Does Paint Color Affect the Selling Price of Your Home?
Yes, a fresh coat of paint in the right color may help sell a home for more money, but homeowners have to weigh financial priorities when prepping a home for sale.
Nationally, U.S. homeowners spend $15,190 on average in extra or hidden costs associated with selling their home, according to a new analysis from Zillow® and Thumbtack, an online service that matches customers with local professionals.
Surveys show that a home’s selling price may rise with a few basic improvements. However, sellers need to plan for other hidden costs as well.
The two largest closing costs are agent commissions and in most states, sales or transfer taxes. In the Atlanta market, sellers spend an average of $10,724 for closing costs on the median home sale price of $175,800, according to Zillow data. Sellers also are often responsible for a variety of other smaller closing costs, including title insurance and escrow fees.
“One of the biggest regrets sellers have is not starting the process early enough,” says Jeremy Wacksman, Zillow Group chief marketing officer. “For those planning to sell this year, take your time to research all the costs you could be responsible for and how they may affect your profit, or even budget for your next home. Partner with a great agent who can help you understand the nuances in your market – from what taxes or closing costs you should expect, to which home renovation projects can help attract the right buyer.”
The right renovation projects can make a big difference in the speed of your real estate sale and the final selling price. That’s one reason why more than eight out of 10 home sellers make improvements before listing.
Many of these are do-it-yourself projects, including lawn care, house cleaning, carpet cleaning, and interior painting. Your Duffey Realty REALTOR® also can offer tips for staging, which might save you some money. (You can also see our tips for “Creating an Irresistible Listing to Sell Your Home Faster- Stage Your House Like the Pros.“)
Sellers who outsource these projects can expect to upwards of $1,500 to hire contractors for these projects and should include these costs in their financial plan.
“Sellers need to consider these additional, often necessary costs when planning to put their home on the market,” says Lucas Puente, Thumbtack economist. “While it’s clear these costs vary widely, often times the easiest way to ensure a home is fully prepared to be sold is to hire local, skilled professionals to help with basic home projects.”
Painting is one of the least expensive projects a homeowner can do prior to listing a home. Unfortunately, not everyone is a painter. If you decide to take on a painting project yourself, we’ve got some tips for that, too. Check out our favorite “Tips and Tricks for a Terrific Paint Job” for advice.
Choosing the right color is important, especially for home sellers, and the thing to remember is that you are painting walls to appeal to potential buyers, not based on your own personal preferences.
A recent Zillow analysis offers some incentive for choosing certain colors. Zillow’s 2017 Paint Color Analysis looked at more than 32,000 photos from sold homes around the country to see how certain paint colors impacted their sale price on average, when compared to similar homes with white walls.
Homes with blue bathrooms, often found in hues of powder blue or light periwinkle, sold for $5,440 more than expected, the highest sales premium of all colors analyzed. Walls painted in other cool, natural tones like pale gray or oatmeal were also present in top-performing listings.
A home’s exterior color may also have an impact on its sale price. Homes painted in “greige,” a mix of light gray and beige, sold for $3,496 more than similar homes painted in a medium brown or with tan stucco. For a pop of color, homes with front doors painted in shades of dark navy blue to slate gray sold for $1,514 more.
Some colors may actually deter buyers. Homes with darker, more style-specific walls like terracotta dining rooms sold for $2,031 less than expected. However, a lack of color may have the biggest negative impact as homes with white bathrooms sold for an average of $4,035 below similar homes.
“Color can be a powerful tool for attracting buyers to a home, especially in listing photos and videos,” says Svenja Gudell, Zillow chief economist. “Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space. Incorporating light blue in kitchens and bathrooms may pay off especially well as the color complements white countertops and cabinets, a growing trend in both rooms.”
Selecting the right paint color is one of many factors that may affect why a home sells faster or for more money. Walls painted in cool neutrals like blue or gray have broad appeal and may be signals that the home is well cared for or has other desirable features.
To get additional advice for your next home fix-up project, visit any of our local paint and building supply retailers in the West Georgia area. If you are considering selling your home and wondering what improvements might bring a higher selling price, any of our Duffey Realty agents will be happy to provide advice on painting and other ways you can better prepare your home for today’s real estate market. Visit our website or give one of our agents a call today.