What Does “Perfect for Entertaining” Mean in a Home Listing?
Outdoor property features appear most often, and L.A. tops the list as the most popular metro for entertaining.
EMERYVILLE, Calif., Dec.11, 2013 –ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released a new study revealing which property features are most commonly associated with the term “Perfect for Entertaining.”. The study of more than 1.7 million home listings on ZipRealty.com also reveals which metropolitan areas feature the most entertaining-oriented homes for sale.
Based on the results of the ZipRealty 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 on ZipRealty.com:
- 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,” explains Lanny Baker, CEO and President of ZipRealty. The median listing price with the term entertaining was $339,000, compared to $260,000 without the term. Average home square footage with the term was 2,408, compared to 2,161 without it.
“Based on the study, home sellers may be able to enhance their listing by marketing their backyard, common areas and outdoor spaces,” said Mr. Baker. “Adding an umbrella, chairs and table in the backyard may add as much value as applying a fresh coat of paint to the exterior!” For home buyers, Mr. Baker recommends being imaginative when shopping. “Keep an eye out for the outdoor spaces that haven’t been utilized. If a desirable home has an empty backyard or outdoor space that hasn’t been put to good use, or hasn’t been marketed in the listing, you may be able to get a good deal on a house that can easily be upgraded to an entertainer’s delight.”
Metro areas featuring the highest occurrence of the phrase Perfect for Entertaining are:
1) Los Angeles
“These markets are temperate and generally speaking, sunny all year round,” said Mr. Baker. “And, since ‘outdoor’ property features were most frequently associated with the word entertaining, it makes sense that these western and Texas metros made the list.”
The frequency of the phrase “Perfect for Entertaining” increased nearly 15% 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. As of Sept. 30, 2013, 1.3 out of 10 homes in the metro areas studied by ZipRealty were distressed, compared to approximately 1 out of 4 homes at the end of Q3 2012. “More people – not banks – are selling properties,” said Mr. Baker. “When people work with a real estate agent to list their home, they tend to use more descriptive words that often elicit emotions – and generate attention from potential buyers.”
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via their website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty’s technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 20 markets.