Sellers who are marketing their homes can get nearly $6,491 more than expected just based on the paint colour of certain rooms.
Homes with dark grey walls can increase a selling price, while those with trendy green kitchens can decrease the price by more than $3,600, according to new research from the real estate marketplace Zillow.
With a difficult real estate market going into 2023, sellers will be looking to get the most out of their home sale.
“Moody dark grey is appealing to today’s homebuyers because it feels contemporary, and adds depth, drama and contrast to a space,” said Amanda Pendleton, Zillow’s home trends expert, in a media release.
“Painting is one of the easiest and most common projects homeowners tackle before listing their home for sale. This research shows it pays to be strategic about the paint colours sellers select to attract more potential buyers and boost their bottom line.”
Canadian homebuyers would pay more for homes with dark grey kitchens, bathrooms, bedrooms and living rooms. Colours like sunshine yellow in kitchens can decrease a home’s value by as much as $6,044, when compared to those painted white, according to research results.
Buyers were also willing to pay more for a home with a sky blue kitchen ($2,612) and bedroom ($1,865). In addition, mid-tone cement grey earned high results when used in the kitchen, bedroom and bathroom, increasing price premiums of up to $1,865.
However, green was unpopular among buyers. On average, sellers can expect $5,596 less for a home with a dark green bathroom and $3,656 less for a dark green kitchen, Zillow said. Mint green kitchens can also hurt a home’s sale price by $3,432.
“Our study found homebuyers may be particularly sensitive to paint colour, despite paint being a relatively easy and inexpensive change, because they’re navigating a complex environment with a lot of uncertainty,” said Kate Rogers, a senior behavioural scientist at Zillow.
“When study participants thought the homeowner had similar tastes to them, they perceived the home more positively and were also more likely to make an offer more than $2,000 higher. On the whole, recent and prospective Canadian buyers were more likely to feel similar to the homeowners when the rooms were painted a shade of grey, white or blue.”
The research is based on a Zillow study of more than 3,000 recent or prospective Canadian homebuyers. Colours received a score based on how interested participants were in touring a home, buying a home and the price they would be willing to pay for the home, based on viewing that colour in a particular room, Zillow said.