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. More than half of prospective buyers ranked the condition of the home as the most important factor when searching for a home, a nationwide survey released today by Bright MLS reveals. 

According to responses from nearly 700 prospective homebuyers, 56.1% said buying a home that was move-in ready and required no repairs was very important, while 37.8% indicated move-in-ready was somewhat important to them. Bright conducted the nationwide survey of individuals who currently rent or live with others, but do not own a home, in mid-December 2024.

"The 2025 housing market is shaping up to be a challenging one, with mortgage rates persistently elevated, homes prices at record highs, and inventory stubbornly low," said Lisa Sturtevant, Bright MLS Chief Economist. "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."

Number of bedrooms, a garage and primary en-suite are the most sought after home features

At 53.2%, prospective homebuyers ranked the number of bedrooms as the most important feature when shopping for a home. Nearly 50% of respondents indicated that a garage (49.6%) and primary bedroom with an en-suite (49.3%) also were very important. Overall size of the home ranked fourth at 43.3%.

Nearly a third of prospective buyers indicated that a front porch (32.5%), energy efficient green features (32.0%) and a large yard (31.2%) all were very important. Ranking lower were a gourmet, upgraded kitchen and well-designed outdoor space, with 24.8% and 24.3% of respondents stating these features were very important to them, respectively.

Proximity to work, walkability and schools are all very important

When asked to rank what was "very important" when considering a home's location, distance from job/commute ranked highest at 54.0%, followed by walkability (36.1%) and school quality (35.6%). Just over 32% of prospective buyers said distance from family/friends was very important, followed by proximity to retail/restaurants and parks/open space at 31.8% and 31.1%, respectively. Approximately a quarter those surveyed indicated that having access to public transportation was very important.

Buyers are most willing to compromise on size and location

Although prospective buyers recognize that buying a home will likely require them to make tradeoffs, some choices are easier to make than others. Just under three-quarters (74.8%) of those surveyed said they would consider purchasing a smaller home and nearly two-thirds (64.2%) indicated they would be willing to buy a home outside of their preferred neighborhood.

Finding a home in move-in ready condition tops buyers' wish list. At the same time, 54.8% of survey respondents said that they could see themselves compromising and buying a fixer-upper if that was what was available. Fifty-four percent indicated that they would consider buying a two-unit home or a home with a rental unit.

The survey found prospective buyers are more sensitive to price with 38.8% of respondents indicating they would consider a more expensive home.

More than three-quarters plan to use savings for a down payment

Coming up with a down payment is often one of the biggest hurdles to becoming a homeowner, and with elevated mortgage rates and home prices continuing to rise, it's even more difficult. Nearly eight in 10 (77.1%) of those surveyed said they plan to use savings for at least some of their down payment.

Other down payment sources include tax refund (19%); gifts from family/friends (17.6%); 401(k)/retirement savings (15.8%); sale of stocks/bonds (14.2%); inheritance (9.3%) and sale of a property (7.5%).

In terms of the amount of down payment, nearly three-quarters (72.7%) intend to put down less than 20% with nearly 30% coming to the table with less than 5%, including 6.2% who plan to put zero down. Just over one in five (21.1%) buyers plan to make a down payment of 20% or more.

To view the full report, including methodology, please visit: brightmls.com/research.