Now in order to understand this analogy, you have to think back to a time and place long, long ago...before Playstation and Nintendo and Atari...

Remember the old pinball machines?  You pulled back the plunger to shoot the balls into the game, hoping it would hit the bumpers for points and the classic 'ding ding's of success!'

Sellers, you DON'T want to be the bumpers!  When you overprice your home, you become an example.  Not a contender, but an example. 

"But Leigh", you say, "I've had showings!"  Which means that agents are using you to sell other listings.  When you are overpriced in your neighborhood and in your market, buyers look at you and bounce right off to the next house-which is properly priced. 

"But Leigh", you say, "I've got the best condition going!"  Might be true-but even the best condition will hit the ceiling of what a buyer will pay given a particular location and neighborhood.  Buyer look at you and bounce right off to the next house-which is properly priced.

Don't allow your home to sell others...remember that when your home is shown, it's being compared to (on average) 10 other homes in that showing schedule.  And if they're looking at you and bringing no offers, they are bouncing off and hitting another house.  SCORE! (don't you wish it were you who scored instead of them?)

 

 

11 Comments on Are you in a pinball game?

DEC
05
2006
3 Featured Posts

GREAT analogy!  The pinball machine is the perfect comparison to convey to sellers their situation when they are overpriced. 

SK

7:25pm • #1
186,499 Points 28 Featured Posts Outside Blog
feel free to use it next time they want too much money. =)
7:26pm • #2
168,765 Points Outside Blog

2006 much have been the year that sellers have overpriced their homes their most. Despite the obvious slower market conditions. I had 3 seperate family members overprice their home and as a result it stayed on the market more than it should have.

7:33pm • #3
168,765 Points Outside Blog

2006 much have been the year that sellers have overpriced their homes their most. Despite the obvious slower market conditions. I had 3 seperate family members overprice their home and as a result it stayed on the market more than it should have.

7:33pm • #4
186,499 Points 28 Featured Posts Outside Blog
Eddy, I guess you just have to remind them that you can't write a new mortgage til they get realistic, reduce the price and sell it. =)
7:37pm • #5
472,311 Points 54 Featured Posts Outside Blog
Leigh, I hear Sellers all the time say that they don't no why their house isn't selling, because they have had a lot of showings. Most of them the house is on the high side of other house like it, so this might be very well what is happening to them.
11:29pm • #6
DEC
06
2006
186,499 Points 28 Featured Posts Outside Blog
George-feel free to use this anytime-it's worked wonders for me in getting people to 'get it' when they're overpriced.  i can't even remember where i learned it-probably from some super Star at StarPower conference. =)
5:41am • #7
321,961 Points 64 Featured Posts Localism Sponsor Outside Blog
When you are overpriced in your neighborhood and in your market, buyers look at you and bounce right off to the next house-which is properly priced.   Good advice!!!
10:47pm • #8
DEC
10
2006
131,334 Points 14 Featured Posts Outside Blog

Leigh I too like your analogy and we do mention to the seller that some agents may use their home to sell others or their own listing. We know it is unethical but it does happen. 

There are three reasons why a house doesn't sell. Location, condition or price, in that order. We always tell the seller that we can't move the house if it's in a great location. The condition is excellent so one thing is left, the price. If the location is awful and the condition is great, we can't change the location so it's the price. Great location, bad condition need to adjust the price if you can't change the condition. Oh well, just my 2 cents.

Thanks Jay 

8:58pm • #9
186,499 Points 28 Featured Posts Outside Blog
Your 2 cents are valuable when sellers listen, right Jay?  =)  I tell folks they need to either raise the condition or lower the price since picking up the house and moving it isn't usually the most viable option. =)
9:00pm • #10
JUN
04
2007
370,156 Points 62 Featured Posts Outside Blog

Hey Leigh, I found this on a search on AR for pinball. Just thought I'd let you know that your image croaked.  You can harvest one from here:  www.pinballavenue.blogspot.com it's a family site.  My photos are yours if you want to use them.  Humor the old man and make a comment if you visit the blog. 

*C*

8:17pm • #11

Leave a response…



(optional)
What does the graphic say?
 

Find NC real estate agents and Charlotte real estate on ActiveRain.