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So let's say you reason is that you've just decided you don't like the colour of it...
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In reality I don't think it's as straight forward as that.
There is no instant automatic return of funds by PayPal in my experience.
As a buyer I bought an item that seller then admitted he didn't have and he fobbed me off several times saying he was trying to source it from Holland and then saying that it was going to be despatched tomorrow etc.
I waited 15 working days before filing a dispute because his listing T&Cs said I had to allow that much time for delivery. Once I filed a dispute I thought it would be straight forward. I provided all the transcripts to PayPal and after 3 weeks they still had not resolved it. So I had to chase them up on the phone after which I did get my refund - so no quick instant refund for me as a buyer, even when the seller had failed to provide the goods after 6 weeks and no proof of postage what so ever.
On the flip side, if the seller could show that the item had been sent and delivered and if the item complied with the desciption at the point of sale I don't beleive that PayPal would side with the buyer.
Cheers,
Nigel