Homes With White Kitchens Sell For Less In Open Market
Written by Alexa Fiander, Zillow®
For-sale listings with warm, neutral colours sell for more money, that is according to an analysis by an online real estate database company based in the United States.
A home's paint interior colours have a notable impact on the final sale price.
According to a new analysis from Zillow Digs, home improvement and design
platform, for-sale listings with rooms painted in sage green or wheat yellow can sell for more than expected.
The company analyzed photos from nearly 50,000 sold homes to see how certain room type and paint colour combinations impacted their sale price. Of all the colours analyzed, homes with yellow kitchens, often in hues of creamy or wheat yellow, yielded the highest sale premium above expected market values. Wall colours painted in other earthy tones like sage green or dove grey were also present in top-performing listings.
While everyone's style choices are different, there are some paint colours that could actually deter buyers. For example, homes with dark or style-specific wall colours, like slate grey or terracotta sold for less than expected.
Lack of paint colour could also have a negative impact on a home's sale price as those with white or eggshell-coloured kitchens also sells below expectations.
"A fresh coat of paint is an easy and affordable way to improve a home's appearance before listing," says Svenja Gudell, Zillow chief economist. "However, to get the biggest bang for your buck, stick with interior colours that have mass appeal so you attract as many potential buyers to your listing as possible. Warm neutrals like yellow or light grey are stylish and clean, signalling that the home is well cared for, or that previous owners had an eye for design that may translate to other areas within the house."
Finding the perfect paint colour for the inside of the home can be time consuming and challenging. To help make this process easier, most paint manufacturers and home improvement stores have launched online paint design platforms. These new tools which operate on both Adroid and iOS platforms allows homeowners to virtually change a room's wall colour using real paint samples. Homeowners can upload a photo of their own home, or pull their home's image and instantly see what a new paint colour would look like. Users can also create a custom paint palette, save and share the images, and even find where to buy that exact paint colour in their area.
Zillow®, similar to companies such as Lightstone and TPN in South Africa, is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting
them with the best local professionals who can help.
Unlike other home improvement and interior design online platforms currently on the market, Zillow Digs Paint Colour Analysis measures how certain room type and paint colour combinations impact the sale price of a home. Zillow Digs looked at photos from nearly 50,000 homes from around the United States’ country that sold between December 2006 and April 2016, to identify what paint colours may lead to a home selling for more, or less than the listing price or market value. The analysis controlled for all other wall colours, footprint size, the age of the home, the date of the transaction and location.
About 68 percent of real estate agents recommend painting walls and 62 percent recommend paint touch-ups, according to a 2017 survey from the National Association of Realtors.
A home is more likely to sell with a fresh coat of paint, which is the very first thing buyers see.
"It takes about a minute for a buyer to come to a conclusion about a house” said Jeremy Lichtenstein, a real estate agent with RE/MAX and often more than half of that decision come from the paint colour of the home.
“You want to have nice, fresh impression for the buyers,” says Norris. “Buyers don’t want to come into a house that looks like it’s been worn hard and is in poor condition.”
Neutral interior colours make it easier for potential buyers to imagine themselves living there because the paint goes with just about anything. Many buyers also don’t want to shell out extra cash to paint after closing.
The three experts we spoke with all recommended warm neutral colours. Norris suggests using beiges, tans, golds, greys and “greige”—a blend of grey and beige. Avoid white, which is too stark.
Author: Alexa Fiander, Zillow (Jun 23, 2016)
Adapted for Local Context: MyHomeCheck
Source: http://zillow.mediaroom.com/2016-06-23-
Homes-with-White-Kitchens-Sell-for-1-400-Lessthan-Homes-with-Yellow-Kitchens
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