations for The Project

Once the learning and planning is complete, it’s time to get the project started. There are still a few considerations to make in order to ensure you create the look and ambiance you want.

Hire a Pro

Even if a homeowner opts not to work with a retail store’s lighting professional, hiring an expert is a good idea. Some specialists work independently and are members of the ALA or International Association of Lighting Designers.(link is external)

“Who a homeowner goes with often depends on the members of their home improvement or decorating team, their budget, and the lighting they want,” Case says.

An electrician is necessary as well, as most electricians will check if they need to upgrade an electrical panel for more light. They’re also knowledgeable about the National Electrical Code and local building codes.

A homeowner should ask upfront about charges. Some showrooms may provide a consultation for free or for a fee that’s refunded with merchandise bought, says Rey-Barreau. An independent designer may charge by the hour or by the project. Some interior designers and architects include lighting ideas in their services.

The Rule of Three

The best plans feature a mix of three layers of light that work together to make rooms function and look great, says Rey-Barreau. “Some rooms may have more layers to offer the chance for a more custom look,” he says.

• Overall or general lighting illuminates a room and helps it come alive. If the room lacks natural light, artificial light becomes more important.
• Task lighting illuminates where work is performed—a computer screen in a home office, a mirror in a bathroom, or at a kitchen countertop, Lauck says.
• Ambient creates a specific mood—bright and perky, soft and romantic, or fun and colorful.

Color and Intensity

Homeowners may think of wattage equivalents first when choosing lighting, but that term refers to the energy a bulb puts forth. The Kelvin scale measures the temperature of the light and is important since light colors aren’t all white, off-white, or yellow. They should be matched to function and mood.

“A standard incandescent might be 2850 K and have a warm yellow glow. If you want white light for a bathroom and applying make-up, you might go with 3500 K,” Lauck says. You also might want a crisp white to enhance a kitchen when selling, says Chicago salesperson Jennifer Ames of Engel & Volkers.

For other moods, you might desire a bluer light, from 4000 K to 6000 K, Lauck says. The good news is that you can find a LED for any color of the rainbow.

Play Up the Source

While LED bulbs have gotten smaller, the fixtures are playing a more decorative role. There are a plethora of sconces, pendants, chandeliers, ceiling-mounted fixtures, table and floor lamps, and ceiling fans with lighting built in. Most come in multiple styles, shapes, materials, colors, textures, sizes and prices.

Los Angeles designer Christopher Grubb of Arch-Interiors calls decorative lighting the jewelry of a room. In one kitchen, he designed the crystals of the two chandeliers to sparkle like diamonds.

When It’s All Said and Done

Even if you haven’t made lighting a priority, it’s not too late to add or change it. “It’s just harder and more costly to make changes as a project gets to later phases,” Grubb says—or after it’s done.

Bear in mind the goal of achieving balance with lighting. If too many lights are on at once, the light can wash out important design elements and distort colors, Mor says.

But if you don’t have enough, you can’t turn on more light. That’s why Rey-Barreau likes to go with more fixtures and then use dimmers to give homeowners control when they want less light.

©National Association of REALTORS®
Reprinted with permission

Sustainability is trending, especially among young buyers, and an aesthetically pleasing rain barrel offers cost savings and curb appeal.

Outfitting a house with a rain barrel does more than collect and conserve rainwater: It saves money, too. Well-placed rain barrels help cut utility costs by collecting free water for gardening, lawn watering or even washing the car. And homeowners are taking note.

“There has absolutely been an increase in the popularity of rain barrels in the last decade,” says Francesca Corra, a Los Angeles–based landscape designer(link is external). She says that drought and mandatory water restrictions have highlighted the need for water conservation in California.

A rain barrel might sound like a breeding ground for mosquitoes or a potential eyesore, but it’s surprisingly easy to maintain and to camouflage these cost-cutting green home features. Here’s what to know if your clients want to add a rain barrel or spruce up an existing rain barrel before a home resale.

Benefits of Rain Barrels

Interest in rain barrels is rising, but as with many green concepts, the learning curve is still vast. Real estate professionals have a unique advantage in educating clients who don’t know much about this affordable water conservation solution.

After all, says Corra, homeowners were once concerned that solar panels could detract from a home’s appeal. Now? Fifty-two percent(link is external) of American homeowners have already installed, or given serious thought to installing, solar panels.

