What Buyers Are Looking For In Their Next Home

In a recent survey, would-be buyers were most interested in finding a turnkey home close to work, but they’re willing to compromise on some features.

Key points:

• In a Bright MLS survey of nearly 700 prospective buyers, move-in readiness and the right number of bedrooms were the top-rated home features.
• Home offices and updated kitchens were low on the list, but commute time was key.
• Buyers were most willing to compromise on home size and their preferred neighborhood.

Mortgage rates may be rising, but that doesn’t seem to be deterring buyers: At the beginning of the year, home tours ticked up, a sign that shoppers may be ready to move forward with a purchase in 2025.

Granted, demand is still relatively low, as evidenced by an increase in stale listings — which suggests that offering the right listing (at the right price) will be key for sellers in the year ahead. 

What makes a listing attractive to the current crop of buyers? A recent survey from Bright MLS offers insight into the home and neighborhood characteristics buyers are looking for. As listing agents and their clients consider their marketing strategies, highlighting those key features could help attract more buyer interest.

No fixer-uppers, please

The most important home feature among the nearly 700 prospective buyers surveyed was move-in readiness. More than 56% said finding a home that didn’t require repairs was “very important,” and another 38% said it was “somewhat important.”

Even though the vast majority of home shoppers indicated a preference for a turnkey home, almost 55% said they were willing to compromise on that feature. For many first-time buyers, that compromise could be necessary — starter homes “aren’t what they used to be,” noted Redfin Senior Economist Elijah de la Campa in a report released in September. 

“A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo is often all a first-time homebuyer can afford,” Campa said.

The right rooms (and the wrong one) 

Even if that “turnkey four-bedroom house” is elusive in this market, most buyers (53%) said having the right number of bedrooms was very important. And almost half the respondents also considered a garage and primary bedroom with en-suite bath to be very important. 

Overall home size came in fourth in order of importance — but buyers were most willing to compromise on size, with nearly 75% saying they would purchase a smaller home if needed.

One room that buyers don’t seem to care about as much is, perhaps surprisingly, the kitchen. Just under 25% of respondents prioritized finding a home with an upgraded kitchen — something to keep in mind when marketing a listing, as kitchen features are often highly promoted.

Pandemic must-haves lose their luster

With the sudden shift to remote work early in the pandemic, home offices became a hot commodity. Even in 2023, buyers still placed a premium on a dedicated workspace, with a Zillow report finding that nearly two-thirds of prospective buyers considered a home office to be very or extremely important. 

But as more employers eliminate remote work options, needs have shifted. Of the 11 home features buyers were asked to rate in Bright’s survey, a home office came in dead last. Almost half (45.5%) of respondents said it wasn’t important, while just under 19% said it was very important.

Outdoor space — another prized feature during the Covid era — was also near the bottom of the list. A large yard was deemed very important by about 31% of buyers, and just under a quarter valued a well-designed outdoor space.

The commute counts

When asked about location, buyers were most concerned about the distance from their job, with 54% saying commute time was “very important.” 

Walkability came in second (36.1% of buyers said it was very important), followed closely by school quality. Distance from family and friends and proximity to shopping and dining were each deemed very important by roughly 32% of buyers.

Location wasn’t necessarily a deal-breaker, however: More than 64% of respondents said they were willing to buy a home outside of their preferred neighborhood. 

On the other hand, most buyers were determined to stick to their budget — just 39% indicated they would consider stretching themselves financially to buy a more expensive home.

Source: Real Estate News

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