How to Maximize Seller's Net Proceeds with Color Psychology
Color psychology is one of the best kept secrets of real estate professionals. In fact, the color used to paint both the interior and the exterior of the house influences potential buyers on a deep subliminal level. The right color will attract well-qualified buyers and lead to a higher sale price, which is what it’s all about at the end of the day—your seller’s net proceeds. So, a fresh coat of paint is definitely one of the highest priority home-improvement items to check off your list before your house goes on the market. But, what colors to paint and where? let’s look at which colors have been shown to increase the property sale price, which ones to avoid like the plague, and finally some additional tips and tricks to ensure you maximize all aspects of color psychology in your home sale.
One of the reasons that neutral colors have remained popular with buyers through the years is that it enables them to envision a life of their own in the home. It also doesn’t hurt that lighter colors make a room feel larger, so there also appears to be more space in which to manifest the life they’re imagining. Anything you can do to de-personalize your home before listing it should be done. but, as we will discuss shortly, your choice of paint color should still be emotive. Bland, white walls won’t increase your offer price (or prices, if you’re lucky enough to find yourself in a multiple offer situation). But, studies show some colors may evoke peace and happiness by their very nature. Here are the colors most popular with buyers this year:
A warm/beige based grey
Sage green (or another green with tints of gray or brown)
Spa blue, especially in bathrooms
Taupe colors, especially in living rooms
White might seem like it the safest bet when it comes to paint for resale value. But, it could actually end up being the kiss of death. Especially in a small or darker room, like a kitchen, white walls can sometimes feel flat and uninspiring. Most of the time, the purchase of a house will be the largest investment your potential buyer has ever made. They want to be inspired. Counterintuitively, using dark colors—think chocolate brown or even a lighter brown like terra cotta—can have the same effect. According to Zillow, a home with terra-cotta colored walls are selling, this year, for $2,031 less than comparable properties. Another dark color to avoid is slate gray. This one can be tricky, because gray is such a trendy color at the moment. But, the numbers are clear; A light gray, again according to Zillow data, boosted homes selling price by $1104, while homes with slate colored dining rooms saw a decrease in sale price by $1112.
Obviously, all colors are not created equal, but, whatever are your color choices, remember that contrast can be your best friend when painting both the interior and exterior of your home to ready it for sale. A light to medium gray color on the walls will look sharp and vivid when juxtaposed with white trim. And, don’t forget the details! A recent report by Zillow looked at 135,000 recent home sales from across the country, comparing their sale price with the color of their front door. The study concluded that a charcoal, smoky, or even a jet black door increased the sale price of those properties by $6271. Another note relates to warm versus cold weather. For a summer sale, choose cooler tones. In the dead of winter, opt for warmer. That doesn’t mean your color needs to be red or yellow. It just needs to have a warm undertone.
Finally, you wouldn’t want to go through all the trouble of choosing the perfect colors to subliminally influence potential buyers just for the paint to be poorly applied. Your paint shouldn’t have runs or thin areas. Shoddy workmanship conveys a lack of care and pride of ownership, and, if you’re taking the time to read this blog, that’s clearly not true. So, make sure the offers you receive on your home reflect the highest possible price point in today’s market. Reach out on our website, or give us a call at (330) 860-4508 today to schedule your free estimate and maximize your home’s profit potential!
