What's it actually worth?
What's it actually worth?
This is one of the most important things I'll teach you.
Retail price is NOT the true value of an item. Asking price is NOT the true value of an item.
An item is only worth what somebody's willing to pay for it.
Which number matters most?
DEMO EXAMPLEUse eBay Sold Items.
Search the exact item on eBay and choose “Sold Items” under search filters. This will show you what the item previously sold for to real buyers.
- Check the exact model.
- Compare condition.
- Look at the sold price and date.
- Look for several similar sales.
The more recent and comparable the sales are, the more useful they are. This is very similar to real estate. The value of a house is determined by what similar homes in the area have recently sold for.
Don't fall in love with the discount.
If you see something marked down from $300 to $60, that'll get your attention.
But it doesn't mean you should buy it.
If comparable items are selling for $70, there's not enough profit. (We call it “meat on the bone.”)
The discount isn't the answer. What the market is willing to pay “is” the answer.