Personal belongings have sentimental value, so it can be difficult to put a price on them when you’re holding an estate sale. If you don’t have the time to research every single item in your home, it's a good idea to hire a reliable appraiser to do the work for you. The guide below explores how items are priced during an estate sale appraisal.
What to Know About Estate Sale Pricing
1. Items Are Based on Market Value
When items are appraised for an estate sale, they are priced at fair market value (FMV). This refers to the price an asset would sell for in an open market in which the buyer and seller are aware of all the asset's features, have adequate time to make a decision, are acting in their own interests free of any pressure, and agree on a price. In general, this will be less than what a buyer would pay for a brand-new item in-store or online.
2. Rarer Items Are Priced Higher
Part of what determines an item’s value is scarcity. If there was a limited release of an item, very few copies were made or are still around, or it is a one-of-a-kind handmade piece, the object will be worth more. For example, an original oil painting by a famous artist or a rare Tiffany lamp could be the most valuable item at your estate sale.
3. Buyers Need to Want It
Just because something is rare doesn’t necessarily mean people will purchase it. The desirability of your item may depend on several factors, such as the brand, appearance, relevance, and practicality. A vintage sports jersey, for instance, will be a more popular item in the region where the team is located. Pop culture collectibles and popular clothing, shoe, and jewelry brands are often highly desirable items.
4. Condition Is Key
Even if you have something rare or in high demand, it won’t be worth much if it’s in poor condition. An item that is well-maintained and like-new will be priced much higher than something showing visible wear. Damaged items, like broken retro cookware or rotting vintage wood furniture, may not be worth selling at all. Make sure your items look good, clean, and presentable for your appraisal.
If you need assistance organizing and pricing your estate sale, turn to the experts at Options LLC in Dayton, OH. Their experienced appraisers help homeowners efficiently and appropriately price and sell their items using their knowledge of the marketplace, so you can get the best deals on your belongings. They work with estate sales across Montgomery, West Chester, Indian Hill, and north of Vandalia. Contact the estate sale company at (937) 985-9471 to schedule a consultation.