“Overpaying” to buy a home?

Adelaide’s residential real estate scene is breaking new territory in terms of prices, the number of sales, and the shortage of available property.

It seems that every open inspection is overcrowded, and most properties are put under contract within a couple of days of their release to the market.

Data provider PropTrack reports that Adelaide house prices have risen by just over 15% since last year. About a third of that growth has happened since 1st July.

Real Estate Agents are no longer confident to predict how much a property will sell for, and even valuers are apparently finding it more difficult to arrive at values that reflect real market value.

In some cases, the value of a property rises noticeably between the day of signing the contract and the settlement date. So buyers who may have thought they overpaid actually made money by the time the property was transferred into their name.

“Overpaying” today can result in generating more equity faster than most people could save money

RealTeam - Buyer Agent in Adelaide
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