Or does it drive you guys nuts every time you place an offer for a coin and the damn dealer makes you wait the full or near full 24hr to decide (hoping for a better offer in that time I expect lol) Grumble grumble... 6hr more to go/wait lol (I will not pay his asking price.. 35% over NGC/PCGS list I offered my usual 1 dollar under list lol)
Well, they are in it to maximize their profit. If they have 24 hours to respond, their best move is to wait 23 hours and 59 minutes, just in case someone does make a higher offer. (For that matter, if they get a dozen other offers and they're all much lower than yours, it gives them added confidence to accept your bid.) From your point of view, it ought to be good news when they're delaying. If they weren't considering your offer, they'd reject it immediately.
I guess my viewpoint is... they aren't sitting by their computer for an offer to come in. They have a life, they have a business, they have a family... they check their offers on their schedule. It doesn't mean anything to me... if they accept it, great. If not, I move on.
I would say though, offering 35% under the dealers asking price could be considered insulting.... that is a HUGE price cut. If I were the dealer, I'd probably just ignore it and not even waste my time responding. The NGC price guide might be a good starting point, but it isn't the Bible. I don't know what coin you're looking for, but any price guide could be quite a bit off.
On the other hand, if you list BIN at a "reasonable" price, you pass on the chance that someone's willing to pay moon money for the coin. The winning strategy might be to overprice the coin, giving yourself room to negotiate, and giving people the opportunity to overpay. (Maybe they see something you don't, and you're still getting cherrypicked.)
That depends. Do I really like it or just fishing? There are a lot of fish in the sea. There are a lot of coins that you don't regularly see and sometimes that weighs in the decision, no matter what ballpark price guides say. Some people like toners, some don't, some like PLs and some do not. I no longer cut any slack for raw coins because half of them end up having problems. Deal or cut bait. If a coin is really that special, someone, at some point in time would have sent it off for grading.......or cracked it back out to sell raw again.
Some of NGC's listed price guide prices are kept up to date. Others can be years old and don't reflect the current market. They show when the prices were last updated. A current greysheet would let you know what they likely acquired the coin at and how much they're asking above.
This strategy would require a bit of study to figure out if its good. It all comes down to the time-cost of money. Price it lower, it sells faster. Price it higher, it takes longer to sell but you make more. Where does that balance fall? If you price it at moon money, I won't even bother making a reasonable offer on it because your asking price is too high! I'd just assume you won't come down 35% because that is a huge margin. So... the coin just sits there. There are several coins that I am watching on Ebay that have astronomical prices... they've been listed for many years.
Some sellers just don't want to sell, I think. I've seen BINs sit there for a year or more. I've even contacted one or two and said, your price is way out of line, here are all the recent sales, lower it to x and I'll buy it. They'd rather wait for the moon money buyer I guess. Other times I've made a reasonable offer on one that's way overpriced, and they'll come back with a ridiculously tiny reduction. I reject, and then a few days later I'll get one of those "just for you" sale emails. Too late - I've already soured on it.
I've been on the other end of this where I took an offer too quickly and missed out on a buyer that later said they would pay more (too late since I already agreed to sell to the first person). So sometimes it is worth waiting, especially on a coin that you just listed. Now if it's something that had been listed for a while and the offer is fair, I would normally accept as soon as I saw it.
This is a scene from Road to Perdition. Kid says, could I have gotten more? Tom Hanks character says, you'll never know.
