Should You Have an Estate Sale?

By Homesmsp @HomesMSP

Whether you are settling an estate, helping a loved one transition to senior housing or downsizing yourself, one of the first questions is often what to do with all the 'stuff'. Some items will likely be given to family members or close friends, especially items of sentimental value. But what about everything else?

One solution is to have an estate sale. You could do it yourself if you have the time, desire, resources and knowledge but hiring a professional company is by far the easiest way to handle it... especially if you are dealing with a houseful of possessions collected over a lifetime. In fact, professional estate sale services usually ask that you don't clean out anything before they come when liquidating an estate because they often find value in items you may not expect.

Estate sale services typically charge a minimum fee or commission on the sale proceeds. Commissions can vary but 25-30% of proceeds or a minimum charge of about $2,500 is not uncommon. If you don't have enough for your own sale, some services also have group sales in a central location. I expect we will be seeing more online estate sales in the future as well.

When my clients are thinking about an estate sale I tend to think in three categories...

  • Clearing out possessions after a death or when a loved one transitions to senior housing
    • Smaller home, lower total value
    • Service such as Ebenezer Hands & Hearts Moving and Estate Sales
  • Downsizing or other life transitions requring liquidating a household, including a senior transition or death
    • Larger home, higher total value
    • Includes more valuable pieces, possibly antiques and collectibles
    • Service such as Esquire Estate Sales
  • Not enough for a professional estate of your own
    • Donate items to places such as Bridging, which gift quality furnishings and household items to people in need
    • Include items in a group estate sale offered by a service such as Birkeland and Associates

A professional estate sale service can usually handle all aspects of the sale, including sorting, cleaning, display, advertising and conducting the sale. They will assess the value of items and make price recommendations, including appraisals of more valuable items such as art work, jewelry and antiques.

They do the work so you don't have to worry. Many services will also clean up and donate or dispose of items remaining after the sale as well so you are left with a clean house.

Sharlene Hensrud, RE/MAX Results - Email - 55+ Certified Senior Real Estate Advisor