Prices for garage or yard sales

Many people have attempted to put together garage or yard sale pricing guides. The main problem with this is that prices differ from one part of the country to another and often times even within the same city. This is due to many factors such as the demographics of your town. This is why I am not a great fan of these price list compendiums. That is not to say they have no use, I just find that the same list while being ok for one person may give the next person some strange pricing results, which may result in a garage sale day disaster. So how then does one establish garage or yard sale prices?

The answer lies in one word…RESEARCH! One of the best ways to do this is to visit other garage sales in your area. Have a look at how other people are pricing their goods at their garage sales.

Pay attention however to whether people are buying at these prices! A mistake that garage sale rookies often make is to price their goods too high. Remember that the whole garage sale psychology is that people are looking for bargains. Of course you do not want to under-price yourself either.

So before you have your first garage sale, try to visit as many other garage sales as you can to get all sorts of ideas, including how to price your goods. This is the second best way to learn how to price your goods.

The best way unfortunately comes from experience. You must hold a few of your own garage sales and you will learn by trial and error what the best pricing is for different kinds of merchandise.

Having said that, I can offer you a few good guidelines:

Base price

As with all things, you need a base price. Clearly this has got to be the retail price of a new item. Just visit your local retailer and get a feel for what the product would sell for it was new.

It may also help to visit flea markets and see what prices items are selling for there as this will usually be a bit cheaper than in the retail stores.

Now you need to work out what a reasonable discount would be compared to the new prices. There are quite a few good books which you can pick up on Amazon or in your local bookstore which will give you guidelines as to what the prices of second hand goods should be.

You can also visit other second hand shops such as pawn shops to see what they are selling stuff for. You would have to sell your stuff for prices that are cheaper than this because they still have high overheads to pay so there prices will still be quite high even though they are cheaper than retail.

You could also look at the classified ads of your local press or online to see what similar items are selling for.

If items are brand new and still in their original packaging, you could get up to 75% of the new retail price.

Most goods however will not go for more than a third of their retail price. The price they fetch will depend on the desirability of the product and on the condition of the goods.

Electronic goods in good condition can be sold for as much as a third of the retail price. Often prices will be between 10-20% of the new price.

The biggest movers will be anything up to $5 an item, preferably up to $2 per item. This allows people to buy tons of stuff for just a few dollars.

As already mentioned, it is quite a difficult give guideline prices as different products will sell for different prices in different parts of the world or the country, so the above guidelines should get you started but you must do your price research!

Perhaps the best way to decide on a final price if you are stuck is to ask yourself what you would be prepared to pay for the item on someone else’s garage sale. This will often be the best price!