Do You Need to Include Conditions in Your Buying Offer?
Nov 20, 2023 / Buying
Today’s home buyers are facing different conditions compared to the last few years, and as a result, their strategies are changing to better reflect their current market position.
Although homes regularly attracted multiple offers during the seller’s market peak, buyer competition is far less intense in today’s market. With buyers enjoying greater inventory and a more relaxed market, conditions have steadily become a more prominent aspect of buying offers.
So what should you know about conditions if you plan on purchasing a home in the near future? Keep reading to find out.
Conditions Are Back
When real estate in the Greater Toronto Area was heavily favouring sellers, conditions were included far less often. This is because buyers were often facing tough competition and looking for every possible way to make their offer more enticing to the seller. While this strategy did help some buyers land a highly sought-after home, it certainly wasn’t without risk.
Conditions are designed to help buyers protect their interests during one of the biggest purchases of their lifetime. Although many house hunters have felt the pressure to sacrifice them while placing an offer over the past decade, today’s cooler market circumstances have given buyers greater leverage. As a result, conditions have made a big comeback over the past year or so.
Buying your first home? Check out these other blog posts for helpful tips.
- How to Budget For Buying a Home in Vaughan
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- How to Buy a Home: Step by Step
What Are Some of the Most Common Conditions?
One relatively common condition that buyers may opt to include in their offer is financing. This means that their offer is conditional on their ability to secure adequate financing for the home.
While this is an option, it’s usually a good idea to get pre-approved before you begin your house-hunting journey. Having a pre-approval in your back pocket means one less condition you need to include in your offer – which can increase your chances of getting accepted.
One of the most valuable and protective conditions that you can include in your buying offer is a home inspection contingency. In past years, the competitive nature of the market often led to conditionless offers and hurried decisions – leading buyers to overlook potential issues with the property and put themselves at risk of purchasing a home with hidden issues.
The home inspection condition gives you the opportunity to bring in a qualified inspector to assess the property thoroughly before the deal closes. If any significant issues are discovered, you can negotiate repairs or, in certain cases, potentially opt out of the deal. This condition not only safeguards you from unforeseen problems but also ensures greater transparency from the seller.
Looking to buy a home that’s perfect for your unique needs? Explore these other blogs for helpful advice.
- What Are Vaughan’s Top Neighbourhoods For Families?
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Other Ways to Protect Your Interests as a Buyer
If you’re planning on buying a home in today’s market (or any market for that matter) you’ll want to work with an experienced real estate agent. Working as your personal advocate and professional expert, having an agent by your side can make a world of difference.
In addition to helping you select the best conditions to include in your buying offer, they can help you negotiate the best possible price on the home.
Lino Arci’s Buy Back Guarantee
Further protecting your interests, our team’s Buy Back Guarantee – also known as our Love It or Leave It Guarantee virtually eliminates the chance of buyer’s remorse. In addition to helping you find a great home at a reasonable price, we can completely remove risk from the equation.
Here’s how it works: if you buy a home with us and are unhappy with it, we’ll buy it back from you up to one year after the date of purchase. Alternatively, our team will help you re-sell your home, free of charge.
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