Rain Barrels Conserve Water

“One of the most important things everyone should be looking at right now is ways to retain any rainwater that falls on our properties and not send it out into the street. Is one rain barrel the solution to our drought problem? No, it is not. However, it does help,” Corra says.

“I have easily saved at least 500 gallons of water so far this spring and summer,” says Laura Peet, a homeowner and gardener with two 50-gallon rain barrels on either side of her Charlottesville, Virginia, home. Though Virginia is far less prone to droughts than are desert regions in California or Arizona, Peet says the clay soil tends to dry out quickly.

Rain Barrels Keep Landscaping Lush

“Whatever amount [the rain barrel] keeps from going out into the street is water saved for the plants in the garden,” says Corra. “Trees, especially, will always need more water, and they are in danger right now as more and more people are turning off their irrigation.”

Peet uses rain barrel water to keep her raised vegetable gardens lush. Tracey Zeeck, a communications director(link is external) and homeowner outside Oklahoma City, also enjoys using her rain barrel as an accessible, above-ground water source for gardening.

“I think it’s fun to capture it and use it when you want to—free water!” Zeeck says, adding that her husband thinks the plants thrive more when watered with harvested rain versus chlorinated city water.

Rain Barrels Attract Eco-Conscious Buyers

There’s no denying that more and more clients care about going green.

Fifty-one percent of real estate professionals say their buyer clients are interested in sustainability, according to National Association of REALTORS® data. Twelve percent of homeowners cite green home features as a reason for purchasing their current home, and 10% consider “landscaping for energy conservation” to be “very important.”

Rain barrels can play a small but important role in sustainability and water conservation. Saving rainwater “creates an awareness that we are doing something to help our environment,” says Corra.

How to Prevent Problems With Rain Barrels

Conserving water is excellent, but homeowners also need to keep their rain barrels from becoming problematic. Breeding insects can quickly destroy the tranquility of a yard.

Here’s what experienced rain barrel owners suggest for maintenance.

• Drain water regularly. A rain barrel isn’t meant to hold water indefinitely, says Corra. “Identify areas with the most need—i.e., trees, vegetable gardens, potted plants—and let the water out within a few days of the rain,” she adds.
• Install a mesh screen on top. If a rain barrel does not arrive fitted with a fine mesh at the entry point, installing a screen or fine netting is vital to keep debris and mosquitoes out of the water.
• Carefully consider position and elevation. “During a strong storm, the barrels will overflow, and you don’t want a steady stream of water to run against the house,” Peet says. “I have them nestled in gravel to keep any water flow away from the house.”

Conservation Chic: Can Rain Barrels Boost Curb Appeal?

There’s no reason to be concerned about rain barrels ruining the look of a home, according to Peet and Zeeck. And when they’re carefully selected to match the architectural style or disappear into the landscaping, these reservoirs of free water might actually boost curb appeal.

“Water barrels come in many shapes and sizes,” says Peet. “The ones I’ve purchased look like bourbon barrels, and I think they add a nice charm to my Craftsman-style home.”

With an increase in demand comes an increase in options, so homeowners are likely to find a rain barrel that fits the aesthetic of their home. It might also act as a conversation starter among like-minded potential buyers. After all, anyone who buys that home can now clearly signal a commitment to green living—and a lower water bill to prove it.

©National Association of REALTORS®
Reprinted with permission

Hotel and interior design experts offer tips for staging primary bedrooms with touches of luxury

Recently, furniture and home decor company, CB2(link is external), named “luxury for all” as one of the top three home trends of 2022. The brand’s popularity with millennials, who currently comprise the largest percentage of home buyers(link is external), means CB2’s insights are valuable intel for real estate professionals.

The use of staging(link is external) can set a listing apart from the crowd and increase the amount buyers are willing to spend on a property, according to recent data from the National Association of REALTORS®. If home buyers crave luxury and want it at a variety of price points, sellers would do well to stage their homes in a way that reflects these lifestyle aspirations. What better template for luxury staging than a five-star hotel suite?

Making a primary bedroom look and feel like a five-star hotel guestroom is “all about making mindful choices, keeping things really simple and introducing luxurious elements in very attainable ways,” says interior designer Rebecca Gitana, founder(link is external) of Healing Through the Home.

