In a challenging and expensive housing market, some potential home buyers may compromise on certain standards and features to secure their purchase. But survey data was released Thursday Clear MLS found that some standards were top priorities for some buyers.
The MLS, headquartered in Maryland, conducted a survey of 700 potential homebuyers who were renting or cohabiting in mid-December. The survey asked respondents about their top features and standards when purchasing a home. Respondents prioritized some standards over others, although most were willing to compromise in other areas.
Bright MLS’s market intelligence data covers Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the District of Columbia.
The research shows that more than half of potential buyers consider the condition of the home to be the most important factor in their search for a home. More specifically, 56.1% wanted the home to be move-in ready before considering a purchase. Another 37.8% considered ‘ready to move’ status somewhat important.
This finding likely reflects a rise in renovation costs over the past three years, forcing some buyers to tap expensive sources of financing to improve their homes. A study via an online home improvement platform Loves highlighted a 60% increase in renovation costs between 2020 and 2023.
Bright MLS added that “home buyers may enjoy watching home renovation shows. But when it comes to purchasing, they do not intend to take on the renovation themselves.”
The number of bedrooms in a home was also crucial to potential buyers, with the number of bedrooms being the most important feature in 53.2%. Behind this, almost half of potential buyers cited garages as a very important feature, followed by en-suite bedrooms (49.3%) and overall home size (43.3%).
Potential buyers also considered location standards during their home ownership. When it comes to very important location standards, proximity to work scores the highest at 54%. Walkability and school quality followed closely at 36.1% and 35.6%, respectively.
Bright MLS also mentioned that most buyers were willing to make compromises on size, location and terms. About three-quarters of respondents indicate that they are willing to buy a smaller home. Another two-thirds said they would consider leaving their current neighborhood to find the right home. Price sensitivity also affected most respondents, with only 38% reporting they would be open to purchasing a home outside their price range.
Bright MLS attributed the overall willingness to compromise to increased price pressure in the housing market.
“The housing market in 2025 will be challenging, with persistently high mortgage rates, home prices at record highs and persistently low inventories,” Lisa Sturtevant, chief economist at Bright MLS, said in a statement.
“Our research found that while potential buyers realize there are often trade-offs to be made, they are more likely to make compromises on home size and location before giving up their dream of finding a home that move-in ready condition.”
Even with compromises, buyers still struggle to collect a down payment. More than 75% planned to make less than the recommended 20% down payment. In fact, 30% planned to cut less than 5%, while some planned to cut at zero percent.
