Letting Go of Our Possessions is Hard

Most of us enjoy hearing the words, “Till death do us part,” during a wedding ceremony, where the new couple is floating in bliss and envision being by each other’s side until death separates them.  From my perspective, I see people who have a very passionate relationship with their material possessions, sometimes more so than with each other.  It almost appears that they believe they can take their possessions with them when they leave earth.

For over two decades, I have tried to figure out why people have such a difficult time letting go.  Often it’s the Depression Era generation that has accumulated the most stuff.  Their parents did not have much and probably possessed mostly utilitarian items during that era.  The Depression Era generation absorbed what their parents owned.  The Boomers have much more stuff to deal with, but they have only so much space to keep things.

Here are some thoughts on why people hold on to so much.  Where do you see yourself in these thoughts?

  • You just never know when I’m going to need this.
  • There are so many uses for this possession.
  • If I hold onto it long enough, it will become valuable.
  • It is already old, so it must be valuable.
  • I did without as a child; I will not do without again.
  • It was a gift and I will honor the giver by keeping it.
  • The more I leave the kids, the more they will have.
  • I worked very hard for these things and I will pass them down.
  • The things bring comfort and familiarity.
  • All these things make me feel close to my parents.
  • My children will feel loved by me when I’m gone, because I left them all these things.
  • I’m too overwhelmed to let it go (emotional attachment).
  • I’ll let the kids deal with the stuff after I’m gone.

Here’s the part where I try to put my clients at ease.  When in doubt, always have the contents of an estate viewed by a true professional prior to distributing or selling contents.  Most times, the heirs are not surprised to learn that much of what mom and dad amassed doesn’t have much value.  Some children feel the stuff may be “junk” and are pleasantly surprised to find that some pieces have significant value.  Family stories through the years can add to the anticipation that grandfather’s chair is valuable because it is old.  Yet, we know age is not the only determining factor of true value.

For every reason listed above, there is a counter-reason to let it go.

  • Many of your heirs won’t take as much as you would like to give them.
  • Boomer children already have houses full of stuff; adding more will only fuel marital strife.
  • Your younger generations appear to want very little but cash assets.
  • Leaving a huge burden for your children should not be your legacy.
  • Much of your stuff will be out of style and not genuinely desired by your heirs.
  • Your heirs may have different lifestyles and your stuff won’t fit those styles.
  • Many are trying to simplify their own lives, not add more stuff to clean and hold.
  • If you sell your stuff now, you can purchase other things you would truly enjoy.
  • These items were treasured by someone else, but not you and not now.

Holding on to possessions, for the sake of not wanting to let them go, can leave a negative impact on those left behind.  Gifting valuable items now is a beautiful way to pass along your treasures and watch your heirs enjoy them.  Making plans for the distribution of your possessions, while you are still in control of these decisions, is the best plan of action.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

You’d Better Sit Down!

I can’t stress this enough, though I feel like a nag for repeating it often:

A majority of the time, your possessions are not worth what you think they are worth.

My phone rings each day with dozens of calls.  But the calls that always make me pause and take a deep breath are those that start telling me what their possessions, or inherited heirlooms, are worth.  In fact, a recent client had a great deal of difficulty hearing the real values of her mother’s possessions.  I was afraid she would pass out, so I said, “You’d better sit down!”

Allow me to say this where all can see it clearly, in hope of helping as many as possible.

  1.  Internet research of items may be completely useless.  Many items are not researched correctly, because the average person may not know the correct name or description for the items being researched.
  2. The internet is only a good tool if you properly search for realized prices, not asking prices.  Realized prices are what an item sold for.  That’s the only figure used to determine fair market value.  Someone can ask the sun and the moon for an item; the asking prices on websites are insanely high.  One is left to think those items will NEVER be sold at that price in this market.
  3. People hear what they want to hear.  Many do not listen, even to an expert.  They see a “price” on the internet for $650 and by golly, that’s what their item is worth.  No, it’s not!  This particular item may actually be selling for $75, making the fair market value $75, not the figure they saw.  Sadly, some people are so anchored to their possessions they will not heed the sound judgment of professionals who do this every single day.
  4. Family lore: “The fish you caught was HOW BIG?”  All our parents told us for decades that certain pieces were “extremely old and valuable.”  Remember, until a professional examines them, conclude that the pieces were cherished by your parents/grandparents, but still may not be worth much.  Keep your expectations in neutral.  Most of the time, these pieces have more sentimental value than actual value.
  5. The price paid for an item has nothing to do with its value in today’s market.  “I paid $5,000 for that.”  It doesn’t matter.  What does matter is:
    1. It is a used item.
    2. It may no longer be in style.
    3. It may not even be desirable, especially if it’s dark brown or very large (both are out of favor now).
    4. No one really wants it.