Luxury hotel experts and interior designers offer suggestions for arranging and styling bedrooms like five-star hotel rooms.

Limit Art and Accessories

Removing family photos and personal items is standard protocol when staging a house. But retaining or adding a couple of thoughtful accessories can boost the aesthetic appeal of a primary bedroom.

“High-end hotel rooms often imbue an aesthetic of minimalized clutter—sometimes just a coffee-table book, single piece of art, or a design-centric lamp bedside are enough,” says Brandon Berkson, founder(link is external) of Hotels Above Par.

“The hotel feeling is all about less is more,” agrees commercial interior designer(link is external) Gerardy Cabrera. “You can go wild with artwork, not with quantity, but with size and color.”

Choose Crisp White Bedding

If there’s one thing that makes a bedroom feel more like a five-star hotel room, it’s high-quality, high thread-count bedding, according to Brianna Glenn, luxury travel advisor(link is external) and founder of Milk + Honey Travels.

Interior designers agree. “Crisp white bed sheets are the number one staple in any five-star sleeping situation,” says Gitana.

Jaclyn Isaac, the principal designer and owner of Doni Douglas Designs(link is external), calls white sheets a no-brainer and suggests topping them with a fluffy white duvet cover. “Certain colors don’t show well on camera, but white looks bright and clean and gives off that hotel vibe,” she explains.

Pick a Signature Scent

Filling the kitchen with the smell of fresh-baked cookies before an open house is the oldest trick in the book. The idea has stuck around because it works. But if the scent of cookies makes a kitchen feel like home, what makes a bedroom feel luxurious?

Hotel candles, according to Glenn. These days, many hotels infuse the lobby with seasonal signature scents ranging from the distinct smoky-spicy aroma of Hotel Emma(link is external) in San Antonio to the gentle waft of cherries and lilies in The St. Regis New York(link is external).

“I stayed at Royal Monsour(link is external) in Marrakech, and I remember they sent me home with a candle that had their signature scent—I could light it at home and instantly be transported back to that magical place,” she recalls.

While any high-end candle will do, homeowners can infuse their bedrooms with scents inspired by actual five-star hotels with products(link is external) from Hotel Lobby Candle, a brand launched by travel writer and influencer Lindsay Silberman.

Take Cues from Nature

Luxury lodging often brings the outside in. That’s the case with one of Berkson’s new favorite properties, Piaule Catskill(link is external), which he says features simple oak-framed beds and floor-to-ceiling windows that “allow you to wake up to the surrounding forest.”

Of course, staging a room isn’t the same as renovating it. But homeowners can still include nature with lush houseplants or simple arrangements of foraged branches. Isaac says she always uses fresh flowers when staging.

Gitana suggests taking it a step further by decorating with colors and textures that mimic the natural world outside the room’s windows. Natural fibers might include cotton, bamboo, silk or wool. Even a bedroom entirely staged in shades of white can include natural variety by mixing up the fabrics and textures.

Include a Seating Area

In the world of hospitality, consumers associate square footage with luxury. While standard hotel rooms clock in at 330 square feet on average, luxury guest rooms range from 430 to 4,000 square feet, according to hospitality management software company(link is external) Cvent.

You can’t increase the square footage of a listing, but you can spruce it up for all it’s worth. Luxury properties do this by creating thoughtful sitting areas, even in heritage hotels with limited space.

“No matter the size of the bedroom, you can create a little spot to take a call, have a cup of coffee, or just stare out the window,” says Gitana. “Create this for yourself by introducing an interesting chaise lounge or love seat into your space. Have an even smaller space? A single chair also works!”

Balance the Layout

Not all primary bedrooms are symmetrical, but thoughtful furniture arranging can make the space feel balanced.

“Start with a bed frame that fits the room,” says Cabrera. Bigger isn’t always better, as a crowded bedroom feels like the opposite of luxe. He suggests choosing a bed that leaves 3 to 4 feet of space on each side, even if that means staging with a double bed in place of a king or queen.

Once the bed is in place, position a nightstand on each side. It might sound like a simple suggestion, but the resulting visual balance evokes a luxurious sense of calm and comfort, according to Gitana. Complete the look with a large enough rug to fit under the bed and the nightstands. “A too-small rug is a rookie decor mistake,” Isaac warns.

