In the real estate brokerage field they’re known as “setups” or “pinball” homes, and this spring’s improving conditions in some markets might be stimulating more of them.
A setup or pinball property is a house listed with an unrealistically high asking price that is visited by lots of agents and shoppers but that attracts no offers. The problem is this: Real estate agents, including even the listing agent, are using the overpriced house as a negative example to bounce buyers over to similar homes nearby that carry lower asking prices…