At its heart, your eBay item description is an advertisement. Without making it too obvious, you should be writing sales copy. You trying to get buyers excited about your products, and that's usually hard - but on eBay, if you have the right product to sell and provide enough details, the buyers almost excite themselves.
Include every technical detail you have, including the item's manufacturer, condition, dimensions, where and when it was made, item history, and anything else special about it. But don't be too boring, though: the best eBay item descriptions are written in friendly, conversational language, and show a real knowledge of the item.
Whatever you do, make sure you tell the truth! Most of the people who'll be buying your item will be just as knowledgeable about it as you, if not more - this is their hobby, and they're experts. Don't feel like you need to explain the basics of the product: just go into as much technical detail as you can. As a rule, do not write anything in the description if you don't know what it means, as the chances are someone will, and if you've got it slightly wrong then you'll look like you don't know what you're talking about.
You might discover that you enjoy writing an extra things about how you got the item, why you're selling it, and who you think might like it. This isn't strictly necessary, but such writing gives your auctions some character and a personal touch, and can make people more likely to trust you. eBay members might wonder what you're doing selling 500 CDs at once, and if you tell them the reason, then they'll feel reassured that nothing tricky is going on. If you're selling them because you're having a baby and you need additional space, just say so.
Leave nothing out of your auction ad, even if that seems to you like it makes it too long. There is no way you can be too thorough: somewhere, someone will appreciate that you took the time to write the additional information. Don't assume that anyone who wants extra info will e-mail you to ask a question: many eBay buyers are shy and most likely won't do it. Think of questions that buyers might have and place the answers to your description, as people generally tend to ask the same questions over and over again. Each time a buyer contacts you with a question, you should both answer their question and update your auction ad so that it will include the answer next time. If people ask questions that are already answered in the description, try putting these parts of the description on a line alone, or in bold, to make them more visible.
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