When it comes to selling a home, sellers often invest in pre-listing renovations to increase its appeal and value. However, one often overlooked aspect that can significantly impact the sale price is the choice of paint colors. In a recent study conducted by Zillow, it was discovered that buyers are now favoring "moody" dark grays over the classic white tones. This shift in preferences has led to notable differences in sale prices, with certain colors commanding higher offers. In this blog post, we delve into the findings of Zillow's study and explore the influence of paint colors on home sale prices.
Dark Grays Take Center Stage: According to Zillow's report, homes featuring a deep graphite gray kitchen can fetch around $2,512 more than comparable homes. On the other hand, homes with a standard white kitchen tend to sell for $612 less. These findings suggest that the color of the kitchen plays a crucial role in influencing buyers' perceptions and willingness to pay a premium. Interestingly, charcoal walls were associated with higher offer prices across all rooms studied, including the living room, bathroom, and bedroom.
The Media's Impact: One possible reason for the growing preference for dark grays is the influence of media trends. Home improvement shows and social media platforms have been showcasing darker gray tones more frequently, making them more appealing to prospective buyers. Mehnaz Khan, a color psychology specialist and interior designer, suggests that as we emerge from the pandemic and seek refuge in our homes, the color gray symbolizes retreat and security. Rooms enveloped in dark gray create a sense of calm and reassurance, catering to buyers' desire for a sanctuary amidst the uncertainties of the outside world.
Selective Gray Choices: While gray tones have shown their power to boost home sale prices, not all shades have the same effect. Zillow's study revealed that cement gray on the front door led to lower offers, with homes receiving an average of $3,365 less compared to similar homes. Surprisingly, buyers favored black front doors over gray ones and were willing to pay $300 more for a home with a rosy brown door. In the bathroom, earth tones, particularly a terracotta brown, stood out as a popular choice, potentially increasing a home's sale price by $1,624.
The Impact of Paint: Interior painting is one of the most common improvements made by sellers before listing their homes. Zillow's home trends expert, Amanda Pendleton, emphasizes the significance of paint choices, explaining that colors have a profound impact on a buyer's perception of a home. It serves as a visual signal, conveying whether a home is modern and well-maintained or outdated and in need of attention. Pendleton suggests that providing clients with advice on trendy home colors can help sellers attract higher offers.
Zillow's study on paint colors and home sale prices highlights the influence that color choices can have on the real estate market. Dark grays, particularly in kitchens and other living spaces, are emerging as favorites among buyers, with higher offers being made for homes featuring these hues. It is essential for sellers to recognize the power of paint and consider incorporating trending colors to enhance their home's appeal. By making relatively affordable and straightforward changes to the interior and exterior paint, sellers can make a substantial impact on buyers' perceptions and ultimately secure higher sale prices.
