Homebuyers want more space for entertaining

Listings with dedicated areas for entertaining are making a comeback in the real estate industry, according to property brokerage ZipRealty.

ZipRealty has released a new study revealing which property features are most commonly associated with the phrase “perfect for entertaining.”

According to the brokerage, these homes are listed for 30 percent more than other properties. The top features for party homes are outdoor spaces such as courtyards, decks and pools.

Based on the results of the study, properties that are specifically highlighted for their entertaining appeal usually share the following attributes within the property description: 1) appealing outdoor amenities such as patios, decks and a large backyard, 2) a larger overall floor plan and 3) a higher-than-average listing price. Specifically, the following property features occur most frequently among “perfect for entertaining” homes:

• Patio
• Deck
• Pool
• Backyard
• Open floor plan

“With the added appeal of being a place to entertain family and friends, we found that the median listing price of homes increased significantly when the term ‘entertaining’ appeared in the listing description of a property,” said Lanny Baker, CEO and President of ZipRealty, in statement. “Based on the study, home sellers may be able to enhance their listing by marketing their backyard, common areas and outdoor spaces. Adding an umbrella, chairs and table in the backyard may add as much value as applying a fresh coat of paint to the exterior.”

The frequency of the phrase “perfect for entertaining” increased nearly 15 percent on an annual basis on ZipRealty.com at the end of the third quarter. This growth coincided with improvement in the U.S. housing market and the dwindling number of foreclosures and REOs for sale nationwide.