 Try to remember these things brought you or your loved one pleasure.  In today’s soft market, there is no way you’ll get thousands of dollars from selling them.

6.  Mom collected these for 50 years but they are still not valuable now.  We grew up with our mothers drilling into our heads just how valuable her items are, and yes, they were desirable at that time.  In the 21st century, homes are desperately wanting to be clutter-free.  The younger generations no longer want to crowd furniture surfaces with framed photos, figurines, and paperweights.  Boomers are getting rid of these items, hoping to live a simpler life.

The solution to all these problems, and many more, is to find an expert who understands these possessions and the best way to sell them, based on what they know about the market.  Always get professional estate assistance before you do anything.  Try to be as realistic as possible.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

 

What Factors Affect Value?

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We want to believe that our possessions have exquisite value and will bring much money one day when we are ready to sell.  We are disappointed to learn that the heirlooms of mom and grandmother are not worth much anymore, despite the family lore.  What can affect the current value of personal property?

  • The Economy

If the economy is soft, the values for most personal possessions on the secondary market are going to suffer, like everything else.  Today’s trends are all about simplification, so the market is flooding with traditional household furnishings from our homes and our parents’ homes

  • Market trends

Are the items currently sought after and desirable to have at this time, or are they just good, usable items?

  • Value

What is something really worth?  Not what you paid for it, and not the value on an old appraisal report.  Ultimately, it is worth what someone is willing to give you for it.  Here’s where it helps to have a professional who can research your items and guide you towards achieving maximum proceeds.  Searching the internet for “values” only produces asking prices, not genuine sales comparables, not what the items actually sold for.  Professionals know how to search for your items and what they are currently selling for.

  • Popularity and Style

An item may be attractive, but it might not have much value.  On the other hand, the most unsuspecting, and often unattractive, items may have more value than you know.  Much has changed in the marketplace; people have changed and values have changed, along with what’s hot and what’s not.

  • Changing lifestyles

Traditional, dark “brown furniture” (as it’s called in the industry) does not have the appeal it did for our parents or grandparents.  It may be in good condition, but children and grandchildren don’t like the dark brown.  They are buying these pieces inexpensively to paint, because the market is saturated with these pieces.

  • Generational differences

Grandmother’s cherished floral china from the Depression era is completely different from what a 22-year old woman wants today.  Generation X and Y want a simple, clean, European look for their homes and no clutter or knick-knacks.  They shop at places like IKEA and Pottery Barn.  The Boomer is caught somewhere in the middle, still somewhat traditional, not as much as their parents and not as indifferent as their children.

  • Junk or something more?

Proper identification is the key.  The television shows would have you believe there is treasure in every home or estate.  While you may find interesting collectibles, not every home contains a treasure of significant monetary value.  Yet, you just never know what you could have in your possession.

  • Law of supply and demand

This law is always in effect, for everything.  Too much supply and not enough demand causes the prices to fall, such as all our older loved ones’ glassware, porcelain, and collectibles.  They are in abundance in every household, but few truly want them in 2015.  On the flip side, anything in demand but in small supply will usually sell higher, because it’s desired and not readily available.  The internet makes the world very small.  What used to be rare and hard to find is now in abundance on all major online auction sites.  Suddenly, there are 1,956 figurines just like mom’s.

We have little control over most of these factors, but that’s why items are no longer commanding what they used to.

Two recommendations from the expert:

  1. Keep your expectations reasonable.
  2. Hire a professional to advise you on values.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

6 Big Mistakes People Make with Personal Property

Personal property and heirlooms — we spend a lifetime accumulating them, inheriting them, caring for them, collecting them, and talking about them.  But we rarely know the values and we rarely make a plan for what happens to our personal property.

Here’s my list of the biggest mistakes.  Hopefully, you don’t see yourself in this list.

1.  Parents don’t share final wishes with their children.  They don’t share vital documents, especially the will/trust, or at least tell the children where they are located.

