Realtor Sean Manning of Coldwell Banker in Los Gatos finds that many of his clients shy away from homes with swimming pools even if they like the house.

"For most of my buyers, it has come down to the whole safety issue if there will be small children living on the property," Manning said. "However, I also had one buyer who liked the concept of having a home with a pool, but he was worried about the liability and maintenance costs. If the neighbor's child climbed over the fence and fell in the pool and was injured, my buyer was concerned about being held liable and a lawsuit developing."

In today's market, Manning said, buyers are looking for a backyard that is private and conducive to entertaining and outdoor dining. They like yards that have an abundance of greenery, an outdoor entertaining area and some privacy.

"Lush landscaping, stamped concrete patios, cobblestone pavers and landscape lighting are all elements that my buyers respond positively to. Also, a built-in barbecue with outdoor counter space seems to be very desirable with today's buyers," Manning said.

The selling points for backyards are pretty simple, according to Stefan Walker of Alain Pinel in Los Gatos—and pools are not very often on the list.

"The pace of life is just getting so out of control that most folks are looking for a yard they can relax in. Space, privacy and freedom from noise pollution are of utmost importance, probably because these are items that are becoming so hard to find in Silicon Valley," Walker said. "For families with kids, space for the kids to safely play is also a huge concern. From there, the attractiveness of the landscaping, ease of maintenance and space for hobbies such as gardening and barbecuing all come into play as well."

Walker said pools are not the draw or status symbol they once were. "Now swimming pools are like boats—they're lots of fun; however, it's much better to have a friend that has one than to have one yourself. The most common objections are the added liability, the hazards for children, the added upkeep and the space constraints they put on the yard."

Walker still gets buyers who are specifically looking for a pool, but they are far outnumbered by buyers who refuse to look at anything with a pool.

"The vast majority of buyers will take a pool if the house has one but they aren't specifically looking for one. For this reason, a pool really adds no value to a property, unless you're talking about upper-end homes with large lots and very elaborate pools. For most, though, there is no value add, and in some cases where the backyard is wall-to-wall pool, it can actually discount the property's value," he said.

Walker has a pool of his own but wasn't looking for one when he bought the house. While he would just as soon fill it in and have a big, open backyard, his wife and kids love the pool. "It does make our house kind of the focal point for the neighborhood kids, which we love, but perhaps not everyone would share the sentiment," Walker added.

Realtor Marge Draper of Coldwell Banker in Menlo Park believes swimming pools are a liability for resale.

"The backyard swimming pool used to be the image of the California lifestyle, especially for people coming to California to start their new life. It doesn't fit the image anymore," Draper said.

With the experience of 31 years in real estate, Arvada Darnell of Coldwell Banker in Palo Alto said swimming pools are not considered an asset in most cases.

Darnell tells her clients that if they want a pool, they should buy a house with a pool because they will get the pool free or at a very nominal cost compared to the cost of putting a new one in.