Garage sales make for a great opportunity to get rid of items you no longer want, while at the same time making some extra cash. If you aren’t sure which price your garage sale items should be priced at, here’s a few tips and ideas that you could use:
· Underprice! — More often than not people are looking for the best deal possible. If you’re hosting a garage sale, it’s most likely because you want to make some extra cash with your old stuff. Make sure that you’ve priced your items as low as they can go! By doing this, not only are you assured of making at least some money on your garage sale, but also that you’re giving your stuff a better chance of being sold.
· Be ruthless — Don’t just price things because you think they’re worth it, but also be willing to let go of some items if they aren’t selling at a considerable pace. If a potential buyer is interested in an item and wants to offer a lower price, consider it. It’s certainly better to sell your items at a lower price than leave them all for another garage sale where they’ll most likely go unsold.
· Know when to put the price down — If you’ve been asking $50 for an item and nobody has been looking at it, chances are that nobody will be looking at it. At that point, there’s no need to continue asking for $50; it should be lowered down to maybe even $30 or $25. By doing this, you’re not only giving your item a better chance of selling, but also telling other possible buyers that you’re willing to negotiate the prices you’ve set on items!
Here Are The Best Ways To Price Your Garage Sale Items
Here are some calculations and you can use to ensure that you price your garage sale items the right way. Keep in mind the item’s quality, condition, age, demand, and rarity. Use this as a guide to know what to price your items at:
Free: repairable items, things you struggle to get rid of (i.e., jeans with holes, toys with missing pieces, scrap metal, refrigerators)
10% of retail value: these are items that have to go quickly. (i.e., a bench that takes up too much space, old things you’ll never use again)
15% of retail value: these are items that people will buy if they want them; however, there is lots of competition. (i.e., patio furniture, lawnmowers)
20% of retail value: these are items that you’ll only sell if the price is attractive to buyers. (i.e., tools with rust and missing nuts and bolts, car parts)
25% of retail value: these are items that still can be used well but may have some normal wear-and-tear. (i.e., good quality clothes, shoes, accessories)
30-50%: these are items that have very a higher demand for them yet can be easily purchased at retail stores. (i.e., lightly used appliances, tools, decor)
More than 50%: these are items that are in high demand and in mint condition (high-end electronics, art, new furniture)
Garage sales are a great way to make some extra cash on items you no longer want. However, it can be difficult to know how to price your garage sale items. You can also use this handy Garage Sale Pricing Calculator! We’ve provided several tips that will help you price your goods the right way so they have the best chance of being sold! Keep in mind what condition your item is in and where people would typically buy them from (e.g., retail stores) when determining an appropriate price for each one.
Read next: How To Have A Profitable Garage Sale