How to Price Items for Sale

Pricing is the second hardest task most people have in organizing their sale. The first is deciding what to sell. But, since you’re moving, the thought of paying big bucks to move an item should temper the urge to keep it. Still, it’s important not to project your sentimental attachment into the pricing of an item.
For furniture, TVs, stereos, lamps, appliances, etc., start by estimating what an item would sell for new and then discount it 75 percent. For example, the leather sofa that you bought nine years ago for $700 would get a price sticker of $175.
Assume buyers are knowledgeable and know values. The reason they come to your garage sale is to find a bargain. Remember the bargain hunter’s psychology—if you price one item too high and a buyer spots it, she will think everything is priced too high. For old stereo systems, record players, and other obsolete electronics, price way down, say, $20–$30 or less. If you don’t sell them, there’s no other market, and they’ll end up in your give-away pile in a day or two. They may even make good loss leaders to keep buyers looking around. The longer they stay, the more they buy is the sales song of veteran garage sellers.
For example, Earl and Shirley found several cases of old but still good Ivory soap bars in a corner of their basement. They put those on a small table priced at fifteen cents a bar with a ten bars per person maximum. The purpose was to get the bargain hunters’ juices flowing in anticipation of finding other good bargains. Clothing items are usually priced in the $1.50–$5.00 range, and used shoes and sandals sell best when priced less than $3.00 a pair. Don’t sell clothing that is damaged, dirty, stained, or torn; it can hurt your credibility. Hang the best quality clothing on a rack. It’s effective to call attention on the price tag to the brand or original cost. For instance, you may write: ‘‘Eddie Bauer leather jacket $250 new, now only $45.’’ For lesser value items loose on a table, an effective pricing strategy can be $3.00 each or three for $6 or $7 to increase sales volume. Another profitable pricing gambit is to sell tools, fishing tackle, or anything you can separate as single units. For example, instead of selling a toolbox full of tools, sell each tool separately, and instead of a tackle box full of lures, sell each lure for, say, 25 or 50 cents. This can up your profit considerably on high demand items.