©National Association of REALTORS®
Reprinted with permission

At thedifference.realtor you’ll find language and assets, like social media graphics and email signature banners, that you can use every day.

As president, I’ve had the privilege to meet thousands of you either in person or virtually and to experience the good work you do. I can truly say that REALTORS® bring it home for their clients and communities every day. I wish I could shake every member’s hand in thanks. Instead, let me underscore that NAR will continue to spotlight the REALTOR® difference through the national That’s Who We R campaign.

It’s just as important for consumers to hear it from you—why your service, professionalism and commitment to the Code of Ethics matter. Now, we’re making it easy for you to share that message: At thedifference.realtor you’ll find language and assets, like social media graphics and email signature banners, that you can use every day.

With the ad campaign and these new assets, NAR continues to demonstrate that it’s putting you first.

It has been an honor to serve you and to count myself as part of your REALTOR® family.

©National Association of REALTORS®
Reprinted with permission

There’s some encouraging news in NAR’s latest housing report, though sales of existing home are still falling amid economic uncertainty.

Home sales continued sliding in September as home buyers retreat from the market amid near-7% mortgage rates and mounting recession fears. Total existing-home sales—comprising transactions for single-family homes, townhomes, condos and co-ops—dropped 1.5% last month compared to August and were down nearly 24% year over year, the National Association of REALTORS® reported Thursday.

Meanwhile, the Commerce Department reported this week that housing construction is significantly waning, and home builders warn of more pullbacks ahead. Plus, mortgage applications to purchase a home plunged 38% last week from the same time a year ago, the Mortgage Bankers Association reports.

“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” NAR Chief Economist Lawrence Yun says. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.”

However, despite weaker sales, bidding wars remain strong because of limited inventory. More than a quarter of homes on the market are selling above list price, Yun says. “The current lack of supply underscores the vast contrast with the previous market downturn from 2008 to 2010, when inventory levels were four times higher than they are today,” he adds.

Further, home prices are proving resilient against the market slowdown. The median price for an existing home across all housing types was $384,800 in September, up 8.4% compared to a year ago. All four major regions of the U.S. saw prices climb. Still, the median home price has fallen from a record high of $413,800 in June. NAR notes that the decline follows typical seasonal trends.

Borrowing costs are one of the biggest challenges home buyers are facing. “Repeat buyers who have equity to roll into a home purchase are in a much better position than first-time buyers who are facing not only higher prices and rising mortgage rates—but also challenges saving for a down payment,” says Lisa Sturtevant, chief economist for Bright MLS. “Sellers are also on the sidelines during this transitioning housing market. Sellers are often buyers, so rising borrowing costs also impact their decisions.”

A Closer Look at the Numbers

The following are some additional key indicators from NAR’s September housing report:

• Time on market inched up, though 70% of homes still sold in less than a month. Properties typically were on the market for 19 days, up from 16 days in August and 17 days year over year.
• Total housing inventory fell 2.3% month over month and 0.8% compared to a year earlier. Unsold inventory was at a 3.2-month supply.
• First-time buyers comprised 29% of sales, up slightly from 28% a year ago.
• Individual investors and second-home buyers accounted for 15% of home sales, up from 13% a year earlier. Investors and second-home buyers tend to make up the biggest bulk of cash sales, which accounted for 22% of transactions.
• Foreclosures and short sales ticked up slightly but still made up a small portion of the housing market at 2% of sales. That’s up from 1% in August.

Here’s a closer look at how existing-home sales fared across the country in September:

• Northeast: Sales fell 1.6% from August, reaching an annual rate of 610,000. That’s down 18.7% from a year earlier. Median price: $418,500, an increase of 8.3% year over year.
• Midwest: Sales dropped 1.7% from August, reaching an annual rate of 1.14 million. That’s down 19.7% from a year ago. Median price: $281,500, up 6.9% year over year.
• South: Sales fell 1.9% from August, reaching an annual rate of 2.08 million. That’s down 23.8% from a year ago. Median price: $351,700, up 11.8% year over year.
• West: Sales held steady compared to August, maintaining an annual rate of 880,000. However, existing-home sales are down 31.3% from a year ago. Median price: $595,400, up 7.1% year over year.

©National Association of REALTORS®
Reprinted with permission