Children are then left to guess the parent’s wishes, which is a very bad thing.  Children live with guilt for the remainder of their lives, wondering if their “guess” was what mom and dad would have wanted.  What a heavy load to carry!

2.  Parents don’t make a plan for personal property.  They don’t create a master list, or ask what the heirs would like to have.  They definitely don’t gift any of their possessions while they are still alive.

3.  Parents know that death and infirmity will certainly come, but they do nothing to anticipate or minimize fighting after they are gone.

4.  Children have opposite opinions because the parents didn’t tell their wishes to the children.  This starts fights and feuds that can last for the remainder of their lives.

5.  Children are hasty with parents’ possessions.  Heirlooms with significant value can end up in a dumpster or yard sale.  They decline to hire a professional to ascertain what’s valuable before distribution and disposal.

6.  Children have a tendency to give away, throw away, or donate before they know the worth of those items.  Be leary of unscrupulous people who ask for a “memento” and go for the most valuable item, which you may or may not have valuated.

Did you see yourself in this list?  If so, now is the time to take action and resolve these issues.  You don’t want to become one of The Estate Lady’s sad stories!

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

“I’ll Get to it One Day!”

While the sentiment is a good one, we all know human nature a little too well.  The trouble is, “one day” rarely comes.

  • Out of sight, out of mind.
  • I’ll get to that later.
  • I’ll look into that in the new year.
  • It’s not a priority right now.

It’s fascinating what we professionals notice in estates.  We see a distinct similarity in almost all of the estates we go into, especially if the estate belonged to an elderly loved one from the Depression Era.  The attics are usually full; interesting that 85% of them are full of things that really should have been disposed of 30+ years ago.

By the time we get into these attics to clear them out, the books are rotted and have been gnawed on, anything cardboard has pretty much disintegrated, clothing either smells like mildew or falls apart in our hands, or we find items that have long since been obsolete and no one has any use for them.  If items of value were stored in the attic, which is a big no-no, chances are good they have been damaged and the value greatly diminished.  This is not always the case, but generally what we find.  On very rare occasions, we find treasures hidden up there too, but they have been long forgotten and the family most likely was never told about them.

My assistant has a saying when we are working in the daunting attics, up to our elbows in stuff:

“They were young when they put this stuff up here.  By the time they finally figure out it has to be dealt with, they are elderly and can’t get up here anymore.  That’s how long this stuff has been sitting around and most of it is being discarded.  With all this paper up here, it’s a miracle the house didn’t go up like a match.”

This is accurate on many levels.  Time stops for no one.  We all have the best intentions of cleaning out the shed, garage, closets, cupboards.  But if you continue to procrastinate and something happens where you or your loved one is incapacitated, it truly leaves a burden for the ones you leave behind.  A bigger burden than you realize.

If you have had your sights on a project around the house which includes clearing out some stuff, make sure you know what it is worth before you sell it or give it away.  It is better to clear out the clutter now, so you can feel better and not worry later.  We all could probably come up with numerous excuses.  With spring coming, it’s time to just do it!

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

In Search of Sanity

I have a theory that people subconsciously believe their stuff will anchor them to this world.  They fill their homes with “treasures” as a sign of success; they “made it” in this life, in contrast to their parents who didn’t have much during the Depression.  They amass things out of fear, fear they will have to go without.  They may hold on to stuff out of guilt.  Finally, they may feel they are doing their children a favor by leaving them so many “valuable” things.

At some point, all this stuff becomes a proverbial monkey on someone’s back.  Someone will pull their hair out and cling to sanity trying to understand the estate settlement process.

I find it so interesting that people spend a lifetime collecting stuff, buying stuff, inheriting stuff, fighting over it, displaying it, talking about it … but they rarely make a plan for it.

Collections are one example.  Everybody collects something.  It’s exciting when you find a special piece you’ve been seeking for years.  When the word gets out that you collect cats, suddenly everyone buys you cats.  Metal, porcelain, glass, pottery … it doesn’t matter.  You get tons of cats whether you want them or not.  Next thing you know, you have 200 cats!

Let us not forget that we inherit items along the way, tripling (or more) what we already have.  Soon, our homes are bursting at the seams, our spouses are griping because of all the clutter, and our children let us know in no uncertain terms that they want nothing other than a ride to IKEA and cash, so they can buy what they want.

