Downsizing!

[Deleted]

Something to think about before filling up your house with things along the years: www.smartmoney.com/personal-finance/retirement/downsizing-boomers-looking-to-sell-their-stuff-1301517395843/

It's 8:55 a.m. on a crisp Thursday morning in the exclusive New Jersey suburb of Bernards Township, and at 34 Emily Rd., more than 60 people are lined up impatiently outside the front door. Inside, owners Mark and Mary Tuller, who were up most of the night and feel like "zombies," are girding themselves for the onslaught: a three-day crush of strangers pouring into their home, pawing through their family's stuff. Attic to basement, nearly everything is tagged with a price, from the mahogany dining room breakfront ($5,000) to the half-used cans of spray starch (50 cents).


Mark, a 62-year-old former general counsel for Verizon Wireless, and Mary, a retired math teacher, say they couldn't be more excited about their imminent move to a smaller, Mediterranean-style place on the California coast. But with moving trucks arriving in exactly one week, they're more than a little anxious about whether this estate sale will be successful in unloading nearly three decades' worth of accumulated belongings—especially prized pieces like their antique, hand-knotted Persian rugs (the one in the living room originally cost $20,000). "We wanted to sell these expensive items in a way that brought closure," says Mark, "and didn't want them to just walk out the door for almost nothing."

Indeed, to help facilitate the sale, they've chosen a company called The Grand Bazaar to run it; unlike some other mom-and-pop businesses they interviewed, it actually takes credit cards. But from the moment the doors open and salegoers storm the 5,000-square-foot home like pirates rushing a ship, virtually no one bothers with plastic. Not the man with the white ponytail happily scoring a $1 jug of deer repellent or the woman in chunky diamonds and fur-tipped pumps snapping up old garden hose nozzles. Some bargainers cart off books or clothes in bulk, but most arrive at the checkout table with small items: Christmas decorations, souvenir Parisian drink coasters, a board game from the downstairs toy closet. In fact, when the doors close on the Tuller family sale (final take: on the plus side of $30,000), there's still quite a bit of furniture left, most of which is destined for donation or—cue Mary's nostalgic sighs—the Dumpster. And those expensive rugs? At least $30,000 worth of fancy floor coverings are headed into storage. "The sale was a huge success if you were in the market for unopened soap," says Mark.


Call it the great American sell-off . For years now Americans have been gathering and collecting at an amazing pace, filling homes that over the past half-century have more than doubled in size, to an average of nearly 2,500 square feet. And even that hasn't been enough to contain our nation's overflow of stuff. These days nearly one in 10 U.S. households maintains at least one self-storage unit, 65 percent more than did so in 1995. Filling these spaces, of course, comes naturally to baby boomers. Born into the giddy postwar climate of conspicuous consumption and weaned on decades of easy credit, they're a generation accustomed to regularly leaving offerings at the altar of retail.

That is, until they hit the empty-nest, time-to-start-downsizing phase—and begin wondering what to do with their mountains of accumulated stuff. With some 8,000 Americans turning 65 every day, on average, and the senior population expected to double by 2050, millions are facing a massive, multifaceted purge that's turning out to be much tougher than they thought it would be. And millions more find themselves in similar quandaries as they deal with the truckloads they've inherited from packrat relatives. Indeed, whether they're leaving an heirloom china set at the local consignment store or packing a stately grandfather clock off to Sotheby's, many are discovering that the resale market is glutted with household goods. And oriental rugs are only the beginning. Got a home full of middle-market, traditional-style furniture to sell? Dealers say that stuff's plunged 50 to 75 percent in value. Elaborate silver tea sets are worth more melted than as decorative objects. And huge heavy items like dining-room breakfronts and banker-style desks are often the toughest to unload. "I once sold a piano for $11," says David Rago, a Lambertville, N.J., auctioneer.

