Inflation and other economic pressures might be keeping Americans from spending this summer, but there are ways to get a little extra spending money. For example, garage sales and yard sales.
“I was kind of amazed at just how many hundreds of dollars in merch was just sitting around our basement gathering dust,” said WBBM Newsradio’s Rob Hart of his own garage sale experience. He was joined this week by Lisa Stover, expert in senior transitions and owner of Presto Real Estate and Services, on the Noon Business Hour to learn more.
Stover said garage sales are a great way to get rid of things around the house that aren’t used anymore. Homeowners can put on a garage sale themselves by setting up some displays outside and putting up homemade signs.
“With a garage sale, people like to spend pennies on the dollar, so you can expect to make somewhere between 500 and $1,000 at a garage sale,” and sales can include some bargaining, Stover said.
For a bigger payout, there’s also the estate sale option. Stover explained that these are organized by professional companies rather than homeowners themselves.
“When you hire them to come in, they really look through your items,” she said. “They group items, they research things that might have greater value, whether it’s art or silver. China really doesn't have a lot of value, but tools and toys, especially older toys, really do.”
Compared to the garage sale payout, estate sells can generate $5,000 to $10,000, according to Stover.
“So, it’s a really, a really big deal,” she said. Stover added that estate sales might be particularly attractive to baby boomers who are looking to downsize.
Those interested in estate sales should also have a lot of options. There are thousands of estate sale companies in the U.S., Stover told Hart. These companies often have followers and will promote sales to them online with photos.
“You can make a lot more money in estate sale because somebody else is running it for you. Less emotional too,” Stover said.
Some people might be more interested in shopping the sales than organizing them, and Stover noted that there is a whole culture around estate sale shopping. One tip from the community is to shop on Sundays – that’s when the biggest deals are offered.
