Toss It Tuesday – Downsizing with Estate Sales – Part Two

estate sale shopping cart signIn Part One of this series, we learned that most estate sales occur when the homeowner is downsizing.

Now you will learn more of the important things to know when considering using an estate company to conduct your downsizing sale.

What do estate sales companies charge? Estate companies generally charge 30% to 35% commission on the sale’s gross proceeds. Additional fees may also be charged for transferring some items off-site for sale. Even with the commission charged, an estate sale will almost always net more than a garage sale you hold on your own (and you don’t have to do as much work!)

What are estate auctions? Estate auctions, which can be held on-site or off-site, work a little differently, although generally cost the same. On-site auctions are similar to estate sales, except items are not priced in advance. Instead, items are placed strategically and auctioned in an order pre-determined by the auctioneer. When liquidating a large estate, it is more practical and efficient to have an estate sale or an on-site estate auction.

Off-site sales can be advantageous when the sale is not extensive and items can be easily transported to the auction house. The auctioneer will come to your home to evaluate your belongings, and then arrange for your items to be to be boxed and transported to their site. You will most likely need to gather together the items for auction. Your auction will be scheduled and the date advertised, just like an estate sale.

What do estate auction companies charge? Estate auctions typically charge between 25% and 35% of the gross proceeds, comparable to estate sale fees. You can also expect a transportation fee for removing items from your home, depending on the location and the amount of items being transported.

What is right for me – sale or auction? Time is the biggest deciding factor – if you are planning on staying in your home right up to closing, there will probably not be enough time for an estate sale, which can take from a week to a month to prepare for and hold. If you can move out of your home (including packing and taking the belongings you want, and leaving the rest) a few weeks before the new owners take possession, an estate sale is viable. Your time frame will help you determine whether an estate sale or auction makes sense for you.

Will I really get market value for my “stuff”? There is a big difference between “market value” and “resale value.” Often we expect the price we paid for the item to determine its re-sale value. while in fact, most items depreciate in value, with the exception of some antiques and collectibles.

Your 20-year-old refrigerator may not bring $20, if it sells at all. Your old sleeper sofa might yield an end-of-year tax deduction if donated to charity. The old pot you’ve been using in your garden for years, could sell for $50. This illustrates why using professional and reputable estate sale companies or auctioneers to value and sell your belongings, rather than doing it on your own, will generally maximize the proceeds resulting from the sale.

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DAYNA WILSON: As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Toss It Tuesday – Downsizing with Estate Sales – Part One

estate sale shopping cart signDid you know that most estate sales occur when the homeowner is downsizing?

In this two-part series, you will learn the important things to know when considering using an estate company to conduct your downsizing sale.

What do these companies do for me? Estate sale companies evaluate and set up your items to sell, price them accordingly, monitor the sales and the flow of traffic, and provide security and extra personnel to deter theft during the sale. They will arrange for appropriate permits and advertise your sale in advance, to ensure a high flow of traffic.

What goes and what stays? Estate sale companies will ask you to leave everything you want sold in the estate sale exactly where it is, allowing you to focus on packing and removing just the items you want and need – no sorting, organizing or arranging items you no longer want. For instance, simply leave that 45-piece china set in the cabinet and the estate sale company will clean it and ensure it’s attractively displayed. Lastly, estate sale companies also recommend that you do not discard any items – allow them to be the judge of what should be thrown away, taking the guesswork out of the equation for you.

How are my belongings priced? Estate sale companies are experienced in pricing items based on current market value. Although to you, your great grandmother’s old and tarnished teapot may appear worthless, an expert might recognize its real market value. These companies’ personnel are often trained in antiques and appraisals – their expertise in pricing your belongings at appropriate market value will help you maximize the results of your sale or auction.

Why not just have a garage sale? You can request the estate sale company set a “reserve” on any item. If it does not sell for the minimum amount you set, you can keep it instead of selling it for less.

Next Toss It Tuesday – Downsizing with Estate Sales – Part Two

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DAYNA WILSON: As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Toss It Tuesday – Tips for Getting Rid of All That Stuff You Don’t Need

Simplifying your aging parents’ life can be complicated and stressful…especially when downsizing their belongings before a move to a more manageable living space.

TIP: When in Doubt…Sort It Out!

Use these categories to sort your parents’ belongings:

1) Necessities – What are the most commonly used items in your parents’ everyday living? Furniture, personal toiletry items, kitchen and eating utensils, clothing, and more. You want to make sure these items are moved to your parents’ new location.

2) Family Heirlooms – Jewelry, furniture, china and more.

3) Sentimental Items or Keepsakes – Gifts, photos, souvenirs

4) Disposables – so sentimental value and not useful at new location

5) Charitable Contributions – unwanted musical instruments, craft supplies, books

6) Trash – all items that can be thrown out

7) Valuables – items that can be sold

PROCESS: Use three different colors of Post-It notes to classify the items in Categories 1 (Necessities), 2 (Family Heirlooms) & 3 (Sentimental Items) that will go with your parents to their new location. This will make it easier for you to figure out what needs to go where as you sort through your parents’ possessions.

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DAYNA WILSON: As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Boomers Inheriting Mom’s Home – Rent vs Sell?