For many of those in or near retirement, this is not unimportant income. Inspired by shows like Antiques Roadshow and Pawn Stars, many hope that monetizing that painting over the mantel will help make up ground lost in their battered retirement portfolios, says Julie Hall, a liquidator from Charlotte, N.C., and the author of The Boomer Burden, a book about challenges like these. And beyond the economic significance, there's the emotional struggle that comes with letting go of decades' worth of memory-laden stuff. As David Ekerdt, director of the Gerontology Center of the University of Kansas, puts it, "They're not just things. They're you." But the disconnect between perceived value and actual value—when the kids don't want their parents' stuff and the market is overrun—can be a cold splash of reality. "What are people going to do?" asks Jane C.H. Jacob, a Chicago-based appraiser and trustee of the nonprofit Appraisal Foundation. "Dig a ditch and put it in a landfill?"

[happyscooter]

My mother passed away last year. One of my siblings could not let go of anything. And I mean ANYTHING. Her house is so cluttered anyway. When my FIL passes (and I think it will be soon), I don't know how my DH will handle things. BIL lives 1000 miles away and is executor. He will want to sell everything the week things happen. Which is fine for some things. Other items not so much. But also BIL thinks his kids get first pick at it all. Fine, it's just material possessions. But I can say after cleaning out my parents house, my children will not have a problem when DH/I leave this earth. I have given verbal instructions and we are in the process of writing them down.

[Deleted]

Interesting timing. Our town has a day once every 2 years when you can put just about anything out and they'll pick it up. We tossed out empty boxes, old small appliances (combined 2 households when we married, so had spares), decaying garden hoses, all the spare rolls of carpet scraps (left a train of mouse droppings I had to vacuum up), and other assorted junk. Massive amounts of people showed up in beat-up trucks, cruising by for treasures. An early bird got about 10 lbs of copper piping. Two steel barbells (total weight 60 libs.) disappeared immediately. So did an electric typewriter. They were happy. We were happy. Everything is gone now but some plastic peanuts blowing around.

I have no grand plans to make a lot of money when we downsize. My jewelry will go with us; the rest is furniture and memorabilia we like, but which were not major investments. We'll take what we need and just hope to find a good home for the rest.

[readsalot]

feeling up your house >>>>>>>>>>>>>>>>>>>>>>>

Feeling up your house ?! LOLOL

[Deleted]

There was an article a few weeks ago in the local business section about these auctions. Quite often the owners get defrauded. Another problem is that people's tastes have changed - there's not a huge market for porcelain figurines or certain types of collectibles anymore just like Snerdley mentioned. It can be quite a shock to people who spent a lot of money on it and assumed it was worth something and actually need the money.

As for not accumulating junk - I'm shocked at how much I donate to Goodwill each year, on top of selling things on craigslist or giving things away. Part of it is having a growing child but wow - a lot of "stuff" moves through my household.

[lulubean]

I don't have the money to buy a lot of nice things (lladro, waterford etc) so the pieces I have have been given to me for birthdays or christmas. If I don't have anywhere to display it something else goes of I don't get it.

[Deleted]

My grandparents got snookered by a doll company... oh, our dolls appreciate in value... my grandfather would show me the pamphlet, printed by the manufactuer... saying... look, see, this is what they are worth... i would show him ebay and say, look, see, this is what they are selling for... 50$-150$... not 5K...

[robbase]

Mark, a 62-year-old former general counsel for Verizon Wireless, and Mary, a retired math teacher, say they couldn't be more excited about their imminent move to a smaller, Mediterranean-style place on the California coast. But with moving trucks arriving in exactly one week, they're more than a little anxious about whether this estate sale will be successful in unloading nearly three decades' worth of accumulated belongings—especially prized pieces like their antique, hand-knotted Persian rugs (the one in the living room originally cost $20,000). "We wanted to sell these expensive items in a way that brought closure," says Mark, "and didn't want them to just walk out the door for almost nothing."

this sounds so contrary to me and more a lack of planning on these people's part....it does not appear they are in financial trouble and sounds like this is a planned reirement thing, but apparently not well planned enough...if they did not want some of their prized possessions to "walk out the door for almost nothing"...why did they not start trying to sell some things themselves 2 years out or so?

[Deleted]

MIL is a borderline hoarder. DH and I agreed that when his parents kick the bucket, we're calling 1800-Got-Junk and tossing it all.

