If It’s a Seller’s Market, Let’s Have an Auction
We’ve all heard the term “It’s a Seller’s Market,” but do you know what that means?
If you live in Nashville, you probably already know we have been rated and ranked among one of the top cities for growth. It seems the residential real estate market can’t keep up with the demand. Our housing market has rebounded and is 11% stronger than pre-recession prices. According to Greater Nashville Association of Realtors (GNAR), closings for April 2015 are up 6.3% from last year at this time. Want to know what I think and how those numbers translate in the auction world?
Well, think about this…how would you want to sell your home if you happened to own a home in an area where demand is great, knowing homes don’t typically last more than one week on the market? Would you want to get the most money, or would you want to take the first offer? What kind of sale would you have if people were invited to participate in competing for your home? Let me answer that question; an auction.
I tell people who own homes in areas of great surges of growth, “I would be afraid not to have an auction.” With so much competition, it just makes good sense. I hear stories from potential buyers who have made back up offers to the back up offers. I also hear these potential buyers say, “They should have had an auction.”
If you are one of the sellers who received an offer within days from the initial listing, I’m sure the first thing your brain said to you was, “Thank goodness.” I’m quite sure shortly thereafter, your brain said, “Well maybe I didn’t ask enough for my property.” There is something conflicting and unsettling in this scenario; it’s simply human nature.
Now, as a potential buyer, you may want to live in an area where it seems everyone else wants to live; it validates your choice so to speak. We have a lot of these areas in Nashville. Also, as a potential buyer, you probably want to feel like you didn’t overpay for your new home. This is when I like to interject the auction philosophy.
The auction method allows a buyer to feel more in control of the situation because ultimately the buyer is naming his/her price. We all want to feel like we’re in control when making a decision as important as buying a home. We want to work with a real estate professional we can trust to make good decisions for us moving forward. By the way, auctioneers selling real estate at auction must hold a real estate license as well as an auctioneer’s license and auctioneers work with real estate licensees everyday in coming up with auction solutions for their sellers.
I know an auction sounds scary and unpredictable, and I know it’s not the first thing that comes to mind when wanting to sell a home. Quite frankly, every situation is not a good auction situation. However, I strongly recommend you consider the auction method of selling as a viable option. Talk to an auction professional. There are many great real estate professionals in Middle Tennessee, and an auctioneer can be a great partner in a real estate transaction. Couple a strong market with a strong auction professional, and you’ll most certainly be glad you considered (had) an auction.
Baldini Auction to Sell Lifetime Collection from the Late Paul Calloway
Baldini Auction Company, LLC is pleased to announce the opening of an auction which includes the lifetime collection of over 600 die cast cars and kit cars from the late Paul Calloway. The collection showcases cars from just about every era, make, model, style and class and 98% of the cars are in excellent condition and still in the box. This collection will be sold at absolute online auction opening Wednesday, April 8th.
This auction demonstrates the perfect opportunity and the reason why an auction may be the best way to sell an asset of this type. The auction platform can accommodate the sale of a vast collection in a way that makes sense and it is my personal pleasure to have been given this opportunity to sell Mr. Calloway’s collection that he amassed over many years.
Mr. Calloway was so proud of his collection and I hope that if he were here today he would be pleased that his wife, Rosemary, chose to sell his collection via an auction. A sale of this type will give so many people the opportunity to view his collection, participate in the auction, and hopefully buy a piece of what he was so passionate about and worked so hard to garner. We have worked very hard to present this auction in a way that makes sense for our bidders. Please enjoy and happy bidding!
In this blog, we have included a couple of photos, a page from his scrapbook and a letter congratulating him on being selected to represent Sumner County with his Automotive project from the University of Tennessee, College of Agriculture. These items are not included in the auction; however his wife Rosemary wanted to share these things with you.
Here is a short bio about Paul Calloway. We thought you should know a little more about the man behind the collection.
Paul and his wife Rosemary collected cars for years, before Paul passed away in 2006. Until now, this collection has been in storage. After all these years, Rosemary finally decided to sell the collection so other people could enjoy it.
Paul was born in Portland, Tennessee. As a young boy the family moved to Springfield, Tennessee to run a neighborhood grocery store. After school each day, Paul spent his afternoons delivering groceries on his bicycle. When he was 16, his family moved back to the family farm in Portland. There his father raised hereford cattle and farmed crops like strawberries and tobacco.
Growing up, Paul was always interested in cars. Instead of comic books or sports, he bought model car kits and put them together. He also learned as much as he could about cars, including their history, statistics and engines. His favorites were the cars of the 20’s, 30’s & 40’s. As a young man he was very involved with 4H, as you see in the picture. His favorite 4H project presentation was on automobiles.