Every day, I am in multiple estates and I see all of our accumulations.  Some houses are neat and tidy, but the closets are bursting at the seams!  Things are strategically hidden!  Other homes are eclectic and interesting from world travels.  Still others are hoarders, thinking every possession is valuable, and they will not listen to the reasoning of a professional such as myself.

I can say with 100% certainty that we’re facing a major problem in this country as our seniors and boomers age and pass away.  Plain and simple, we just have too much stuff!  More is finding its’ way to the market every day as our elders die, and the boomers are getting the message to simplify their lives and let go of things that bog them down.

This simplification process has brought to the marketplace experts:

  • professional organizers
  • senior move managers
  • stagers
  • estate experts

Look for professionals who are trained, credentialed, belong to professional organizations, and have solid experience.  Start whittling down the years of stuff you no longer use or need.  Open up your space and let light in the house.  All my clients who have taken the downsizing plunge are thrilled they did it, and are now free to enjoy their lives.

As we make our way through our parents’ belongings, we also have our stuff to contend with at the same time.  It’s important to think ahead and have some kind of plan in place, whether giving/gifting in advance, or selling everything and buying only what you really need.  You will love the feeling of lightness.

Learn to let go.  Keep the next generation in mind as you are doing so.  It’s one of the best gifts you can give your family.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

How to Select the Best Heirloom

This may be hard for some to believe, but when a loved one dies, the things I see are deplorable.  Children, siblings, extended family, friends, and neighbors descend on the estate like flies.  Seriously?  A life just ended, and this is what people think about .. the stuff and the money.

In my career, I have truly seen the unthinkable; people hire me to uncover the most valuable items so they can choose those items before their siblings arrive (as I later found out).  Children sneaking in the estate before the funeral, and even while the loved one was dying, to “help themselves.”  I have seen neighbors or long-term friends approach the estate as if they were entitled, which makes me ill.  I have seen families offer the caregiver a memento; then the caregiver uses their personal key to empty the house, literally, over the weekend, knowing the children are not there.

When did people get so calloused and mean-spirited?  It is very hard to understand people’s actions.  Everyone always seems to get greedy, hard feelings and resentment follow, and in the long run, no one is happy.

Here are a few helpful hints from The Estate Lady® to guide you in selecting an heirloom.

Selecting an heirloom(s) from an estate is a multi-fold process in your mind and in reality.  First, think minimalist.  Do not take just for the sake of taking.  Remember that anything you take ultimately becomes a challenge for your children in the future.  In making these decisions:

  • Keep in mind that selections are ruled by emotions/sentimentality/nostalgic ties to the person who just passed.  Examples would be photographs, their eyeglasses, a favorite perfume … small mementos that have little value to anyone but you.  NOTE: This does not mean pack up the entire estate and keep all small items.  It means be prudent and hold on to smaller items that you truly cherish.
  • At some point, the emotional side must give way to logical consideration and reality.  Separate the emotional from the realistic and see practical side.
    • Will I really use it or can my sibling use it more?
    • Will I have space for it?
    • Is the cost to transport/ship too high to get it to my home?  Don’t expect the estate to pay for shipping; arrange that on your own.
    • Do I have to put it into storage?  Think twice; storage gets very expensive.
  • Consider the condition of the item.  Older items can have serious problems: insect eggs in antique rugs, items in poor condition now unusable, mold on items, odors from smoking/animals/mildew.  You don’t want to bring these into your home, especially if you have allergies.

When our mom died, and my brother and I went back to their home to sort through things, I reached for this little gold tone frog with green eyes and solid perfume inside.WP_003000  I bought it for mom when I was 10 years old.  I laughed every time I saw it, wondering why she kept it.  One day I asked her.  “Mom, why do you keep this silly little frog?  I paid $1 for it when I was little.”  She simply replied, “It always made me smile; I remember when you gave it to me.”  Don’t you know I had to have that little frog?

This is how you make solid, knowledgeable selections from the estate.  Not based on worth, because money means nothing.  Chances are pretty good your children won’t want that 9 ft. tall Victorian secretary.

The value is in the heart and it will guide you!  Turn the other cheek, be polite to each other, and put the memory of the person you lost before yourself to honor them.  Friends and neighbors should step back, allow the family time to grieve, sort and make their selections first.  Friends should not request anything unless the children offer it to them.  If you can’t have a particular item, at least take a photograph and remember it that way.

