In a difficult and costly housing market, some potential homebuyers might compromise on sure requirements and options to safe their buy. However survey information launched Thursday by Vivid MLS discovered that some requirements had been high priorities for some consumers.
The Maryland-headquartered MLS performed a survey in mid-December that included 700 potential homebuyers who had been renting or residing with others. The survey questioned respondents on their most essential options and requirements when looking for a house. Respondents prioritized some requirements above others, though most had been prepared to compromise in different areas.
Vivid MLS’s market intelligence information spans throughout Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the District of Columbia.
In accordance with the survey, greater than half of potential consumers ranked the situation of the house as crucial issue of their residence search. Extra particularly, 56.1% needed the house to be transfer in prepared earlier than contemplating a purchase order. One other 37.8% regarded move-in-ready standing as considerably essential.
This discovering doubtless stems from a rise in renovation prices over the previous three years, forcing some consumers to pursue pricey financing sources to enhance their properties. A examine by on-line residence enchancment platform Houzz highlighted a 60% enhance in renovation bills between 2020 and 2023.
Vivid MLS added that “residence buyers might like to look at residence renovations reveals. Nevertheless, in relation to shopping for one, they aren’t seeking to tackle renovations themselves.”
The variety of bedrooms in a house was additionally key for potential consumers, with 53.2% rating bed room depend as crucial function. Behind that, almost half of potential consumers ranked garages as an important function, adopted by en-suite bedrooms (49.3%) and total residence measurement (43.3%).
Potential consumers additionally thought-about location requirements throughout their homeownership journeys. By way of crucial location requirements, proximity to work ranked highest at 54%. Walkability and college high quality adopted carefully behind at 36.1% and 35.6%, respectively.
Vivid MLS additionally talked about that almost all consumers had been prepared to make trade-offs on measurement, location and situations. About three-quarters of respondents indicated a willingness to buy a smaller residence. One other two-thirds stated they’d think about leaving their present neighborhoods to seek out the fitting residence. Value sensitivity additionally affected most respondents, with solely 38% expressing openness to buying a house outdoors of their value vary.
Vivid MLS attributed the general willingness to compromise to elevated pricing stress within the housing market.
“The 2025 housing market is shaping as much as be a difficult one, with mortgage charges persistently elevated, residence costs at report highs, and stock stubbornly low,” Vivid MLS chief economist stated Lisa Sturtevant in an announcement.
“Our survey discovered that whereas potential consumers understand that trade-offs are sometimes obligatory, they’re extra more likely to compromise on the dimensions of the house and site earlier than giving up on their dream of discovering a house in move-in-ready situation.”
Even with compromises, consumers nonetheless battle to collect a down cost. Greater than 75% deliberate to place down lower than the advisable 20% down cost. In actual fact, 30% deliberate to place down lower than 5%, whereas some deliberate to place down zero.
