A garage or yard sale is a daunting and stressful task that begins with you rummaging through your basement, closet, and garage for stuff that you do not use or need anymore. Each item that you categorize for sale will need to be valued at the right price so as to attract buyers while still providing a decent return on investment. Pricing such items is the really hard part since most people do not really have an idea on the resale value of each item. There are many factors to consider and you will need to decide what you really want out of the sale.
Determine your garage sale objective. Normally, the main reason for a garage sale is to clear precious space in the garage, basement, or closet. Some people, on the other hand, want to earn some extra income by disposing of stuff that they no longer need. Determining what you want out of the garage sale will significantly help you in pricing your items. For example, if you do not really care for the money, then you may want to price your items attractively to encourage fast and speedy purchase. This gains you a few bucks while ensuring that the item is taken out of your hands. If you decide that you want to maximize the return of investment for these old items, then you will need to be more vigilant and observant in order to properly value the item without compromising its attractiveness. The latter is the more difficult objective.
Consider the condition, brand, and age. There are three factors that you will need to consider and evaluate when pricing an item for your garage sale. The first is the condition of the item. An item that is in mint condition will probably fetch a higher price than most. On the other hand, any item that is damaged or does not work the way it used to will definitely be devalued. In line with the condition, the brand of the item will dictate the value. For example, if you have an old antique table with French origin and craftsmanship in mint condition, then you can definitely price this higher than the table you bought a few years ago at Ikea. This example will point to age as another factor as well. Albeit tricky depending on the use of the item, age is a major factor to integrate in your pricing evaluation of an item. Furniture that is branded, old, and mint condition is considered an antique and usually increases in value as it ages however, an old mechanical tool, in spite of its brand and condition, will devaluate as it matures. These three factors are important in assigning value to an item for a garage sale. They are interconnected yet can provide dynamic in resale value.
Use a good rule of thumb. For most of the items in the garage sale, it is a good idea to value an item at 10 percent of its original value. This of course, is subject to the brand, condition, and age of the item. Antiques are definitely exempted from this pricing standard. Clothing and electrical items are the best items to price using this accepted standard. For antiques, it would be wise to have it assessed and valued by an expert to price it correctly.
Visit other garage sales. If you are still finding it difficult to price your items, it is recommended that you visit and observe other garage sales in your area to get a good feel on how others price their stuff. It is highly probably that these people will be selling items similar to yours. You can then base the price of your items on their methods of pricing.
If you really want to sell your stuff regardless of how much money you gain from the sale, then by all means, price each item at $1.00 or less. However, if you really want to rack up some serious dough, make sure to explore every detail and resource so as to price your items at its maximum resale value.