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When you’re selling secondhand or vintage, pricing correctly is essential to a sale. There are different elements to consider for each but ultimately you need to strike a balance between the worth of the item and the market value. Always start by doing your research. A little work early on will help you land on a realistic price and lead to a quick sale. Price your items too high and you could end up doubling your efforts, resulting in half the financial gain.
Pricing Secondhand Listings
If you’re selling secondhand items, keep in mind that you’re selling secondhand items that you longer need or want. Technically worthless to you, secondhand listings are depreciated in perceived value. Since selling is about perceived value and how much the buyer is willing to spend, let go emotionally of the item’s original cost and what you think is the perceived value. A good rule of thumb is that a secondhand item of two years or more should be priced for half of it’s original cost. The older an item or the less popular an item, the lower the price should be. The same rule applies to the condition of a secondhand item. Look around, if there are many options of the same listing from which a shopper can pick from, then keep your price within those price points. Keep in mind that a buyer opting for secondhand items is usually on the lookout for a deal.
Pricing Vintage Listings
Vintage listings have an advantage over secondhand listings, which is the minimal pool of inventory. Most vintage listings are unique and rare, increasing it’s perceived value. Market demand and the desirability of the individual buyer heavily influence the price of a vintage item. The condition of the item can still depreciate the value of a vintage item, but if the demand for the item is greater, it depreciates less drastically. Sharing details like designer brands, intricate detailing and history of the item with potential buyers builds an emotional attachment to a vintage item that translates into desirability and a higher price point.
Vintage sales should also factor in the effort and expenses by the seller to source and sometimes repair the item. Keep in mind that vintage listings do go down in perceived value the longer they sit on the market. Demand is fickle so if an item isn’t selling, it might be better to pull it and wait for interest to rise.