In a challenging and expensive housing market, some prospective homebuyers may compromise on certain standards and features to secure their purchase. But survey data released Thursday by Bright MLS found that some standards were top priorities for some buyers.
The Maryland-headquartered MLS conducted a survey in mid-December that included 700 prospective homebuyers who were renting or living with others. The survey questioned respondents on their most important features and standards when shopping for a home. Respondents prioritized some standards above others, although most were willing to compromise in other areas.
Bright MLS’s market intelligence data spans across Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the District of Columbia.
According to the survey, more than half of prospective buyers ranked the condition of the home as the most important factor in their home search. More specifically, 56.1% wanted the home to be move in ready before considering a purchase. Another 37.8% regarded move-in-ready status as somewhat important.
This finding likely stems from an increase in renovation costs over the past three years, forcing some buyers to pursue costly financing sources to improve their homes. A study by online home improvement platform Houzz highlighted a 60% increase in renovation expenses between 2020 and 2023.
Bright MLS added that “home shoppers may like to watch home renovations shows. However, when it comes to buying one, they aren’t looking to take on renovations themselves.”
The number of bedrooms in a home was also key for prospective buyers, with 53.2% ranking bedroom count as the most important feature. Behind that, nearly half of prospective buyers ranked garages as a very important feature, followed by en-suite bedrooms (49.3%) and overall home size (43.3%).
Prospective buyers also considered location standards during their homeownership journeys. In terms of very important location standards, proximity to work ranked highest at 54%. Walkability and school quality followed closely behind at 36.1% and 35.6%, respectively.
Bright MLS also mentioned that most buyers were willing to make trade-offs on size, location and conditions. About three-quarters of respondents indicated a willingness to purchase a smaller home. Another two-thirds said they would consider leaving their current neighborhoods to find the right home. Price sensitivity also affected most respondents, with only 38% expressing openness to purchasing a home outside of their price range.
Bright MLS attributed the overall willingness to compromise to increased pricing pressure in the housing market.
“The 2025 housing market is shaping up to be a challenging one, with mortgage rates persistently elevated, home prices at record highs, and inventory stubbornly low,” Bright MLS chief economist said Lisa Sturtevant in a statement.
“Our survey found that while prospective buyers realize that trade-offs are often necessary, they are more likely to compromise on the size of the home and location before giving up on their dream of finding a home in move-in-ready condition.”
Even with compromises, buyers still struggle to gather a down payment. More than 75% planned to put down less than the recommended 20% down payment. In fact, 30% planned to put down less than 5%, while some planned to put down zero.
Related
First Time Home Buyer FAQs - Via HousingWire.com
