If you get offers quickly does that mean you should stick with the auction?

[sorrynotathome]

Feels like a game of chicken - I've had a quick offer and an enquiry, which makes me think my item is desirable! Not sure whether to hold out for my asking price, which I think is on the low side but I don't really know! I recently listed something that had 23 watchers but in the end only got one bid. What does anyone else think?

Are they offering more than the starting price?

It depends, i have waited it out and should of gone with original offer. Sometimes striking whilst the iron is hot is the best way.

If I’m not sure of the value then I generally let the auction run and just accept whatever the final price is might be lower than I hoped. Regarding watchers, dont forget some people are perennial watchers and some are watching because theyve got something similar to sell, so not always an indication of desirability

Yes, I've now had several offers and one is for £50 more than the asking price (ie £500 vs £450 starting price).

Ah great point! Thank you I hadn't thought of that but of course that's exactly what I've done in the past :)

On average we find you are better off declining the offers and holding out. You don't win every time but more often than not an early offer means you have undervalued the item. The caveat is we always start our auctions at a price we would be happy to sell for.

I suppose the thing to ask is what's the point of having the offers on? What are you hoping for when you choose that?

You still get offers even if you have offers turned off.

When someone offers more than the opening price you can recommend that they bid and run the length of the auction.
You don’t ‘miss out’ on someone who will also bid, but you could just get your opening price instead of their main offer

eg opening at £450
offered £500
Bids to maximum £500
The item could then still sell at £450, or get a couple of bids going to to £475
You ‘miss out’ on the potential £500 that you could have had, but may also sell for £550 in the end

If they are not in a hurry then they should be happy with running the auction, but some will go elsewhere or not buy just because the impulse sale didn’t happen

I think most the stuff I sell is impulse buyers. I often have a lot of sales when I put buy it now

I’m not sure that I did have offers on - I tend to copy a listing & modify it. It turned out well for me in the end and thank you everyone for your helpful comments.