[Nazgul Girl]

We keep carting stuff outside for the trash, and someone always seems to pick up that broken computer, the smoking old tv, the ruined desk, whatever. We take old clothes to the Salvation Army. I try to get rid of a box a week from downstairs in the storage area, but it still seems like there' a lot of stuff. I guess I have to get on it again. I hate "stuff".

[azphx1972]

This is surprising to me because the older I get, the less attachment I have for "stuff' and the more I care about people and relationships. If a loved one got into a car accident, what would you care more about: the car or your loved one? All this attachment to material things doesn't make any sense to me.

[april47]

Apr 16, 2011 12:56:16 GMT -5 azphx1972 said:

This is surprising to me because the older I get, the less attachment I have for "stuff' and the more I care about people and relationships. If a loved one got into a car accident, what would you care more about: the car or your loved one? All this attachment to material things doesn't make any sense to me.

I find that to be true in my case too. "Things" and fancy houses and cars do not interest me so much any more. Family and experiences mean more. My creature comforts are becoming more basic. Do you suppose this is the reverse of "nesting" and a natural life progression?

[Deleted]

Apr 16, 2011 9:43:54 GMT -5 @anne81 said:

Another problem is that people's tastes have changed - there's not a huge market for porcelain figurines or certain types of collectibles anymore just like Snerdley mentioned. It can be quite a shock to people who spent a lot of money on it and assumed it was worth something and actually need the money.

Anyone wanna buy a beanie baby?

I have a bunch of the Dept. 56 Christmas village houses- don't put them up much anymore. Last Christmas I saw an article about a church that put up a display of hundreds of the things, open to the public. I think they started at $30 each, so 200 buildings would have cost $6,000, not to mention all the streetlights, skating ponds and figurines that went into it. Someone had "donated" all this to the church.

No wonder, when I went to a seminar on stewardship in our diocese, they mentioned that churches should have a poilicy about what they'd accept as donations.

[azphx1972]

Apr 16, 2011 13:45:14 GMT -5 april47 said:

I find that to be true in my case too. "Things" and fancy houses and cars do not interest me so much any more. Family and experiences mean more. My creature comforts are becoming more basic. Do you suppose this is the reverse of "nesting" and a natural life progression?

That makes sense to me. After a certain point, I think you realize that things don't bring you happiness, but people and experiences do. I've grown to hate going shopping now, and the time/energy it takes to bring some thing home, find a place for it, dust/maintain it is just too much work for me.

[stats45]

I actually feel stressed out when I see too many things around me. I try to avoid shopping (I don't really enjoy it much anyway), and when I do buy something (like clothes), I don't feel right unless I take an equivalent amount of clothing and give it to Goodwill or a friend or something. I don't like the idea of knowing that more stuff is around.

I'll take experiences, travel, the outdoors, and people over things.

[motherto2]

I just look at my folks house and groan. They aren't hoarders by any means, but my mom loves the knick knacks. They used to talk about downsizing (their house is approx. 6,000 sf) and I'd get excited and encourage them, then they would say they were staying put. Step dad is a pack rat and has assured me that he has tons of hot rod magazines that are worth alot of money. Yeah, but that's only if I took them to car shows and tried to sell them . Now I have the problem where my DD brought home tons of stuff from college while she was away in the service getting her training, and then she came back last week with 5 huge ruck sacks/backpacks worth of stuff. And in less than a month DS will be bringing his college stuff home for the summer. I have absolutely no idea where I'm going to put everything, because my house is not that big! And ironically, my parents told me they couldn't store 3 of the dining room chairs that I just replaced at their house - they just don't have any room

[haapai]

Getting rid of old stuff as you buy new stuff may put a dent on the amount of stuff but it also guarantees that that what you have will be harder to part with.

I'm downsizing from a four-bedroom house with a basement to a one or two bedroom apartment. I find myself saying a little prayer before opening a closet, drawer, or box. "Please, please, let me find junk, not treasure."

So far, I've been lucky. The first round of culls was relatively painless and reduced the volume by a third. The only real sting was having to pay to get rid of it.

Wish me courage and ruthlessness in the next couple rounds.

[lonewolf2019]

We have been getting rid of stuff for years. I refuse to leave that job to our children. This topic is depressing me. Where's my chocolate?