Do you love using EBAY but are always concerned about where to price an item? Should you price it high, or should you price it low, or should you price it somewhere in the middle just in case? It all can be frustrating if you don’t have a clue. Here are some tips and questions to ask yourself to help determine how you should price your item:
1. Do an advanced search on completed listings – If you go to EBAY and take a look to the right of the search button, you will see and “Advanced Search” link. Click on it and go to advanced search. Type in your items name and make sure you check “Completed listings” before you do an advanced search. This will give you a list of sold listings that the items had (or similar item) over the last couple of weeks. This will tell you things like when the item sold, how much did it sell for, how much where they selling it for to begin with, how many bidders did the item have, how much was the shipping cost, and so much more. Take all of these factors in consideration when finding a starting price.
2. How high are they going for? – What is the ultimate price that you see? If it’s pretty steady with many bidders then you are looking at a stable market where there is a good chance that’s what you’ll get no matter what your starting price is. But if the final price of the item is going up and down, then you might need to use a bit more strategy.
3. What time of the day are you selling? The best times are late in the afternoon and weekends from what I have seen and heard. It all depends on the market.
4. Do you see many hits on those items? If so then again you are safe to give your item a lower price.
5. Are you willing to hold onto the item a little longer? Then in this case you can test the market with a higher price than the norm and try to get more money out of the item.
6. Are you willing to take a risk on the item? If there are only a subtle amount of bidders, then you can always take a risk by pricing low even at $.99 to get more bidders interested. But you might take a loss if it’s not a highly bid upon item.
7. Are there many selling? – If you saw many items selling with a lot of bids then there is demand for you item. So you can have more risk and sell your item at a low price. What this will do it get many bidders bidding on your item and it will evoke buyer confidence so many people will feel comfortable with bidding on the item. There are risks, but in most instances you can make more money and the item will definitely sell.
So in order to price you need to keep this as a general rule of advice. If there is demand with many buyers, then price the item low ($.99) to get more buyer confidence and a higher potential ending price. If you are not sure then see where the items have sold for and price in that general area to see if you get any nibbles. Then work your way down from there if not.