Ultra Violet was named the 2018 color of the year by Pantone. However, brash colors outside the “thoughtful” purple shade are seemingly best avoided when selling a home.
“A fresh coat of paint is an easy and affordable way to improve a home’s appearance before listing,” said Svenja Gudell, Zillow chief economist. “However, to get the biggest bang for your buck, stick with colors that have mass appeal so you attract as many potential buyers to your listing as possible. Warm neutrals like yellow or light gray are stylish and clean, signaling 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.”
As home owners have become aware of the impact of a paint job on selling prices, neutral paint colors score big for the interior and exterior of homes. In 2016, grays, variations of white, shades of green, and other natural shades were popular interior colors among homeowners and buyers.
Zillow Digs analyzed 50,000 photos of recently sold homes, finding that houses with rooms painted specific colors sold for more than expected. However, the four worst colors to paint the exterior of your home were: Off-white or eggshell, dark brown, terracotta and slate gray.
In other real estate news:
- A recent survey finds record high number of Americans are using real estate agents, with the inclusion of newer generations. With the threat of technological developments and involvement in the housing industry, the Harris Insights housing consumer study’s findings that 90 percent of consumers, an uptick of five percentage points since 2014, rely on real estate agents for the home buying and selling processes.
- Although many people think that computer algorithms are completely unbiased, it turns out that they are discriminating against minority borrowers, according to researchers from the University of California at Berkeley. The report found that the algorithmic data that uses credit scores to determine home mortgage interest rates discriminates against Black and Latino borrowers by charging minorities higher rates to earn up to 11 to 17 percent higher profits. As a result, minority consumers pay about 5.6 to 8.6 basis points higher interest when buying a home.
- Comcast is testing the waters of smart home programing and is said to be looking to give its broadband-only consumers the option to turn their TVs into smart-home-hubs through the combination of existing hardware and its X1 video service software. Competing with Amazon and Google to become a main system, the new program will also incorporate internet video applications.