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Selling Used Furniture
by Gary Foreman
Question: We're helping Dad to clean out his home and we need help to
price 3 rooms of Danish modern furniture for sale: vintage 1962,
excellent condition, dining room table with leaf, 4 chairs and large
hutch; 2 bedroom sets (1 double bed, nightstand and mirrored dresser and
1 single bed and mirrored dresser--both with bookcase headboards!). We
hate to part with this furniture and want it to go to a good home. Can
you suggest how we can find out it's worth? Thanks. Susan & Larry
Susan and Larry face a common problem. It's time to downsize and that
means selling some furniture. If the furniture is nice and has been well
maintained there should be a way to get something for it. So let's see
what options Susan and Larry have.
The first thing to do is to find out what they really have to offer.
Susan and Larry will want to see if the furniture was made by a famous
manufacturer. Typically better manufacturers marked their pieces. The
most common locations for these marks are in drawers or on the back.
If they think that Dad's furniture has any collectible value they should
check a pricing guide at the local library. The librarian will lead you
to the proper guide. There are several. Generally furniture from that
era is too new to be valuable. But there are some exceptions. For
instance, furniture manufactured by the Heywood-Wakefield company has
built up a following. Some of the rarer pieces can bring $2,000 or more.
So it pays to check.
They'll also want to visit used furniture stores and compare the local
classified ads. Look for similar items to get a feel for prices.
Unfortunately, if Dad's stuff isn't collectible, they're not going to
get a lot for it. There's just too much competition. With some national
chain stores offering no payments for a year or more, people who would
have bought used will opt for new furniture.
In most cases Susan and Larry will probably get the best price by
putting an ad in the paper. That means more work. There will be phone
calls and strangers coming to Dad's home to look at the furniture.
They'll have to negotiate prices. If someone is interested but won't
meet your price, get their name and phone number. In a few days you
might want to accept their lower offer.
An easier option would be to call one or more local used furniture
dealers. But, unless they have something very collectible, don't expect
to get top dollar. Remember that memories won't add to the value of
Dad's stuff. You just can't put a price tag on holiday dinners around
the old dining room table.
The dealer will need to make some money. So Susan and Larry can expect
an
offer of about one third of a used store's selling price. So items that
would sell for $1,000 new may sell for $300 used and garner an offer of
$100.
Selling to a dealer does have some advantages. They'll come to Dad's
home and make an offer on the spot. It is much easier than selling it
yourself.
Susan and Larry may decide that money isn't everything. Finding a 'good
home' for Dad's furniture might be important to them. Maybe they know of
a family that can't afford to buy the furniture but would really
appreciate it. Helping a new family make memories with the furniture
might be payment enough.
If they're not in a rush it would be a good idea to tell friends and
co-workers about the furniture. There's always someone moving into a new
home or apartment. Usually these types of deals are quick and clean.
Another option is to try selling over the internet. But unlike books,
it's not easy packing and shipping furniture. If you want to try it, you
should put a 'reserve' price on the auction. That way if the bidding
doesn't reach your minimum acceptable level you won't be forced to sell
the furniture for less than you wanted.
Finally, in some cases it might even be a good idea to give the
furniture to a charity. You won't be paid, but Dad will have a deduction
at tax time.
What's the best strategy? Probably something that relies on more than
one tactic. Susan and Larry might want to start by visiting a few used
furniture stores to check prices on comparable items. Then put an ad in
the paper hoping to get 50% or better of the used store prices. Whatever
items are left can be sold to a used dealer.
About the author
Gary Foreman is a former financial planner and purchasing manager who
currently edits The dollar Stretcher website
www.stretcher.com;
and newsletters subscribe@stretcher.com Visit today!
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