While a new coat of paint can transform a home, it can work against your clients if the colors don’t resonate with potential buyers. According to a report from Fixr, the paint color trends for 2024 are here, and listing agents are considering how certain hues can affect a home’s value.
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Before your clients reach for the paintbrush to refresh the look of their home, take a close look at their chosen color palette. Real estate experts warn that choosing the wrong shades can cost thousands — often in ways you might not expect. The New York Post It was reported Monday in association with Realtor.com.
While a new coat of paint can transform a home from ordinary to spectacular, it can also work against listing agents and their seller clients if the colors don’t resonate with potential buyers. According to a report from Fixr, the paint color trends for 2024 are here, and listing agents are considering how certain hues can affect a home’s value.
The power (and danger) of paint
Blue Residential House | Canva
Painting is one of the quickest, least expensive updates you can make, especially if you’re preparing for a home sale. If increasing the value of the home is the goal, there are certain colors that should be avoided completely.
The cost of repainting can vary significantly based on factors such as the quality of the paint, the size of the home and whether scaffolding is required among other issues. Exterior painting jobs can run from $1,000 to $6,000, while interior projects are generally less expensive — especially if homeowners choose to DIY.
DIY homeowners can choose to pay for hundreds of supplies, including brushes, rollers, tape, ladders and paint themselves, rather than paying for labor costs. On average, Realtor.com estimates that an interior paint job costs about $3.50 per square foot, or $2,000, including the first coat.
Choosing the right hue
Color palette | Canva
In recent years, homeowners have embraced bold, non-traditional colors. However, sticking to “indefinite neutral” is often a safer option when selling.
In the story, Jenny Lenz, managing director at Dolly Lenz Real Estate, says of bright colors like bright yellow or charcoal charcoal, “In today’s market, buyers tend to swipe past brightly colored homes before they even step foot inside.”
With exterior colors, real estate agent Jonathan Yarton of the Yarton Group cautions against being “outsider” to the neighborhood, disrupting the dominant style and color scheme of the area, for example, “neon blue.”
The Agency’s Santiago Arana praises white as consistently “the color with the most impact on merchandise, along with neutral tones.”
Colors to avoid
Red Living Room | Canva
According to a report by Fixr, which surveyed 71 interior designers, certain colors are a key factor for buyers.
- Red: 59 percent of design professionals agree that it is best for home buyers.
- Lime green: 53 percent of experts find it unattractive.
- Light yellow: 40 percent advise against it.
- Mustard yellow: Avoid, say 19 percent of experts.
Even once popular shades like pink and turquoise are no longer popular, designers are recommending against them.
Avoids the ‘price erosion’ effect
Staging a home is important to maximizing value, but choosing the right colors plays an equally important role. Karen Otto of Home Star Staging warns of “price erosion,” when buyers inflate their mental estimate of how much it would cost to change paint colors or make other design changes, then subtract that amount from their offer price.
“While bright colors such as deep reds, greens, or bright oranges may appeal to some homeowners, they can reduce a home’s value by making it difficult for buyers to visualize themselves in the space,” explains Mike Fabbri at Agency New York. “These shades often require repainting, which many buyers see as an additional cost and time commitment, which impacts their purchase price.”
The takeaway? Choose neutral, timeless shades to create a blank canvas that appeals to the widest audience and minimizes the risk of turning off potential buyers.
Email Richelle Hammiel
