Classic Economics Experiment
Dear internets!
I have a classic economics problem for you. Basically, what price should I sell my sofa for?
The story:
So, prior to my move, I need to sell my sofabed. I posted it online for sale (€140) in two places yesterday, and have received one reply: they're interested and coming to pick it up will be no problem, but they think the price is a bit high. They have not suggested an alternative price, which means it's up to me to either:
a) hold out, hoping someone else writes me who is willing to pay my price. (Only one response in 24 hours has me worried, though.)
or
b) drop my price enough to get them to commit, and consider the sofa sold then.
The information they don't have is that I have to sell this within a week--this sofa needs to be out of my house by this time next week. But: they don't know I have this pressure, which in turn favors my bargaining position (I can drop the price €10, and suggest that that's as low as I can go, at least until they make a counteroffer of, say, €60, indicating how strong their interest is.) I'd like to get at least €110 for the sofabed--that's nearly half the price I paid for it, and the damn thing shouldn't have depreciated more than half its cost in 11 months.
Any suggestions? I'm leaning towards a €120 counter offer, to minimize the amount of toing and froing. It only leaves me screwed if they indeed counteroffer €60.
I have a classic economics problem for you. Basically, what price should I sell my sofa for?
The story:
So, prior to my move, I need to sell my sofabed. I posted it online for sale (€140) in two places yesterday, and have received one reply: they're interested and coming to pick it up will be no problem, but they think the price is a bit high. They have not suggested an alternative price, which means it's up to me to either:
a) hold out, hoping someone else writes me who is willing to pay my price. (Only one response in 24 hours has me worried, though.)
or
b) drop my price enough to get them to commit, and consider the sofa sold then.
The information they don't have is that I have to sell this within a week--this sofa needs to be out of my house by this time next week. But: they don't know I have this pressure, which in turn favors my bargaining position (I can drop the price €10, and suggest that that's as low as I can go, at least until they make a counteroffer of, say, €60, indicating how strong their interest is.) I'd like to get at least €110 for the sofabed--that's nearly half the price I paid for it, and the damn thing shouldn't have depreciated more than half its cost in 11 months.
Any suggestions? I'm leaning towards a €120 counter offer, to minimize the amount of toing and froing. It only leaves me screwed if they indeed counteroffer €60.