Whether you have or haven’t bought a house before, there’s a lot you’ll want to know before you head to the market. Right now, real estate in Durham Region and Kawartha Lakes is in a unique place. Because of this, you have new opportunities to make the most of your purchase as a buyer.

While there are a handful of advantages to buying in today’s market, one notably important one is the chance to add specific conditions to your offer without worrying too much about competition.

As a real estate team that has helped countless buyers in all kinds of markets, we decided to write an entire blog post dedicated to house offer conditions, how they work, and which ones you may want to consider including.

Why Buying a House in Today’s Market is Different

Before diving into the specifics of real estate conditions, it’s important to add a little bit of context. Just a few years ago, real estate all across the province was in uniquely high demand. With more buyers than available inventory, our particular neck of the woods experienced a busy seller’s market with properties selling quickly and (usually) for more than the asking price.

In response to these market dynamics, buyers had to compete to secure their dream home. This often meant forgoing conditions in favour of a “clean” offer. Which can be risky.

Today, real estate in Ontario looks a lot different. While every market has its own trends, market dynamics are much more balanced overall. This has given buyers better flexibility in how they can craft an offer, including the ability to add conditions when relevant.

What is a Conditional Offer? The Basics

Ok, let’s talk about conditions.

When you place an offer to purchase, you can include other details beyond the price and possession date. More specifically, you can include personalized stipulations that make your offer contingent on a certain action or outcome. These are called conditions, and if your offer includes conditions, it’s known as a conditional offer.

If your offer is accepted, there will be a short window for all conditions to be met. If conditions can’t be satisfied, or new developments come to light as part of their fulfillment, the transaction will reset to the negotiations phase.

Getting ready to buy a home? Check out these other pages from our site for helpful info and insights!

• What Are My Mortgage Options in Today’s Market?
• Where to Find Affordable Homes in Ontario
• How to Find Your Community in Durham Region & Kawartha Lakes

What Conditions For Buying a House Are Most Common?

If you’re placing an offer on a house, you can make that offer conditional on just about any detail. However, there’s really just a handful of standard contingencies that buyers may (or may not) choose to include in today’s market.

Home Inspection Condition

Hands down, the most common condition right now is the home inspection. This allows the buyer to have the house professionally inspected before the deal is finalized. If the inspector finds any major issues with the home, the buyer can renegotiate their offer or potentially walk away.

Financing Condition

What happens if you place an offer on a house only to find out you can’t afford it? That’s where a financing condition comes into play. This makes your offer contingent on you getting approved for a mortgage before the deal closes.

As Realtors, we always recommend getting pre-approved for a mortgage before you start house hunting. Not only will this help you shape your budget, but it also could mean one less condition to include when it’s time to make an offer.

Home Sale Condition

Some buyers choose to include a home sale condition, which makes their offer to buy conditional on the sale of their current home (if it’s on the market). If the buyer’s house doesn’t sell by a certain deadline, the transaction is put on ice. Predictably, this kind of conditional offer does not have a high success rate, since it heavily prioritizes the buyer’s interests over the seller’s.

Looking for advice on buying a rural home? Read these blogs next!

• Moving Out of Toronto? Here Are 5 Tips For Transitioning to Life in a Smaller Town
• Where Are The Best Rural Homes In Ontario?
• 5 Things to Know Before You Buy a Country Home

What Conditions Should You Put on a House Offer?

That’s the million-dollar question. If you ask us, there’s no black and white or universal answer. In our markets, every client, property, and transaction is unique. So, the best conditions to include when buying a house will be totally different based on the circumstances.

As a buyer, here’s what you really need to know: Working with an experienced real estate agent is essential. More on that next!

Buying a House? We can help!

No matter what’s happening in the market, nothing is more important than choosing the right real estate agent. That’s where we come in! At Puckrin & Latreille, our unmatched market insights are to your advantage.

Not only can we help you navigate the market and find a great place to call home, but we’ll also help you get the best deal possible when it comes to making an offer and negotiating the final sale price. That’s because we have more than 175 years of combined experience and have bought virtually every type of home in Durham Region and Kawartha Lakes.

Searching for the perfect place to call home? We can help. Call 905-985-7300 to reach our team or click here to send us an email.

Book a Meeting

Whether buying or selling a home in Port Perry and the surrounding area, our team has you covered. Book a call with us today to get started.