Garage Sale Pricing Tips
A garage sale can be a great way to clean out your closets and make a few bucks in the process. However, if you don't want to load leftover items into a van and transport them to a donation center such as Goodwill, the Salvation Army or the Disabled Veterans of America, you will need to price your items to sell. These tips will help you price items so that you can leave room for negotiating and still feel like you got what your clothing, furniture or play items were worth.
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Percentage Strategy
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One simple, all-inclusive tip for garage sale pricing is easy to implement if you know or can find out what the original retail price of each item was. Price most items between 10-30 percent of their original retail price. In addition, consider the condition of the item and whether or not you have the original packaging. Electronics in excellent condition and good working order for which you have remote controls, owner's manuals and original packaging may be priced higher than 30 percent of the original value but should not be priced above 50 percent.
Media Pricing
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Consider a range for media items; items in excellent condition may be priced at the high end of the range while items with normal wear and tear may be priced in the middle of the range. Items in fair condition should be priced at the low end of the range. Items in poor condition shouldn't be sold at all. You could place these items in a "Free Bin" if you don't want to throw them out. Books should be between 50 cents and $1.50, with paperbacks less than 50 cents; DVDs between $5 - $15; music CDs between $1 - $3; software CDs between $1 - $20 and records between 50 cents and $2.
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Price Every Item
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Place a sticker with a clearly-marked price on every item to avoid negotiations with every shopper. Generally, most people want to know what a seller is asking for an item; let them decide whether or not they are willing to pay it. Allow room for negotiating in higher priced items, specifically those which you value at more than $100. Use blue painters tape and a black permanent marker so prices can be easily seen, and removed, by buyers.
Pricing Collectibles
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Only price and sell a collectible item if you are certain it is a collectible and you are sure of its price. Otherwise, no matter what you price it at, you are likely to either be taken or end up not selling your item. You are also liable to damage the item during the sale. A better approach is to sell items you know to be collectibles but aren't sure of their value on eBay or Craig's List, where you have more control over the sale and distance between your item and potential buyers.
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References
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