Marketers always knew that color was important when it came purchasing decisions. In randomized trials, people always tend to buy more of a product when the associated colors are bright at bold. But what about when it comes to buying a house? Does color make a difference there too?
Researchers decided to put it to the test. They looked at more than 35,000 home listings to see whether there was any correlation between the color of a house (and the rooms inside it) and the price it sold for. And it turned out there was: houses with particular color themes sold for more than others.
Now you might be thinking, “hold on a sec, what if the colors of houses are correlated with other features that make them more valuable?” That is, what if beige-colored houses sell for more because the people who like beige tend to make more money and can, therefore, buy more expensive homes?
Well, the researchers thought of that. They used a statistical technique called regression analysis to factor in all the other variables that could affect the value of a house or the value of a room, and yet the effect of paint color could still be seen.
And we’re not just talking small differences here that wouldn’t matter in the grand scheme of things: we’re talking thousands of dollars increase in value, just from applying a lick of paint.
According to experts who sell house and garden combos on a regular basis, color really matters. Buyers want colors that pop out and grab their attention. They want to feel as if they are buying something that’s brand new, just for them. They want to be able to envision how their new home will look once they’ve moved in – and they can only do that, apparently, if sellers choose the right colors.
So which colors should you paint your house before selling? And which are a definite no-no?
Very subtle differences in exterior coloration can have a dramatic effect on the total amount homes sold for. Homes described as “gray/brown” – specifically a mixture of gray and beige, sold for about $1,500 more than the average home with the same features. Homes that were “brown,” however, sold for an astonishing $2,000 less. Hence, even minor changes to the appearance of the exterior of your home can make a massive difference to the selling price.
The Front Door
You might be used to your front door, but potential buyers certainly aren’t. It turns out that buyers prefer gray and blue to other colors, with the average home selling for an extra $1,500 just for having a gray or blue door.
The Living Room
Whereas blue was popular as a color for front doors, it’s not so popular as a color for living rooms. Homes with blue-coloured living rooms sold for around $800 less than average. Homes that focused more on browns and beiges, on the other hand, went for up to $1,800 more.