How to Compare Estate Sale Prices
Paul Williamson – March 27, 2023
Paul Williamson – March 27, 2023
Organizing an estate sale can be a daunting task. Not only do you have to sort through years of accumulated possessions, but you also have to determine fair prices that will attract buyers while still maximizing your profits. With so much at stake, it’s crucial to have a solid strategy for pricing your items. Unfortunately, there isn’t an exact answer when it comes to estate sale pricing, however, some techniques can open up new opportunities to get the best price for your items.
Due to the fact that every estate is different and the possessions that householders have accumulated are often unique, it can be hard to know the exact value of many items. To ensure you are setting realistic prices for your goods, there are a few steps you should take before the sale begins. In general, the condition of the item, age, popularity, and rarity affects pricing. But you already know this, right? In this blog post, we’ll delve deeper into the art of estate sale pricing and show you how to compare prices to ensure you’re getting the most out of your sale.
Whether you’re a seasoned estate sale organizer or just getting started, this post is a must-read for anyone looking to understand estate sale pricing. So, buckle up and get ready to learn everything you need to know to set your estate sale up for success.
Your estate sale items can’t be priced according to what you see at a retail shop, antique shop, or online listings. While first-timers might think of setting up pricing on the basis of retail, it doesn’t work that way. Estate sale items are valued with the liquidation method not only because it’s easier to do, but also it makes sure that the seller is able to get rid of all their items and realize a return on investment as quickly as possible. If you own some special items or collectibles, you might get a higher price than usual, sometimes you can’t simply get the best price for gems like that so it is better to sell these somewhere else.
Most people attend estate sales Mission Viejo to find amazing items at low prices. It can be the most lucrative deal one can ever find in decades. Yes, it is true. While buyers and crazy antique fanatics become the crowd of estate sales, have you ever thought about why they always go on the hunt for treasures every week? It isn’t cheap to purchase mid-century from retail stores or antique shops; the cost is usually high. Estate sale items are priced according to “fair market value” which is typically less than 10%-30% of what you would pay for online, in retail shops, or in antique shops.
Consider yourself as a buyer for a second. These types of buyers are actually cravers who simply have a goal to score deals at minimum prices. Retail prices don’t seem to attract them; if they wanted to pay that much, why would they bother waiting in lines for hours and navigating through all the available items one by one and finally get their hands on something unique? And most importantly the condition – your vintage furnishings, antiques, or collectibles must have got some wear and tear due to their age – so you aren’t technically at loss; look at the bigger picture – your goal is to sell as many items as possible on day one and until the last day there shouldn’t be anything left.
Don’t worry Mission Viejo estate sales buyers won’t treat your items as if they do in garage sales. $5 for a two-hundred-year-old china plate? Unlikely. Estate sale buyers are usually well-educated and know the true value of each item, which makes them more than willing to pay you accordingly. They are motivated enough to buy your items on the spot but that doesn’t mean you should set up prices ignoring the market standards. Instead, use the following techniques to make sure you are pricing your items accordingly so they can be sold in a short period of time:
This is a lucrative business for many people but your job is to liquidate the estate and do it quickly. Items that are leftover or unsold don’t benefit you in any way. Either they get donated or trashed. Some items are consigned elsewhere but that usually doesn’t happen until after the estate sale is over.
As we have already provided a little glimpse on how to compare estate sale pricing but let’s discuss this further to clear out any confusion.
Research the current rate for items you’re selling – use online resources to check average sale prices and research individual store locations
Buyers do their research but if you are organizing an estate sale this is crucial for you too. While having an estate sale company by your side is a great idea some homeowners prefer handling all this alone, however, you may still need an appraiser to help you price your items. Appraisals are important for estate sale liquidations because they provide an accurate estimation of each item’s current market value. It provides a good starting point for determining the price, as well as give potential buyers confidence in the value of the item they are buying. If you are willing to put some time into it then check out websites and auction sites to see how similar items are priced and study their condition to get a better idea of how much you should charge for your items.
The term sales comparison approach refers to a real estate appraisal method that compares one property to comparables or other recently sold properties in the area with similar characteristics. Real estate agents and appraisers may use the sales comparison approach when evaluating properties to sell. This method accounts for the effect that individual features have on the overall property value. In other words, the total value of a property is the sum of the values of all of its features. (1)
Check the quality of the item – look for scratches, dents, or missing pieces that could be a deal-breaker
Some wear and tear is fine but if there is some serious damage that could turn buyers off then make sure to mark it down as such. We recommend that you do not put these items up for sale as it will only make it harder for you to sell off.
Pay attention to the demand – look out for items that are popular and in demand or those items which have a high resale value
Once you know what’s hot and what’s not, you can use that information to adjust your prices accordingly. Some items may be worth way more than you originally thought, while others have depreciated in value significantly over the years. Knowing which is which will help you maximize your profits.
Pricing is an important factor when it comes to estate sales Oceanside, as you want to make sure that you aren’t selling your items for too low or too high of a price. Setting realistic prices, researching other sales for comparison, and offering discounts or bundle deals are all key components of a successful estate sale.
Paul is the founder and CEO of True Legacy Homes, a company that specializes in estate sales. True Legacy Homes is a full-service estate sale company that offers clients a stress-free way to downsize, move, or liquidate their assets. The company’s mission is to help families preserve their legacies and pass on cherished possessions to the next generation.