Underquoting All Around?!
Most of buyers in Melbourne may have experienced the property price range quoted by real estate agents are nowhere close to the final sold price in most of instances in the past four months! According to David Morrell from Morrell & Koren buyer’s advocate, around 75 percent of properties on the market are underquoted. “If you are a competent real estate agent you should be able to value a property within ten percent of its sold price but to be out by 40 percent is absurd.”