Before we can really dive into figuring out what’s worth money in our closets, we first have to know how to research the value of something in the first place.
This might not sound exciting, but you’re going to use this method every day to research the items you’ll be learning about for the rest of the week.
The best way to do this is to check what the item is currently being sold for and what it’s been sold for previously.
[Note: For this challenge, I’m going to focus on eBay (since I sell on there primarily), but you can do a similar thing on other reselling platforms.]
Current asking price for the same or similar item
This is going to let you know what you’re competition is.
So if you have a pair of jeans you’re wanting to sell, then you don’t want to be priced too high or too low compared to other listings. You can also determine how many listings are currently available.
For instance, if you have a pair of vintage jeans that have been hiding in the back of your closet, you may find that there are only a few currently available on ebay. That might mean that you can price it higher because it’s more rare. But to really see if that’s the case, we have to look at what similar items have sold for.
Pro tip: just because someone is asking $50 for something doesn’t mean they’ll actually sell them for that.
That’s where looking up previous sales comes into play.
What has this item sold for in the past?
Looking at what other similar items have sold for mainly tells you what someone is actually willing to pay for something.
For example, those vintage jeans you’ve got. You might see that there is one other pair listed, and they’re asking $100 but when you look at the sold listings, you see that 3 pair have sold recently for $50 each.
How do you actually check the current and sold prices?
First, download the ebay app to make this easier (or you can do it on the desktop).
To find the current prices people are asking:
- Open the ebay app.
- Type your item into the search bar at the top and hit search.
- Be specific but not super specific.
- Important things to include are:
- the brand,
- the type of item (like jeans or shirt),
- specific style (like bootleg or if there’s a style name),
- and color.
- You don’t want to limit yourself by putting the size just yet. But in general larger sizes can sell for a little bit more as a rule of thumb.
Checking current prices
Here you will see the current asking price for similar items. Scroll through these to get an idea of what other people are selling their items for. You might get items that aren’t even comparable to yours. If so, just ignore those when doing this part.
Make note of the average asking price.
To see the sold prices:
- Once you’ve searched, select “filter” at the top right.
- Select “Sold Items” (you might have to scroll a little bit)
- Select “Done” at the top.
Here, you’ll want to see what people have actually sold a similar item for on ebay.
This will include both auction prices and buy it now prices. I personally don’t like selling things on auction and in general, you’ll get less money for something that sells via auction.
So to make sure you get a good idea of the buy it now price, Under “filter” select “buying format” and choose “buy it now”.
Now you should have a good idea of what you can realistically expect to get for your item. Make note of the average price.
Your Assignment for Today
Pick an item you’re wearing right now and just type it into ebay (or Poshmark or wherever).
- What’s the current asking price?
- What’s the sold price?
That’s it for today. Easy enough, right?
Tomorrow, you’re going to learn how to spot value with some specific strategies I use that makes finding valuable items for reselling easier and faster.