Last Updated on January 11, 2024 by Kimberly Crawford
With sustainability and cost-efficiency in mind, buying used furniture has become popular. It saves money and adds character to your space. But how do you price it? Pricing used furniture can be daunting.
This blog post will guide you on effectively pricing used furniture for buying or selling. Whether looking for a deal on pre-loved items or trying to make extra cash, keep reading because we’ve got you covered.
1. Analyze Its Original Price
The original price of the furniture plays a significant role in determining its resale value. Although this is not the only factor, it provides a baseline for your pricing.
High-end furniture brands tend to retain their value over time, even if they have been used and loved. If you originally invested in quality pieces from reputable stores in Austin, you could expect to recoup a fair percentage of the initial cost.
However, pricing used furniture isn’t as simple as taking a percentage of the original cost. Factors like condition, age, and demand also affect the final price. High quality used furniture in Austin may sell for more compared to less popular areas. Striking a balance is crucial, ensuring affordability for buyers while reflecting its true value.
2. Assess the Condition
The condition of your used furniture is critical in determining its resale price. Furniture that has been well-maintained and shows minimal signs of wear can command a higher price.
Check for any scratches, stains, tears, or bumps that could detract from its value. If the furniture is in excellent condition, it’s reasonable to ask for a higher percentage of the original cost.
On the other hand, if the furniture is worn or has visible damage, such as deep scratches, broken parts, or significant discoloration, it will likely fetch a lower price.
In this case, you should reduce your asking price to make up for the money the buyer may have to spend on repairs or restoration. Remember, the goal is to set a price that fairly represents the furniture’s current condition.
3. Consider Its Age
The age of the furniture is another significant factor to consider when pricing. Generally speaking, older pieces may fetch a lower price than newer ones unless they’re antique or vintage pieces with a high demand in the market.
If you’re selling a piece that’s only a few years old and in great condition, it’s reasonable to ask for a larger portion of the original price.
However, if the furniture is vintage, you must consider its uniqueness and rarity. For example, a mid-century modern piece in good condition can be more valuable on the used market than a similar piece that’s only a few years old.
Always research the market to understand the demand and value of vintage pieces. Remember, while age can decrease a piece’s value, it can also increase it in cases of antiques and sought-after vintage items.
4. Check the Brand
The furniture brand greatly influences its resale value. High-end brands retain value better due to their reputation for quality and durability. For instance, a used piece from Herman Miller or Ethan Allen will likely fetch a higher price than a lesser-known manufacturer. Research the brand and consider this when pricing your furniture.
Make sure to prioritize brand over condition and quality. A well-maintained piece from a lesser-known brand can still fetch a good price if it’s in excellent condition and has a desirable style. Balance brand reputation with other factors when setting your price.
Consider the brand’s demand in your location and market. A highly sought-after brand allows for a higher price, while a less popular brand may require a lower price to attract buyers.
5. Scan the Market
Scanning the market is an essential step in pricing used furniture. This involves researching comparable items online and in local second-hand stores to determine a price range.
You can examine sites like Craigslist, eBay, or Facebook Marketplace to gauge how similar items are priced. Look for furniture that matches your brand, style, age, and condition. This will help you establish a realistic and competitive price for your item.
Remember that prices can fluctuate based on supply and demand. If there’s a glut of similar items on the market, you may need to price your furniture more competitively to attract buyers.
Conversely, you could charge more if your item is unique or in high demand. Keeping an eye on market trends and adjusting prices can help ensure a successful sale.
6. Factor in Any Modifications
Modifications or improvements you’ve made to the furniture can add or detract from its value. If you’ve made high-quality updates, like reupholstering a chair with premium fabric or refinishing a table with high-grade stain, these enhancements could increase your furniture’s worth. Be prepared to justify these modifications and show potential buyers receipts or proof of work.
On the other hand, poorly executed modifications or alterations outside the piece’s original style could decrease its value.
For example, a modern color painted on an antique piece of furniture could turn off antique buyers. So, when setting your price, carefully consider the quality and appeal of any modifications made to the furniture.
7. Adjust for Quick Sale
If your primary goal is to sell the furniture quickly, consider pricing it a little lower than the market average. Buyers are generally attracted to deals and may be more willing to purchase your item if they perceive it as a bargain.
This strategy is especially useful when there’s a high supply of similar items on the market or the furniture needs to be a popular style or brand.
However, be cautious to value your furniture only a little in the interest of a quick sale. While a lower price may attract buyers, it’s important to maintain a fair representation of the furniture’s worth, considering its brand, quality, age, condition, and market demand.
Remember, even if you want to sell quickly, your ultimate goal should be to balance a speedy sale and a fair price.
Pricing used furniture is an art and science. It involves analyzing factors like original price, condition, age, brand, market trends, modifications, and the desired timeline for sale.
Considering these, you can confidently set a fair price that reflects the item’s value and appeals to potential buyers. Whether buying or selling, start now to find the best deals on quality used furniture in your area.
FAQs
How do I determine the original price of my used furniture?
Look at the tags or labels to see if the original price is listed. Also search online for the item using the brand name, model number, dimensions, etc. to find the MSRP or price when it was new.
Does the condition of the furniture impact the pricing?
Yes, the condition greatly impacts the used sale price. Assess signs of wear and tear – scratches, stains, loose joints, etc. Furniture in excellent or “like new” condition will have higher prices closer to its original price versus items that show more wear.
Does the age or style of the furniture matter for pricing?
Yes, older antique or vintage furniture tends to increase in value if it’s a classic style. Very modern or trendy furniture styles may decrease in value faster. Research prices for similar aged and styled items when pricing.
How do I factor in repairs or improvements I made to the furniture?
Improvements like reupholstery, paint jobs, and minor repairs can add some value if they are high quality, but likely won’t return a dollar-for-dollar increase to the price. Make sure they are executed well and highlight them when describing the piece.
What’s the best way to figure out the right asking price?
Research similar items online and locally to see current asking prices. Price just under the average prices of comparable items that are similar in brand, size, age and condition to attract more prospective buyers. Be prepared to negotiate some as well.
If there’s a lot of interest or views early, should I raise the price?
Avoid increasing the listed price just because of early interest or views, as that can turn off interested buyers. If there are many inquiries about purchasing at your existing asking price within the first few days, that suggests your pricing is on target.
References:
- Field, A. (2024, January 7). Top 14 Best Used Furniture Stores in Austin, TX – Find Quality & Savings! – Asher Field. Asher Field. https://asherfield.com/used-furniture-stores-in-austin-tx/
- What is brand reputation? | Hootsuite’s Social Media Dictionary. (2023, June 29). Social Media Marketing & Management Dashboard. https://blog.hootsuite.com/social-media-definitions/brand-reputation/
- Sue, T. (2023, June 16). How to Price Used Furniture: 15 Steps (with Pictures) – wikiHow. wikiHow. https://www.wikihow.com/Price-Used-Furniture
