In terms, of making a first impression what really counts? There are many schools of thought on this. You should first decide who your audience is. Is it for you, is it for a future buyer, or is it competition to outdo your neighbor?
For all conditions- a fresh painted look, new roof, and well planned and maintained landscaping are the keys to a good first impression.
The safest route is to pick neutral (beiges, grays, soft yellows) colors inside and out in terms of resale value; stay away from soft shades of red and orange (pink/ peaches). If you want to push things a little more and still remain safe you can add the combination of black and white to your house along with the neutral color. Here is am example.
The addition of black to the color palette makes the house have a little more pop to it. Now if you want to be really wild and crazy; you can go bold like reds, greens, or black but take time to really make sure you love the color because it is going to be bold.
Here is piece I found on the psychology of exterior colors: "The Psychology of Exterior Colors
When choosing exterior colors, take the sales price of your home into account. Certain colors, especially muted, complex shades, attract wealthy or highly-educated buyers, whereas buyers with less income or less education generally prefer simpler colors. A complex color contains tints of gray or brown, and usually requires more than one word to describe, such as "sage green," as opposed to "green."
On the other hand, simple colors are straightforward and pure. Generally, houses in the lower price range sell faster and for higher prices when painted in simple colors like yellow or tan, accented by white, blue, or green trim." Source for more information- http://ezinearticles.com/?Using-Color-Psychology-to-Sell-Your-Home&id=4263
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