It has long been touted that different colors evoke certain feelings or emotions. And while our preferences for color can change over time, it is pretty commonly understood that blue is calming, red is alarming, yellow tends to make people happy and black can represent a whole spectrum of spooky. Here is a great info graphic about the psychology of color on a broad scale. But how does color translate in the field of real estate? Can color actually make a house more or less appealing to potential buyers? As someone who has been known to hyperventilate while standing in front of a display of paint chips (yes, I have done that), I think there are three important concepts to consider when selecting a color palette for your home: location, design, and marketability.
The first thing to consider is location. Many US cities are seeing a surge in deep, dark exterior colors like navy blue, dark gray and even black. But here in Orlando, we have to keep the environmental factors in mind. Where stronger and deeper colors are warm and enticing in colder climates, and even pose a benefit to keeping energy costs lower, those same deep tones would not be as practical here, where temps are rising and even the cooler seasons are less and less cool. Here’s a link to a post by Realtor.com that reflects these trends, and offers some lighter color options, i.e. soft gray, taupe and green, for those of us here in the Sunshine State. Also, if your homeowner’s association places restrictions on your color options, you are certainly bound to adhere to those. If you find that your street is dominated by homes painted green or blue, you may want to opt for a yellow or white, or anything to help make your home stand out and appear fresh.
I think it would also be prudent to consider the architecture of a home when deciding upon a color palette. While a more dramatic elevation and complex roof line offer added dimension and opportunity to use a color palette that has 3, or even 4 colors within the scheme, a simple design might be overpowered by so many distractions. Metropolis Real Estate Solutions, LLC is a brokerage that specializes in design and architecture and we have come to understand that the colors that can highlight the unique qualities of a Craftsman Bungalow would overwhelm a Mid Century Ranch. We also have to consider the interior design of a home when planning the exterior design decisions. If the interior is rustic and full of browns and oranges, it would feel disconnected and disjointed to have the exterior be painted in pastel blues and greens.
While in real estate, we try to cast as broad a net and encourage clients to keep things as neutral as possible, neutral does not have to equate to boring or beige only. Varying shades of softer colors in the gray, tan or even blue families can highlight tall ceilings, trim details and art niches. A “white” based color scheme can be both timeless and, as we’ve seen for the last couple of years, a bit trendy. What we pair with our selected base color can help navigate the pitfalls often seen with making trendy design decisions. White and gray have been hot for awhile, and logic would seem to indicate that it might be wrapping up soon. That said, they are strong neutrals with a broad appeal, a great starting point. Changing the tone of the accent color on the shutters or trim from gray to taupe, can not only provide longevity by providing a wider range of complementary colors, but it can also help your home appear to be trend setting versus trend following. Keeping the boldest accent color on the doors or shutters also makes it easy to change them out when you get bored.
As an appraiser, I can tell you with confidence, that there is not any kind of dollar amount placed specifically on a “color palette”, but what we do often see is that homes with a more neutral color scheme have a more broad appeal, leading to faster selling times and sometimes, higher sales prices. Certain color palettes denote modernization and updating and others reflect a specific time period that updates were likely to have occurred. I see it demonstrated time and again that homes with a clean white color palette and modern finishes sell for a premium when placed in competition with those that have a darker, more rustic color palette, regardless of actual age. Of course, I’m only working in the Central Florida market; trends throughout the U.S. likely vary. When looking at comparable properties as I perform an appraisal, I often scroll through interior photos in an attempt to discern condition and appeal with regard to how a comparable sale may relate to my subject property. Having appraised in this market for over 25 years, I can remember that Tuscan/Mediterranean influences were HUGE in the mid 2000’s. When I do come across a home that has these finishes and features, emblazoned by golds, rusts and deep brown wood tones, I can deduce that the construction elements, fixtures and amenities have not likely been updated in the most recent 10-15 years. The same will be true in 5-10 years when we see homes that still have farmhouse chic colors and finishes and the future trend is conflicting.
While I recommend that everyone make long term design choices that suit their personal preferences and lifestyle if they plan to stay put for awhile, if selling your home is on the immediate horizon, trending toward the most current trends will likely lead not only to shorter marketing times, but higher sales prices. Helping buyers believe that your home is move in ready, an upgrade to their current lifestyle, and modern in appeal will give them the confidence to place an offer on your home.