It’s not the end of the world if you don’t get the item you want.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Estate Sale vs. Yard Sale

One man’s trash is indeed another man’s treasure.  What you may consider wonderful and unique, another may disagree with, but that’s the beauty in all sales.  Through the years, we have learned that many clients and prospective clients feel an estate sale and a yard sale are pretty much the same thing.  This is not the case; please read on.

Estate sales are a powerful way to empty a home, but they require knowledge, skill, and training to do so.  Estate sale professionals always look for a wide variety of estate items when deciding to accept and conduct an estate sale.  Since the public is invited into the physical estate for the actual sale, it is necessary to have this good variety of items to act as a magnet to attract buyers, who are interested in just about anything.  It doesn’t necessarily have to be the entire contents of the home, but liquidators are looking for as much as possible to sell.

Yard sales are an entirely different venue to sell items, one that is far less complicated.  It is much smaller and contained, and its purpose is often just thinning out unwanted items.

Here is a definition of both sales:

An estate sale is a sale to dispose of a substantial portion of the items owned by a person who is recently deceased, or who must dispose of his or her personal property to facilitate a move.  Downsizing and divorce are also reasons why an estate sale might be needed.  Estate sales require skill and knowledge of a professional to sell the bulk of a household.

A yard sale/garage sale is an informal, irregularly scheduled event for the sale of used goods by private individuals at their home.  Sellers are not required to obtain business licenses.  Yard sales are held on the seller’s own premises to quickly get rid of used household or personal items (furniture, tools, clothing, etc.) at bargain basement prices.

An estate sale professional does not usually conduct yard sales.

There are many differences between these two sales.

An estate sale is professionally run, for a percentage of the proceeds, and the majority of items are not usually low in value.

A professional estate liquidator is often needed, due to the overwhelming scope of work required to handle the process in the best possible manner with the best possible results.  It is not unusual for this process to become completely overwhelming for those left behind, and the liquidator can often lift a huge burden from the family.

Remember too, that the professional estate liquidator has knowledge and experience with pricing personal property, knows how to research, has trusted resources, and is proficient at attracting the right estate sale buyers, based on what the estate offers.

Sometimes, families attempt to do things on their own by selling or giving away items, leaving only yard sale material.  By then, it is too late for the estate liquidator to offer a successful sale or maximize the proceeds because everything good is gone.

Reasons for an Estate Sale

While the most common reason for an estate sale is death, moving into another residence such as an assisted living facility, downsizing and/or divorce are other personal reasons someone will choose to have an estate sale.

  • In most cases, the children/heirs take what they want, but either don’t want the majority of the home’s contents or lack the space for it.
  • Sometimes a loved one’s will has specifications that all of the personal property be sold and the proceeds be divided equitably among the heirs.
  • To pay debts the estate has incurred, creditors will need to be paid during the settlement process.

Reasons for a Yard Sale

A yard sale thins out the home of unwanted or no-longer-used items.  The children have grown up and it’s time to purge the home in preparation for downsizing.  Toys, clothing, sports equipment, holiday items, etc. can be sold quickly and the remainder is easily donated.

Here is a comparative chart to view the estate sale vs. the yard sale, side by side.

Comparative Chart – Yard Sales vs. Estate Sales

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Great Expectations and the Blame Game

 
“Don’t blame others for disappointing you.  Blame yourself for expecting too much.”  – Unknown
 

Though it sounds harsh, we need to take a close look at our expectations and learn how to keep them in neutral.  We have turned into a society that expects the world to be at our beck and call.  We’re often entitled and don’t understand why we can’t have what we want … now!  Maybe this is one reason why people are pretty cranky these days; society is headed in an unpleasant direction.

I share some of my innermost thoughts to help keep expectations in check.  I’m seeing people, on a national level, being unreasonable when it comes to what possessions and estate items are selling for these days.  Although there are multiple reasons for this, we need to look longer and deeper into the reasons before blaming the estate sale professional, auctioneer, consignment company, etc.

Each time I hear someone say, “Why are things selling so low?  Why hasn’t the market come back yet?  I just don’t understand!” I am really surprised.  If you are watching the news, the internet, or any other global source, it should come as no surprise that things are a little crazy in the world.  Despite what mainstream media announces, the economy from our perspective (the sellers) is not improving.

