Is an Estate Sale Right for You?

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Downsizing from a home filled with a lifetime collection of furnishings and collectibles has become increasingly challenging in today's evolving market for second-hand goods. Traditional estate sales, once the go-to method for liquidating household items, are now facing significant obstacles due to market saturation and shifting generational preferences. Baby Boomers, who are the primary sellers, find that their cherished items hold less appeal for younger generations, such as Gen Xers and Millennials, who prioritize minimalism and contemporary designs over vintage and traditional pieces.  Additionally, the rise of online marketplaces and the impact of the COVID-19 pandemic have further transformed how estate sales are conducted, necessitating innovative approaches to effectively manage and sell pre-owned goods in this saturated market​.

Key factors to consider when you are setting expectations on selling an estate:

  1. Market Saturation: There's an excess of second-hand household items, making it difficult to sell traditional estate sale wares. Baby Boomers, who are downsizing, are adding to this surplus, while younger generations are less interested in accumulating traditional household items.

  2. Generational Shifts: Baby Boomers value their possessions for their memories and traditions, Gen Xers prefer contemporary items, and Millennials prioritize experiences over belongings and prefer minimalism.

  3. Online Marketplaces: The rise of online platforms such as eBay, Craigslist, Facebook Marketplace and specialized resale sites like Poshmark and ThreadUp has transformed how estate sales are conducted. These platforms provide broader reach and pricing transparency but also increase competition.  

  4. Pandemic Impact: COVID-19 has accelerated the shift towards online auctions and estate liquidation services, which often involve photographing items and conducting sales over weeks rather than days. This approach can sell more items but may not always achieve the best prices for high-end goods.

  5. Estate Sale Options: While traditional in-home estate sales still exist, many companies are adopting hybrid models, offering both in-person and online sales. This adaptation helps meet safety concerns and changing buyer behaviors.

When liquidating a household, there are several options to consider, each with its own benefits and drawbacks. Here are some of the primary methods:

Traditional Estate Sales: Conducted in-person over a weekend, these sales are ideal for quickly liquidating a large number of items. Professional estate sale companies can handle pricing, advertising, and selling, but may charge a significant commission​

Online Auctions: Services like eBay, Craigslist, and specialized auction sites can reach a broader audience and provide more transparency in pricing. Items are photographed, listed, and sold over a period of weeks, with buyers picking up their purchases at a later date. This method is increasingly popular, especially due to COVID-19 concerns​ 

Consignment Shops: These shops sell items on behalf of the owner and take a percentage of the sale price. This can be a good option for high-value items but may take longer to sell​. 

Donation: Donating items to charities or non-profits can provide tax benefits and is an excellent way to ensure items are reused. Organizations like Goodwill, Salvation Army, and local shelters often accept household goods.​ 

Junk Removal Services: For items that cannot be sold or donated, junk removal services can efficiently clear out a house. These companies offer comprehensive removal and disposal services.​ They are able to donate the usable items they pick up.

Yard Sales: A more DIY approach, yard sales can help liquidate a variety of items but require significant effort in organizing, pricing, and advertising.​ 

Specialty Resale: For unique or valuable items, consider specialty resale markets. For example, vintage clothing can be sold on platforms like Poshmark, while antique furniture might do well on Chairish or 1stDibs.​  

By evaluating these options and possibly combining several methods, individuals can effectively manage the downsizing process and maximize returns on their household items.

See these articles for more helpful information:

https://www.bobvila.com/articles/estate-sale-company/

https://nesa-usa.com/how-much-to-pay

https://hometransitionpros.com/estate-sale-help/

I have a list of local (Central Oregon) businesses for you to contact for help with your estate needs. Just contact me!