I took a quick glance at my phone after our priest made his way out of Mass this morning and saw an offer of $100.00 on a pre-owned Missoni dress that I’ve had listed for probably close to 9 months. Once we got everyone packed into the mini-van, I checked completed listings, decided that $100 was a fair price, and accepted the offer. The buyer paid during our ride home, and I just got back from my walk to the post office, where I sent it on its way. The sale resulted in a total profit of $78.81.
So, why am I bummed?
I think I priced the dress poorly. I had it listed for $199.99, or best offer. A check of completed listings of dresses by the same label in the same size, condition, and buying format show that the highest recent sale was for $135. Having it listed for $200, even with the best offer option, probably turned a lot of buyers away. Had I priced it around $150 OBO, I imagine may have garnered more interest. (This was the first offer I received in the many months it’s been listed.) That greater amount of interest would probably have resulted in more watchers and more offers, and I and may have received an offer closer to $125 or $130. Additionally, I could have priced it at $130 or so without the best offer option, and made a larger profit that I did today. I guess I could have declined the $100 offer, or counteroffered at a higher price, but it had just been sitting so long–I was itching to get it off my hands.
That being said, I’m not really upset about the sale. The almost $80 in profit is more than I woke up with, and I’ll be another little dent in that student loan I’m working on. However, moving forward, I need to be more careful with my pricing, especially with these big-ticket items that don’t come around very often. I need to make sure that I don’t price my items so high that they drive away buyers who would be willing to offer a price that I would take, if not for the excessive asking price.