Millennials are discovering Estate Sales

An interesting June 11, 2021 USA Today article detailed the results of a Bankrate survey of new homeowners, which scratched the surface of what millennials are discovering about quality for even smaller items.

"According to a recent Bankrate survey, 64% of millennials aged 25 to 40 are facing regrets after buying a home compared with 33% of baby boomers aged 57 to 75. The survey found that the older the buyer, the less likely they were to have homebuyer regret."

Mark Hamrick, senior economist analyst at Bankrate said. "The No. 1 financial regret among Americans is that they wish they had emergency savings...You know, you look around the house and it's just a series of things waiting to break."

Millennials ignored the temporary usability of many purchases because it was sufficient while they were attaining a higher education and lived in a dorm or utility apartment; but it suddenly becomes costly as they put their roots down. The quality of everyday items deteriorated more so in recent years as America exited offshore production and contract manufacturers responded with a greater decline in quality to offset higher tariffs and decreased orders.

Maybe this additional evaluation of long-term usability and quality also occurred during last year's shutdown, when there was a new exposure to the ubiquitous flip-it shows on various mediums. Suddenly the limelight on yesterday and products made to last became relative.

What are millennials looking for when they venture into an estate sale? Those with an eye for fashion are discovering treasures in closets and drawers; often unworn, pristine and surprisingly in vogue. Purses with familiar high-end names, classic design, and natural material are also getting new admirers.

The discovery of gadgets in the kitchen, craft room or garage, which don't require an electrical cord or batteries is creating a flurry of on-site online searches for their function and then nabbed as a conversation piece, unique decoration, or the challenge and desire to put to use.

Millennials stand back and consider the style, size and functionality of smaller furniture pieces. They are vaguely unaware or outright oblivious to the reality most living rooms and bedrooms at an estate sale do not have particle board furniture with laminate covering. Then at some point the scope of yesteryear quality is appreciated. Maybe it is after going to a few sales or a passerby comments about the type of wood and it's characteristics. Again, a quick on-site online search educates the novice of what a new, functionally comparable, item would cost and suddenly opportunity collides with real-time availability and hopefully the pocketbook.

How will millennials do when they compete against the professionals, those who have "flipped product" year after year. A millennial buying for their own use has a budget with a wider latitude and patience because this venture is not their livelihood. They have compassion to recognize the seller needs to sell and they appreciate those personal belongings. I am seeing this kind attitude when attending sales my friend manages and expect so again at his next sale at the end of the month in Pasadena.