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Valuing used furniture can be a challenging task, as it involves several factors that influence its worth. When you decide to sell your furniture, you want to ensure you receive a fair price.
However, you must also consider that the resale value of used furniture is generally lower than its original purchase price. Finding the right balance between these two factors can be tricky, but some guidelines can help you determine the worth of your furniture.
Firstly, you should consider the type and condition of the furniture. High-quality furniture made with durable materials that are well-maintained will naturally have a higher value than furniture that is worn out or damaged. The age of the furniture is also an important factor to consider. If the furniture is antique or sentimental, it may fetch a higher price than newer pieces.
The demand for furniture in the market is another factor that affects its value. Furniture currently trending or in high demand will have a higher resale value. Similarly, your location and market conditions in your area can also impact the worth of your furniture.
To determine the price for your used furniture, you can consult online marketplaces and compare prices for similar items. You can also consider factors such as the original purchase price, age, and condition of the furniture to arrive at a reasonable price.
By following these guidelines, you can ensure that you get a fair price for your used furniture when you decide to sell it.
Pricing used furniture
When deciding on prices for your old furniture, consider these factors:
1. Look at the quality
The quality of furniture varies significantly depending on the materials and craftsmanship.
High-quality furniture often features solid wood, precise joints, and a glossy finish.
On the other hand, lower-priced furniture is typically made of veneered particleboard with basic joints and might require self-assembly.
When assessing your furniture’s condition, it’s important to be objective. Consider how a potential buyer would view it rather than being swayed by sentimental attachment from living with it for a while.
2. Consider the size
Size matters to buyers. Large items like TV entertainment centers can be difficult to sell. Having furniture in standard sizes expands your potential market.
Although custom pieces may have been costly, if they’re not what buyers are seeking, you won’t recoup the expenses in the selling price.
3. How popular is it
Trends in furniture are constantly changing, affecting its market value. The style of your furniture plays a key role in its desirability to buyers.
Generally, buyers prefer a neutral contemporary style, unless they’re specifically interested in classic antique pieces.
4. Competition?
Before selling your furniture, research similar pieces to gauge their market value. Browse online auctions, local newspapers’ classified ads, thrift stores, and furniture stores to understand pricing trends.
For low-value items, ensure they are in top condition to appeal to buyers. Antique or vintage furniture generally has a market, but presenting it in excellent condition is still important.
5. Depreciation
If your furniture isn’t showing much wear, don’t assume you can sell it for nearly the same price as new.
Take leather living room suites, for instance. They’re pricey when new, but even after 10 years of careful maintenance, you might only get a fraction of the original price, typically between a quarter to a third.
How the industry evaluates used furniture
Most people rely on average prices as a benchmark to gauge whether they’re paying a reasonable amount. So, look at what other comparable products are selling for in the industry. This helps you gauge the fair market value of your item.
A common rule of thumb in the used furniture industry is to price items at 70% to 80% of their original selling price.
Your price should reflect the actual cost, not the inflated initial price set by furniture stores. It’s common knowledge that furniture often comes with a hefty markup, and it’s rare to pay the full list price when purchasing new items.
This assumes your furniture is of good quality, not just pressed particleboard, which tends to deteriorate within a few years.
To determine the right discount, carefully assess the condition of your furniture.
You can also utilize the Furniture Blue Book to gauge the average price of your piece.
How to price used furniture for Craigslist?
The simplest method is to check websites like Craigslist and eBay to see the prices of similar items in your area. This will help you determine the right selling price for your used furniture.
Example prices
Below are the typical price ranges for common furniture items:
- Sofa: $35-$200
- Dining room set: $150-$1,000
- Bed: $50-$400
- Arm chair: $25-$150
- Dresser: $20-$150
- Table: $50-$150
- Desk: $25-$200
- Loveseat: $25-$150
So how much should you sell your used furniture for?
Let’s say you bought a bookcase for $500, and it’s still in great shape, with no scratches, and with all shelves intact. You could start pricing it at 80% of its original price, which would be $400.
But if it’s scratched and missing parts, it’s smarter to begin pricing it at 70%, which would be $350.
However, remember this is just the initial price point.
As stated earlier, regardless of its condition, you’ll likely need to lower the price due to age unless it’s considered an antique.
The standard practice is to reduce the price by an additional 5% for each year or two of ownership of the furniture.
For instance, consider a $500 bookcase that’s eight years old and still in good shape. Due to age, you might deduct about 30% from its original price.
Combined with the initial 20% discount for being secondhand, the total deduction would be 50%, resulting in a selling price of $250.
Tips to sell your used furniture online fast (and for the most money)
1. Take great pictures of your furniture
When we talk about “pictures,” we mean real-life images showing your item as it is, not just stock photos. This is crucial for online furniture buyers who rely on visuals to make informed decisions.
Not skilled in photography?
No worries!
Follow these simple tips to showcase your furniture effectively and maximize its selling potential:
- Clean your furniture thoroughly before taking photos.
- Clear away any clutter like pillows, throws, cups, and books.
- Capture your photos in natural daylight.
- Take pictures of your furniture from the front, back, and sides at eye level.
2. Tell your furniture’s story
Create an enticing sales pitch by providing detailed information about your furniture listing.
Consider what matters most when purchasing furniture: color, size, brand, style, materials, etc. These factors are also crucial for buyers interested in used furniture.
Highlight whether your item is from a well-known brand like CB2, West Elm, Room & Board, or if a local artisan with a unique backstory crafts it. Some buyers may have preferences between brands or appreciate the craftsmanship of local makers.
If your item is an antique or a valuable piece, offer proof of authenticity, such as a photo of the furniture’s label or purchase receipt.
By following the tips above, you’ll achieve these three main goals:
- Reduce the number of inquiries from shoppers by providing comprehensive information upfront.
- Make your furniture more appealing to potential buyers by showcasing its details.
- Enhance the perceived value of your furniture, potentially allowing you to sell it for a higher price.
3. Be honest about your furniture’s condition
In the world of furniture, wear and tear are common. Don’t worry, we understand this, and so do buyers. If your furniture has any stains, tears, chips, scratches, or dents, please share their details and pictures.
Buyers appreciate transparency. They want to know what they’re getting before they make a purchase. Being honest about any damage won’t deter them. Remember, trust is key in the used furniture market. People are willing to buy from strangers because they trust the information provided.
4. Be proactive
Finally, enhance your efforts by listing your item on a marketplace such as AptDeco. They’ll assist in promoting your item, handling pickup and delivery, and maximizing your earnings from selling furniture.
How to price antique furniture
If you own an antique piece, you might not need to depreciate its value. If properly cared for, it could increase in value as it ages. However, determining its worth can be challenging unless you’re an expert.
It’s best to have valuable items appraised by a professional or conduct thorough online research on comparable pieces.
The bottom line
Valuating furniture can be a simple or complex process, depending on the method you choose to follow. However, you can make the process less challenging with the right guidelines. The above-mentioned furniture pricing valuation guideline is an excellent place to start when determining the value of your furniture.
That being said, the price tag you ultimately attach to your furniture will depend on several factors. First, it will depend on what the buyer is willing to pay for the piece. Additionally, the price will depend on how much you want to get rid of the item. If you are desperate to sell the furniture, you may be willing to accept a lower price than if you were not in a hurry to sell.
Other factors that can influence the price of your furniture include its condition, age, rarity, and materials used to make it. By considering all these factors, you can arrive at a fair and reasonable price for your furniture that will satisfy you and attract potential buyers.