Is Your Home Full of Hidden Cash?

Tips to turn dust-collecting junk in your house into cash on eBay.

ByABC News via logo
June 6, 2008, 7:32 AM

June 6, 2008 -- I spend a lot of time helping people to make money from home, but this particular assignment took that task to a whole new level. A month ago, I mentioned on-air a tidbit from a Nielsen survey which found that the average household has 52 unused items originally worth $3,100.

We asked viewers to let us know if they needed my help in identifying and selling those items to make money to cover rising gas and food prices. More than 1,000 e-mails poured in!

I had a week to work with one couple in Yonkers, N.Y., who had never sold anything online or from out of their home. In that short time we uncovered more than $10,000 worth of stuff.

They were the first to admit that if they could do it, anyone can! One person's junk is another's treasure – and you could be sitting on plenty of gems at home.

Assess your possessions. Walk from room to room and ask yourself if it's more important to hang on to things or to part with them to make some money. Go through each room several times to identify what you're willing to sell. If you haven't used it, looked at it or thought about it in a very long time, that item could be a candidate for sale.

If you're hesitant to part ways, consider it financially rewarding recycling. You're going to give someone else the pleasure of using the item you no longer way. And of course just think of the cash you'll have to spend on other, more pressing things.

Think Big and Small. Don't shy away from large items. Many people mistakenly think you couldn't possibly sell a set of chairs or other bulky furniture online. Wrong! Even if you don't want to get involved with shipping such items, you can indicate that it's for local pick up only.

Simple things like clothing can be folded into padded envelopes and shipped off.

Set up an eBay account. More than 80 million active users shop on eBay buying and selling $2,040 worth of goods on the site every second, according to the company. If you've got lots of stuff to sell, you should be exposed to that audience. It takes just minutes to set up an account at www.ebay.com. (You should also set up a PayPal account since most buyers prefer it and you get your money instantly.)

Get Help. If you don't have a computer or you're just not comfortable online, ask a friend to help you sell in exchange for a percentage of the sales. Or seek professional help from a trained eBay trading assistant. They'll photograph, post, promote, sell and ship your wares for a fee.

And eBay offers extensive online tips and training to help sellers get started. Among the selling 101 favorites:

Invest in Free Education: Watch demo and tutorials in the eBay University Learning Center. Decide what to sell, how much to charge and how to promote your wares by browsing Completed Listings on the site.