Baby Boomers call when Mom and Dad has to move out of the long-held family home. The adult children are challenged with the decision of whether to sell or rent out the house. There are many things to consider and I suggest beginning with asking yourself the following questions… sell home photo

  • What condition is the home and property in?
  • Does it need repairs or improvements before leasing? Before selling?
  • Do you want to be a landlord? Willing to pay taxes, insurance, repairs, gardener, utilities, etc. out of mo rent payment? What cash on cash return do you need?
  • Do you want to hire property management co to handle maintenance./ tenant complaints, vetting new tenants? (Typically charge approx. 10% of mo.lease payment)
  • Do you need a monthly income stream?
  • Are you ready to pay 2 mortgages when there is a vacancy?
  • Do you need a lump sum that can pay for mom’s care and be investing in something that will bring a greater return to the trust?

I give market data and home value, discuss trends around the Greater Walnut Creek and Lamorinda areas, as well as and absorption rates. This year could be the perfect storm as far as selling at the peak. You can sell as-is and not do anything to the property or we can discuss what it would take to get top dollar. Your realtor is not licensed to offer tax nor legal advice, and I recommend seeking the guidance from a trusted attorney and/or CPA to understand all the legal and tax ramifications, as each situation is unique. Let me know how I can help?

Your Seniors Real Estate Specialist & Downsizing Diva!

Photo by jessicafm

DOWNSIZING MADE SIMPLE – FIVE STEPS TO A SUCCESSFUL MOVE WORKSHOP

DOWNSIZING MADE SIMPLE – FIVE STEPS TO A SUCCESSFUL MOVE

DOWNSIZING MADE SIMPLE - FIVE STEPS TO A SUCCESSFUL MOVE WORKSHOP

DOWNSIZING MADE SIMPLE – FIVE STEPS TO A SUCCESSFUL MOVE WORKSHOP

At THE KENSINGTON
1580 Geary Road, Walnut Creek, CA 94597
Thursday, November 12th | 12:30 p.m. – 1:30 p.m.

Enjoy a complimentary lunch while Seniors Real Estate Specialist Dayna Wilson shares tips on downsizing to a more manageable home and answers the top 10 most often asked questions concerning planning for and making a later in life move.


Please RSVP (925) 943-1121
www.VintageKensington.com

Boomers and Seniors on the Move-2016 Directory for Older Adults

Boomers and Seniors on the Move

Boomers and Seniors on the Move-2016 Directory for Older Adults.

Proud to once again be supporting the Born to Age Directory for Older Adults for 2016. They will be celebrating their 10th year. I am proud to be the ONLY Seniors Real Estate Specialist represented in this magazine. Let me know if you have been wondering, “Who’s going to take care of me (or Mom & Dad) when I no longer can?” It’s a good question. Not many of us want to think about it, nor have made any plans. Many clients I work with don’t address this until a crisis occurs. Everyone hopes and prays for good health, prosperity and longevity.

Most of us will outlive our ability to drive. Past 80, approx. 50% of us will have some form of dementia, or some form of a chronic disease. So, it might be a good idea to understand the options and possibilities. Talk to your children, parents, family members, friends, trusted advisers about how you INTEND to live as you get older.

So much has changed in senior care in the past decade alone and most people have no idea just how much. New products are being introduced, new advances in technology, new senior living communities are opening-the rapidity of change is imminent. Let me know how I can help get you the resources and assistance you need now or for your future.

Dayna-Diablo Area’s Downsizing Diva!

Dayna Wilson Teaches “Moving Mom and Dad”

Moving Mom and Dad: 5 Common Mistakes Adult Children of Aging Parents Make and How to Avoid Them

Join Dayna Wilson- Seniors Real Estate Specialist and friends for an informative class designed specifically for those assisting elder family members with late-life moves. As experts specializing in assisting mature home buyers and sellers, we will introduce to you the five most common mistakes made by adult children of aging parents and how to avoid them.

You will gain valuable insights and strategies helping you and your family to…

Dayna Wilson Teaches Moving Mom & Dad

Dayna Wilson Teaches Moving Mom & Dad-5 Common Mistakes

  • Communicate more effectively
  • Create a plan of action for future care needs
  • Locate suitable senior living options
  • Simplify the relocation process
  • Find and hire the right support when you need it

Reserve your seat today! Contact Mt. Diablo Adult Education by calling 925-937-1530 or online: www.mtdiabloadulted.org

Moving Mom and Dad-3 Reasons Why Moving First is Best

1) For older home owners in particular, it can be very stressful living in their home while agents are popping by with buyers, calling to make appointments and having to leave the house each time. Especially tiring if you are not ambulatory or ill.
2) The East Bay real estate market is competitive. Mom and Dad may not be able to secure their next home before their current home sells. They will need a Plan B so there will be a roof over their heads. I’ve had clients who moved in with family or friends, rented an apartment or moved temporarily to a hotel suite.
3) It’s easier to sort through all the stuff and determine what to take and what to leave; can take time and not feel rushed. Take only what you need and let others handle the heavy lifting. You might hire an organizer or move manager to help with the sorting and distribution.

May be easier to buy your next home before leaving your current one...

May be easier to buy your next home before leaving your current one…


BONUS TIP: Make a Plan and share it with your loved ones! In my experience moving first is Best!
Have a specific situation you need to discuss-schedule a personal consultation to create a plan for your parents.