Selling your home? Slapping on a coat of one of these paints could snag you thousands more
If you’re selling a home in today’s real estate market, chances are you’re going to need a little edge.
Sales of existing homes in June were down for the fifth month in a row, reports the National Association of Realtors, as the country heads towards a possible housing correction.
But for the homeowners who do manage to attract a buyer, an increase in supply hasn’t negatively impacted them, as the median price rose 13.4% in June compared to last year.
The conclusion NAR researchers have drawn is that homes priced right are selling quickly, while those deemed overpriced by buyers are lingering on the market.
Fortunately, there’s a simple way to get what you feel your home is worth without turning buyers off. Data from online real estate marketplace Zillow shows you can up to $5,000 more for your home simply by choosing the right paint colors for your walls.
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How homebuyers are reacting to color
Zillow surveyed recent and prospective homebuyers last summer to find out which colors they felt were worth paying a higher price.
Of the 15 colors the survey's participants were shown, these were the ones the consumers were most likely to increase — or decrease — their bids for, depending on the room.
In the bathroom
Light blue is currently the most popular color for bathrooms, Zillow found. Survey participants said a light blue bathroom would be enough to justify a 1.6% higher offer price — about $5,000 on a $290,000 home.
Neutral colors — gray, dark gray, light yellow and off-white — were found to increase the likelihood that participants would either choose to view a home or make a higher bid.
While light yellow was considered attractive as a bathroom hue, bright yellow, bright green, bright red and pink were all considered turnoffs.
“Buyers tend to veer away from vibrant colors in the bathroom, so it is best to go with a softer shade," Zillow says in its report.
In the kitchen
White walls in the kitchen increased interest in touring or purchasing a home among survey participants.
But interestingly, their preferred alternatives to white weren't just neutral colors. While light yellow and off-white scored well, dark gray, dark red and dark green also caught more than a few eyes.
As with the bathroom, participants were not keen on the idea of an intensely-colored kitchen. Bright green, pink, bright yellow and bright red all drew negative reactions.
“Bright red could decrease the price that buyers would be willing to offer by nearly $1,500, on average,” Zillow says. “A kitchen painted bright yellow was least likely to inspire intentions of purchasing the home.”
In the living room
Gray rules supreme when it comes to preferred living room colors, with light green, white, dark gray and light yellow also scoring positively.
Light green, Zillow says, “brought an average offer-price increase of several hundreds" of dollars.
The usual suspects scored poorly for living room color: pink, bright green and bright yellow.
“On average, bright green and bright yellow living rooms decreased interest among surveyed buyers to tour a property,” says Zillow. “Both colors, on average, had a negative effect on prospective offer prices.”
In the bedroom
Though neutral colors were the top pick for bathrooms, kitchens and living rooms, Zillow’s survey participants were a little more adventurous about the boudoir. Dark blue was the bedroom color that would most increase the average price consumers were willing to offer.
Light blue was another strong performer, along with white, bright blue and dark gray.
Yet again, bright yellow, bright green and pink were least likely to have a positive impact on buyers.
“In a separate survey of potential buyers and sellers, both groups claimed they’d be less likely to paint a room any of those colors, regardless of the room’s purpose," Zillow says.
Another view on hue
In December, the pigmentation experts at Pantone chose their "color of the year" for 2022. “Very Peri,” was chosen for its “courageous presence,” which “encourages personal inventiveness and creativity.”
This vibrant periwinkle shade combines the qualities of blue with violet-red undertones is “spritely” and “joyous,” according to Pantone.
And while the survey participants were huge fans of blue, Very Peri may not be exactly what they had in mind. It’s undoubtedly sunny, and a lot more daring than the light blue Zillow’s respondents gravitated toward.
You'll want to keep Zillow's color findings in mind and think hard before choosing brighter paints, if getting the highest offer for your home is the plan. (And why wouldn't it be?)
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
