Blog by Dr. Lori

3 Tips to Set Selling Prices

by Dr. Lori Verderame
3 Tips to Set Selling Prices

You are getting ready to sell your antiques and collectibles, but you don't know how to set the selling prices. Where do you start? Who should you listen too? Use my three guidelines below to make sure you don't lose money by pricing your antiques too low.

1. Set your Price

Are you trying to sell your antique oil lamps or vintage postcards and want to get top dollar? Then, don't let the buyer set the price. You need to know the market value first--what others are really paying for a similar antique or collectible. Allowing a buyer who is probably an expert on your antique or collectible (and you are not) to set the price just sets you up to lose big money. Why? Because that person will most likely suggest a very low price because they want to buy it cheap. I'm sure they are nice and you can't blame them for wanting a bargain, but do you want that bargain to be at your expense?

2. Price it High

blanket chest

Aim high when pricing your unwanted stuff for sale like old marbles. When watching that TV infomercial, do you ever think they are going to sell that one veggie slicer for 19.99? Of course not, they start the price high. Heck, they usually end up adding another veggie slicer to the sale. Start your pricing high when selling. This gives you room to negotiate down to an acceptable price. Read my blog that explains differences between appraisal, asking price, and purchase offer values. It will make things clearer. You might even sell your antique pocketbooks at that initial high price! I've seen it done when people just need to have your antique or collectible.

3. Ignore Rumors

You're standing in your garage pricing your antiques and collectibles for a yard sale and your neighbor stops by to borrow your desired Staffordshire platter or your weed whacker. They look over your shoulder and start offering opinions that they've heard your Hummels aren't valuable or those Star Wars collectibles don't bring much money. Ask yourself, how do they know? They don't know! Ignore them. I hear rumors like this spreading around all the time. Sometimes these comments are innocent enough, but other times they are put forth in an attempt to get the item from you cheaply. Price your antiques based on the current market using a real sale where someone has paid cash, swiped a credit card or written a check for a similar item. That is how a real estate appraisal is prepared and that is how I prepare my antiques appraisal reports for antiques too.

Of course, if you need help pricing antiques or collectibles, please feel free to ask me about them. Attend one of my events and I can show you how to price your antique and answer your questions too.

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