It is currently, and will remain, a buyer’s market for quite some time.

Personal property is low, just like almost everything else.  Our expectations should remain fairly low until such a time that these items regain popularity or collect-ability, when and if that time comes back.

We, the sellers of personal property, know the market; one of our faults may be not explaining this completely to our clients.  We need to do our best to fully explain the poor economy, the flooding of the market from our older loved ones leaving us, the boomers downsizing, and our younger adults not wanting much stuff.  Flooding of the market is a concept easy to understand, once it is explained.

I have also attributed the client blame, which I hear from estate professionals, to several factors outside our realm of influence.

  1. People need money, or need to preserve the money they have.
  2. People are worried about the heavy costs of healthcare, especially long-term chronic care.  How long can they keep their parents’ care going if they outlive their money, which many are doing?
  3. People believe family lore about how valuable certain pieces were, only to be side-swiped with a realistic fair market value.  This derails them and rapidly deflates their bubble of expectation.  They thought these items would sell for a small fortune, and in most cases, they don’t.
  4. When times were good, our clients paid top dollar for nice, well-made furniture; often thousands of dollars were spent.  Retail no longer exists in our world, so forget about retail.  This furniture will not sell for 75% or even 50% of what you paid for it in most cases.  Prepare yourself for 25% to 30%.  If it sells for more, consider that a fortunate occurrence.
  5. When all of this knowledge converges and comes tumbling down, the property sellers often get slammed with anger and frustration.
  6. People need to understand that most possessions do not appreciate in value, even if they are special and expensive.
  7. Unfortunately, you may have paid too much for items in the past.  That cannot justify a high or unrealistic price when you sell them.

I really want my voice to reach both the consumers and my colleagues in the industry.  There are always two sides.  IF an estate professional does their due diligence in every respect, is it fair for the client to be harsh towards the professional, due to unrealistic expectations?  This is why communication is so important!

  • Look at the economy.
  • Look at other people going through tough times and how quickly styles, lifestyles, and people are changing.
  • Look at the market with a reasonable eye.
  • Keep your expectations in neutral.

We’re all in this boat together!

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Estate Items: What’s Hot and What’s Not?

As we head into the new year, we also head into continued uncertainty with our economy, among other challenges.  The past few years have left some battle scars on the personal property industry, and the economy is still in a weakened state.  We are witnessing the market become flooded with traditional furnishings.  One has to wonder:

  1. When will the market return?
  2. What is currently selling well, if traditional furnishings are selling low?

How I wish I had that crystal ball!  Since we don’t, we can only read the trends based on our experience.

This list is not all-inclusive, but just the highlights of the market.  Items on the “NOT selling well” list are still selling but only if prices have been significantly lowered by the seller/liquidator.

Just this week, we saw a fantastic antique English, curly maple chest of drawers sell for $150 at an auction.  A few years ago, that piece would have brought $1,000.

Please don’t blame the seller; this isn’t the seller’s fault.

The market is simply not bearing healthy prices on many items at this time.

This is the new normal.

What’s currently HOT and selling well?

  • Mid century furniture, some Danish modern, designer furniture from this era
  • Military items: Civil War to present day
  • Genuine and costume jewelry
  • Sterling silver/gold/platinum
  • Vintage toys
  • Record albums: classic rock, jazz, blues.  Not opera or classical yet.
  • Vintage electronics and stereos
  • Utilitarian items: housewares, cookware, kitchen ware, tools, camping, etc.
  • Used cars/boats
  • Vintage garden and patio items
  • Guns
  • Yard items/ornamental/garden tools

What’s NOT selling well?

  • Traditional “brown” furniture
  • Glassware: clear etched, cut crystal, pressed glass, etc.
  • China sets and painted porcelains
  • Victorian furniture, other dark heavy antique pieces
  • Holiday items/collections
  • Rugs: Persian, Oriental
  • Collector plates and figurines (Franklin Mint, Bradford Exchange, etc.)
  • Upholstered furniture
  • Common antiques
  • Dining room furniture, hutches
  • Print media: numbered prints, mass-produced art items

If there’s one thing for certain, it’s that things are always changing.  For now and for quite some time to come, these are the trends and predictions.  One day, this will change too; we just don’t know when.

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.