How do you determine the asking price for items you place in a garage sale?

Question

Specifically, I have a few larger ticket items, such as some nice living room/dining room furniture that I got from a decorator about 7 years ago. It was hardly used, but the sofa was about $1500 and I have a set of 4 matching upholstered parsons chairs that were about $1200.

Is it fair to label the sofa $20 and the set of 4 chairs for $20 and be willing to bargain down to $16 for each?

I have no idea, since I normally take goods and donate them.

Answer 1

Start higher, 200-300 and bargin down.

Answer 2

Hello

Getting the right asking price is always hard. As it is your stuff and there is always sentimental value to you it is hard to get it right.

If your sofa is in excellent condition you could even try a little bit higher. I have seen like leather sofa's in excellent condition for up to $500. If they are REAL leather and a LARGE sofa. But ordinary sofas I have seen go for $100. This is where some honest friends come in handy as it gives you an idea of others opinion and what they would put on it for value.

Try to stand back and look at the stuff you have for sale, then look at it as if it wasn't yours (do you have any friends who could help you do this??) Look for any rips, wear and tear and anything else that might knock down the price. Then look at the economy in your area (who are the people who will most likely show up to buy) then look at it again and decide what you would be willing to pay for it if you saw it at a garage sale.

Price it and put up a sign letting people know that you will haggle. But don't let them brow beat you. Some people want things for free and then will resell them on for a large profit. So have a lowest sale price (don't tell them what it is but keep it in your mind) and don't go below it.

Good luck.

Answer 3

You could mark up a bit more. Would rather start high and barter your way down. Starting too low, someone would still try to get you to come down in price. You could go by your local thrift store and see what their asking prices are for furniture. I would probably mark the couch at $100 and the chairs at $20 each as minimum pricing.

Answer 4

You must price items to sell - it depends on how much you want to get rid of these items. - some people love to haggle so you could suggest they negotiate - if you normally donate items - you might consider donating and taking a tax deduction for the reasonable value on items donated. Sometimes this yields a better profit for you.

Answer 5

Assuming I'm not dealing with genuine antiques or collectibles, I usually ask myself what I would be willing to pay for the item and add 10%. Always be willing to negotiate. This method requires that you be honest with yourself but I've had pretty good luck using it.

Answer 6

Scout around and see what others are asking.

Companies that buy used furniture usually pay about 10% of the purchase price.