We discovered something interesting recently when it comes to paint colors and home values. In fact, I was surprised at first, but not after completing my research on the matter. It’s just different than what we have normally been told or understood when it comes to freshening up your home for sale.
In fact, painting your home is still the #1 way to increase your home’s value on a dime. If you want to sell your home and your funds are limited for upgrades, painting is the way to go. But you could be making your efforts in vain if you pick the wrong colors.
The wrong colors are…..
White and different tones of whites (eggshell, off-white, etc.), dark colors and style-specific colors.
And this is no less true than in the kitchen – the place where any upgrades you make will most affect the increase in your home’s value.
Does this surprise you? The dark and style specific may not surprise you as we are all told by our realtors that those are indeed the wrong colors, but it was the white that surprised me a little initially. Whenever we have sold a home, we have been told to rid the home of color and make the slate as neutral as possible so that potential buyers can have a fresh start the way they want. That meant whites, off whites and very light (almost white) beige colors.
But let’s be honest. How often do you want to move into a freshly painted home to have to freshly paint again? In the end, people really do want move-in ready not necessarily a clean-slate.
And that brings us to our next key word. CLEAN.
Although a white kitchen (or any room) looks clean, fresh, new and very often beautiful – a potential buyer might think positively of the look, but practically not want a white kitchen themselves because of thinking about how difficult it will be to keep it clean. I for one can attest that I like my home clean, but especially because I have kids, I don’t want to be scrubbing walls and floors constantly to keep that clean look. I want….no, I NEED a low maintenance home.
And this confirmation all comes from a report recently put out by Zillow Digs. They compared 50,000 homes, the final prices sold, the colors of the walls and made these comparisons to each other and current market values.
When the report concluded, homes with white and shades of white, dark colors and style specific colors sold for much less than the market value (like $1,200 or so).
So Newton’s Third Law of Motion comes to mind when choosing paint colors for our home – “for every action, there is an equal and opposite reaction.”
Let me explain: just as much as the dark colors, style specific colors and whites can reduce the sales value of your home, there are colors that you can use instead to increase your home’s value by that much more!
So there are colors that will actually make your home sale for more than market value! Isn’t that great!
What are those colors?
Warm neutrals like yellows (wheat yellows), warm greens (like sage green) and grays (like dove grays). These homes sold for $1,200 or more than market-value.
I haven’t been a fan of yellows myself, but there must be some truth to this. My grandma bought a home with quite bright yellow walls in the kitchen and living room. It was not very pretty in my opinion. But it did make the home bright, happy, warm and inviting. Well, she never changed the color in the 10 years she lived there and just put her home up for sale in a slow market, with this original paint color she bought the home with. In 3-days, she had five offers and sold her home for more than it was listed…again in a slow, buyer’s market.
In fact, she’s moving out of this home this week. She hoped to have sold it by the end of the year, but it was right after she listed it.
Was it the yellow? I can’t say for sure, but the fact that she hasn’t painted it and it still looks bright, new, inviting and warm for the past 10 years must say something.
Anyway, as you may be prepping and determining the steps you could take to make your home more sellable, this is some food for thought.