While it may not be a scientific fact, I think most estate sale pros will agree to the fact that most people think their items are substantially more valuable than they really are. Generally, you can trace this thinking to one of four reasons:

• They know the original retail value they paid for an item. 
  
• They know the provenance of a piece. 
  
• They have surface research from eBay or Craigslist for a similar item. 
  
• They have emotional attachment towards a piece. 
  

While these are all great discussion points, they don’t always translate directly to how items are priced. What we’re really talking about with regard to understanding estate sale pricing is fair market value (FMV) and the local resale market. (Emphasis on local!) Within these categories, there are many things we consider when pricing. Here are just a few to scratch the surface: 

• Does the item fit with the local trends in resale? 
  
• Is it a hard-to-find piece or commonplace?
  
• What are the storefront resale prices for similar items, and in turn, what are the store owners willing to pay for those pieces?
  
• What is the condition of the item?
  
• Is the resale market saturated for that particular genre or item? 
  

For Paint & Patina clients, most household items are assigned a FMV. 

FMV for estate sale pricing is guided by the local resale market. Not your best friend’s market the next state over or the eBay market, but what is trending here and now.

In our area, the resale market is saturated. Really saturated. There are tons of brick and mortar shops peddling resale and upcycled items. There are tightly knit online/social resale sites like the West County Mommy Swap or the Kirkwood/Webster Swap & Sell on Facebook. There are giant swap meet events around town. There’s craigslist. The list is endless!

We consider all of the aforementioned information (trends, condition, saturation, asking prices that are too high, and equally, asking prices that are too low, etc.) to determine FMV.

While determining FMV is not exactly a scientific process, there is a method to the madness. And it works! Our pricing experience has proven time and time again to get our client’s items sold for a fair price, and quickly.

So does FMV apply to collectibles, art, antiques, rarities or other specialty pieces? Many times, the answer is yes! That’s where an appraisal comes in to play.

We’ll discuss appraisals and their role in estate sales in an upcoming blog. Stay tuned! 

We are lucky to have a robust, classic estate sale community in our area. On any given weekend, estate sale shoppers have 15-40 sales to choose from. When you stop in to a Paint & Patina sale, I want to help you get the find and snag the deals, just like the pros!

These are my top tips to help you shop Paint & Patina estate sales like a pro.

1) Get your line number, in advance, on-line!
At Paint & Patina, we've said good-bye to the days of waking up at 5AM, standing out in the cold to get a paper number then hiding out in your car for another few hours until the sale opens up. We are excited to offer our customers the opportunity to register their spot in line, on line! This progressive approach is growing steam with our resale shop and booth owners who have lots of sales to hit. Shop like a pro and get a number! This gives you piece of mind of your entry…and a little extra sleep to boot!

2) Bring your list.
Keep a list of items you are in the market for and write down the dimensions of the space you have available!  I can’t tell you how many times I've heard people say, “I have been looking for a table like this! Hmm. Wonder if it will fit? Can I borrow your measuring tape? Thanks! I’ll take these measurements home and see if it will work.” Then they come back to find out the piece sold.

3) Strike while the iron is hot.
You've heard of “buyer’s remorse.” What’s worse, is “leaver’s remorse!” (Trust me. I've had it.) These are the folks that think, and think, and debate if they should get the item. They just can’t bear the thought of passing up a great deal. They end up leaving without it only to call me later and ask if it’s still there. More often than not, it has sold. Take advantage of estate sale pricing up front and get the deal while you can! That’s what the pros do!
(You’ll be bummed when you see it in your favorite resale shop for twice as much!)

4) Place a bid!
Paint & Patina takes bids on all items. If there’s something you like but aren’t sure of the price, remember to place a bid! Don’t be bashful! Lots of folks have received happy phone calls from me with the good news that their bid was accepted. The pros do it and you should too!

5) Consider man power in advance.
If you know you are in the market for larger pieces, have a buddy and a large vehicle or a moving company on stand-by.  While there are exceptions, most estate sale clients require that all purchased pieces be removed from the property by the final hour of the sale.

6) Consider repurposing or upcycling.
The pros are great at spotting upcycling opportunities. Our crew can help you too!
We are full of ideas on how to make old things fresh and new again. Look around our sales for our idea tags to help inspire you.

7) Be patient and have fun!
Estate sale shopping can be a blast. Remember that many professional estate sale companies operate with highly efficient, yet small crews. Generally, the pros know this and are well versed in patience while attending sales and checking out. We filter hundreds of questions through the duration of the sale - patience makes it possible!