As a seller...how long do you wait before..

[Dancing Fire]

you start to lower your asking price on jewelry items? 2 weeks? a month? never?

There's this seller whom been posting his used Rolex 18K S/S Sub watch on at least 3 different watch forums every day for almost a year now and he have yet to lower his asking price of $10,875. I mean, when is this guy gonna realize that his asking price is $1300-$1500 too high compared to other sellers of the same watch...

 

[SB621]

All about opportunity cost. If he doesn't have to sell it nor care for a quick sale then he probably never will lower it. Eventually he will get a buyer.

 

[kenny]

There's this seller whom been posting his used Rolex 18K S/S Sub watch on at least 3 different watch forums every day for almost a year now and he have yet to lower his asking price of $10,875. I mean, when is this guy gonna realize that his asking price is $1300-$1500 too high compared to other sellers of the same watch...

He's in no hurry to sell and that is the price he wants.
He may die of old age without selling it.
He is certainly under no obligation to obey anyone's or any group's opinion on what's a 'fair' price.

I recently sold a substantial diamond and lowered the price after about a year.
It soon sold after that.

 

[pregcurious]

I agree with the posters above. It depends on how much he needs the money, and how much he likes the watch.

 

[Dancing Fire]

All about opportunity cost. If he doesn't have to sell it nor care for a quick sale then he probably never will lower it. Eventually he will get a buyer.

How? when there are sellers at a much lower price.

 

[SB621]

All about opportunity cost. If he doesn't have to sell it nor care for a quick sale then he probably never will lower it. Eventually he will get a buyer.

How? when there are sellers at a much lower price.

I guess my day job will kick in.....

Opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice".[2] The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.[3] Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered opportunity costs.

Do you always buy something for the lowest price? There is a Starbucks down the street from me. Their coffee is more expensive then the Dunkin Donuts that is 3 miles further. However for me the benefit of going to the nearest coffee house is worth the increased price.

Not every seller cares about the end price. Perhaps they need the item quickly and it will ship that day. Perhaps they feel comfortable paying more if there is a return policey. Bottom line is there is always someone somewhere who will pay what you want. The opportunity cost is what you are willing to give up (time perhaps in theis case) till it sells.

 

[pregcurious]

If he's posting on places like Timezone, where his audience is well-educated about comps for similar watches, and this watch is readily available, I agree with you that he may never get an offer.