How Much is it Worth?

You have been saving “stuff” for years. And are ready to sell that stuff! But, what price should you put on it. It might be worth more than you know. You might have something that is really valuable! So...Where do you find the price or value of items that you want to sell?  

50-30-10 RULE

Near-to-new items should be sold for 50 percent of their retail price

Slightly used items at 25-30 percent of retail

Well-worn items at 10 percent of retail

Negotiation is the rule of thumb in the world of resale. There is no real correct price when re-selling items. There is only what someone is willing to pay. All you need to do is find someone who's willing to buy your product at the highest price possible. The practical upshot of this is that you can set your price as high as you want and the worst thing that happens is it doesn't sell. You can always re-list later.

The quickest way to determine what your stuff is worth is to see what other people are selling similar items for. Keep in mind that those listings may not sell for the listed price and they may not sell at all. They may be negotiated down. Just because someone's listing an item for a certain price doesn't mean that's what the market is willing to pay for it. However, it can give you an idea of where to start with your price.

Along with the price, the condition of your items needs to be take into consideration also. It matters in the pricing arena if your item is in good condition or if it is falling apart. Overvaluing will only keep your items in the no sale category. If you price according to its age and condition fairly, then it should be sold quickly. You have to be realistic about the condition of your item. Having a scratch on a end table or a stain on a silk scarf may mean you can't sell it for as much as a new one, but it does mean you have a wider market. You can sell to more people at a lower price point. So pay attention to the condition of the item you're selling and, if it's not as nice as the items you're comparing it to, drop the price a bit.

There is a difference between what an item is selling for and what it's sold for. On eBay, you can find items that have been sold in the completed listings section.This is particular handy because it can help set a price in all the different sites and platforms that you can sell in. A completed listing not only shows the worth of the item but it also shows what someone is willing to pay for that item. You can also use CheckAFlip which compares completed listings to currently active ones for specific search categories. It will also tell you the average number of listings that have successfully sold for a particular item or category. This can this give you an idea about where to set your price. Sagebluebook provides a similar service for used electronics, but it looks beyond eBay listings. It compares listings from Amazon, eBay, Craigslist and Google search results. It's more likely to give you a broad view of the market as a whole.

If you want to go from a “break-even” price point, then you should price slightly higher than what you would actually want to receive, and be willing to be negotiated down. By starting a bit higher and be willing to negotiate for lower prices, and can stay in the profitable range.  

When setting a price, take into consideration the price of packing materials and boxing items. The item itself isn't the only thing you're selling. Depending on what you're selling, you're also going to have to box it up, pay for shipping, or arrange for someone to come to your house. How much work you have to do to get the item from your home to your customer's can affect the price.

Of course, determining your price is only one piece of the puzzle. You also need to pick the right venue for your items, write a good description, and make the item easy to search for. However, setting a price for your stuff is just like any other negotiation. You research what the other party wants, what they're willing to part with to get it, and you try to get as much as you can. Do your homework, appraise properly and you'll make good money.

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