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Selling Your Old Handbags? Check Out These Quick Tips Before You Begin – GOBankingRates

demaerre / iStock.c…….

demaerre / iStock.com

If your home is overrun with handbags you swore you’d never part with but can’t bear to look at anymore, it might be time to sell. Luckily, there’s a lot of potential business out there — especially if you’re selling a designer bag. In 2021, the global luxury resale market reached an estimated $33 billion, according to Fashionista, and that figure is expected to rise to $47 billion by 2025.

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Before you jump in, though, you’ll want to take certain steps to ensure you get the right price. A good place to start is researching a bag’s value. Fashionista recommends looking up previous sales of a particular bag, which you can find on various resale sites. After that, set a price range based on that sales history. This will give you solid footing if anyone questions the price.

Your next step should be analyzing the market to find out how much demand there is for the handbag(s) you want to sell. If you see a lot of sales of your bag for prices at or above the average, your item might be hot enough that buyers will overlook imperfections in quality.

“If the bag is highly coveted, or in high demand and low supply, it’s more likely that our buyers will make a good offer that could even be more than the bag’s original retail price,” Charles Gorra, founder and CEO of resale platform Rebag, told Fashionista.

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On the other hand, if your bag isn’t seeing much action from buyers, you’ll need to think about adjusting your price — and ensuring the bag is in very good condition.

From here, you need to decide where to sell your handbag. If you’re looking for an online marketplace, InStyle recommends these five sites, especially if you have luxury bags to sell:

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