The way a home is presented on the market can have a significant impact on perceived value. It goes far beyond cleanliness and decor, however. According to a new Zillow study, the right paint color in the right room can impact price in a big way.
Zillow scored colors based on how survey participants responded to properties and the colors of a particular room. Price premiums were calculated based on a typical U.S. home value of $290,000.
The details:
– Pale sky-blue wins in the bathroom, scoring 93 out of 100. This color generally garnered a 1.6% price premium (or $1,698 on a typical U.S. home).
– For primary bedrooms, dark blue took the lead with 89 out of 100 points (a $1,491 premium), with deep charcoal and rich forest green also performing well.
– In the kitchen, mint green performed poorly, with homebuyers willing to pay $1,830 less for a home with a mint-green kitchen.
– Light-gray living rooms got a 92 out of 100.
The takeaway:
Bold colors do well only in certain areas of the home. In the kitchen, for example, more neutral colors continue to trend—with white scoring 80 of 100.
“Sellers typically tackle two home improvement projects before listing their home for sale, and interior painting is one of the most common and impactful projects sellers take on,” said Amanda Pendleton, Zillow’s home trends expert. “Homeowners who are preparing to list their home for sale can be strategic about the paint colors they select to get the most bang for their buck. Interior painting averages $385 per room, but the right colors can pay for themselves.”
“Our study found homebuyers may be particularly sensitive to paint color, despite paint being a relatively easy and inexpensive change, because they’re navigating a complex environment with a lot of uncertainty,” said Kate Rogers, a senior behavioral scientist at Zillow. “When study participants thought the homeowner had similar tastes to them, they perceived the home more positively and were also more likely to make a higher offer on the home. By using light neutral colors in the home’s common areas, it allows buyers to project their self-image onto the home.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to lizd@rismedia.com.
