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Colour it sold

Did you know that a certain shade of paint is commonly referred to by house painters as ‘sell-it-quick white’?

Multi-listing site Zillow recently partnered with Behr Paint Co. to identify the colours that boost home sales. They surveyed recent or prospective US homebuyers and found that certain hues could increase the offer price on an average house by up to US$5,000.

“The right paint colour in the right room can have a big impact on a buyer’s first impression of a home and how much they’re willing to pay for it,” Zillow home trends expert Amanda Pendleton said.

“It appears certain colours appealed to the most buyers because those colours allowed them to project their self-image onto a home and imagine themselves living there.”

The survey found that homes with light blue bedrooms could sell for 1.6% more than expected, which translates to about $4,700 on a typical U.S. home valued at $290,000. Dark blue bedrooms, on the other hand, might lift the sales price by nearly $1,500.

Behr VP Erika Woelfel remarked that the survey shows neutral hues have a positive effect on both purchase intent and prices.

“Colour can evoke a strong emotional and psychological response to a space”, Woelfel said.

“Blues, greys, greens and whites are timeless, calming colours that allow potential buyers to see a home as a fresh, clean slate. They can then picture themselves, and their personal furnishings, filling the space to make memories in years to come.”

Indeed, the survey found that mint green kitchens could sell for $1,800 less than expected, and buyers had similarly negative feelings about bright red and yellow kitchens. White kitchens and grey living rooms resulted in the highest intentions to view and purchase a home.

“Paint is a relatively easy and inexpensive change, but Zillow’s study found buyers were particularly sensitive to paint colour when they were valuing homes,” Pendleton said.

”Our behavioural scientists believe it’s because buyers are navigating a complex environment with a lot of uncertainty. People don’t buy homes every day, so they’re trying to take in and process a lot of information about a subject they’re not familiar with, and that’s why certain cues like colour are more impactful in their decision-making.”

Interestingly, the Zillow study found that bold, bright colours were most effective at grabbing a buyer’s attention, but that was the extent of their impact.

“Buyers wanted to learn more about homes that featured unexpected colour choices”, Pendleton said.

“Yet at the end of the day, they didn’t necessarily want to purchase those homes or pay more for them,” she explained.

Ultimately, the colours you choose to paint your home should suit the space. Take into account the lighting, the furniture and décor, and the purpose of the room, as well as the flow between adjoining rooms.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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