What is the Swift Lovebird worth? How much do I sell it for? How much is my time worth? Really, how rare is it? Those are some of the hardest questions in pricing items in WoW. Selling a semi-rare BoE like the Swift Lovebird is really a huge guessing game. But if you have the right tools, it's not that tough of a choice...or is it?
If you price it too low, and it sells fast, then you miss out on profits (and god forbid, someone else makes more profit than you!). On the flipside, if you price too high, you have folks undercut you and they get the buyers that could have purchased yours. I will not tell you your price, but if you use the tools I give you below, you can get a good idea of how I decide, then adjust to fit your needs!
First, you need to gather all the information you can:
USING THE UNDERMINE JOURNAL
*Edit- Wanna see something interesting? Click the link below and click the picture so you can see the prices- Compare- In six hours since this post went live, the overall price dropped nearly 10%.
Check TuJ (The Undermine Journal). Go to your server, search for the item. On the top of the page, you should see something similar to this:
*note this is not what they are selling for, it is what they are priced at. BIG DIFFERENCE!
Using this as a gauge for an "estimated" value is just that. Estimated. But it is a tool that you want in your garage...not shoved away in storage. Now back to my ADD raddled post...
Since we have that, that shows me a few things. Like I mentioned, the price is dropping. It hasn't hit "bottom" yet. That is when I will strike. My guess is on my med-pop server, it will be 20K by early next week. I will invest for the future and buy up 5'ish at that price, and more if they lower in price.
USING THE "HOW RARE IS IT" MODEL
When looking at investments in "rare" items, I roll with the "how rare is it" model.
- Since this mount is only available two weeks of the year, that leaves...math here....50 weeks that you cannot get it.
- Also, not everyone will be keeping/selling their mount. They will be using it on their toon(s).
- Most folks are scared of investments. If they do keep them for resale, they will watch the prices (auctions) like a hawk, get worried about their gold being tied up, and sell (at times for a loss of their initial investment). Don't be that guy. I didn't get the gold I have today by losing it, being worried about flipping, or going off a hunch that "x" item will give me profit. Neither should you. You can quote me that you will see that happen, so watch your prices and adjust accordingly.
I hope that gives you some insight on pricing your mount, if you are going to sell it or keep it, and a bit of an idea of how to figure out your time's worth when judging your farmed items.
There are comments below that hit on a few points I did not cover, so make sure and read them! Sometimes, the comments are better and more informative that my posts! =)