After graduating from Portland High School, Paul went to work with a cousin in the sheet metal business in Franklin, Kentucky. Paul worked in the sheet metal and HVAC trade for the rest of his life. He owned his own heating and air conditioning business for 35 years.
As an adult, Paul shared his knowledge with many different organizations, including the 4H club, giving lectures and talking “car talk”. His hobby was more than simply collecting; it was a passion, and whenever Paul could share his knowledge and his collection, he was happy. His wife, Rosemary, hopes you will enjoy bidding on this collection and she hopes you will find some treasures of your own.
Antique & Garden Show of Nashville 25th Anniversary
This year’s Antique & Garden Show was held at the Music City Center, from January 30th through February 1st. It was an impressive show of color, texture and style, as pictured in our feature image of the “Living” Room. I had the opportunity to meet several antique dealers. Pam Klepper Sexton, Senior Designer at Pickwick Antiques, shared with me some of their top performing pieces, along with some of the history behind the pieces. They showcased an impressive array of antique tea caddy boxes and early nineteenth century paintings. Jim Fowler and Sons Period Gallery showcased some of our local Americana antique collector’s items.
As I was walking around the show, I noticed a crowd had gathered in one particular dealer space. The name of the space was Sacred Heart Antiques. I squeezed in to see what all the commotion was about and saw mostly women in this particular space. They would walk up to an item, pick it up, and then hold on tight until they could find someone who could take their money. It felt as if a frenzy had ensued. I was in awe simply watching the ritual. There were no prices listed; but that didn’t seem to matter. “What were they selling?” you ask… it was religious artifacts! They had the most beautiful antique rosary beads, angelic statuary that looked worn and worshiped, stage three relics encased in sacred vessels, and saintly adorned furniture.
I spoke with the owner, Jessica Fairbrother, who was from Mississippi. I asked about what inspired her and about the origination of most of her items. She said she spends a lot of time in France and visits the various markets there. The items she buys inspire her and she went on to say she buys what she loves. Anyone who spoke with her could tell she is an inspired woman who absolutely loves what she does. Don’t try to find her online because she does not have a website. She does, however, have a Facebook page. I guess even the most elusive and exclusive can be found on Facebook!
The Antiques & Garden Show Board of Directors should certainly be pleased. This important 25th anniversary was well organized and showcased some of the best antique, as well as horticulture, dealers.
Everyone Collects Something, But Then What?
Whether you realize it or not, we all collect something. Whether it’s rare books, swizzle sticks, Fabergé jewelry, fishing lures or artwork, we’re all guilty…but guilty of what?
Some people may collect items as investment pieces for resale, while others may collect just for fun (hence the swizzle sticks). However, for some people it’s about more than that…it’s about the quest…the lifelong never-ending pursuit. I like to think of that as a form of “therapy.”
I have worked with many people in estate situations where families have been bequeathed with an inheritance of some sort of personal property or collection. Nine times out of ten what happens in these situations is that the family typically isn’t particularly interested in this collection, or at least not nearly as interested as the original collector was. The surviving family members may each take an item from the collection to remember their family member, but then they decide to auction the collection and divide the proceeds. This makes a lot of sense.
When it comes to collections, the auction method of selling brings both collectors and “wannabes” to the table. The auction creates a sense of urgency, and provides a fantastic platform to showcase and highlight the variety of goods comprising a particular collection. Some people spend their entire lives collecting a particular genre. Collections can be quite extensive and exquisite, and I believe the auction method is absolutely the best way to sell a collection. The auction method allows items to be sold on a unique platform that would have surely made the original collector proud! A proper catalog, with detailed representation of the collection, online marketing, and competitive bidding along with strategic marketing aimed at locating other people with similar interests or collections are all factors that make such an auction work.
In conclusion: I encourage collectors of collections to continue to collect! When you’re ready to sell your collection, give me a call.
Baldini Auction Company Featured on Gavelhost
Our dear friend Patti Baldini has hung out her shingle as head auctioneer and proprietor of a fine homes and charity fundraising firm newly established in the Nashville area. Patti is well known and much appreciated by her loyal middle Tennessee following. Her new website and brand will allow her to further define every aspect of her offering as she seeks to raise both buyer and seller satisfaction to new highs.
Auction Business Alive and Well
The auction business is alive and well in Middle Tennessee! Traditionally, New Year’s Day is a huge day for auctions, and this year was no exception. Free black eyed peas and cornbread were certainly a good draw for those live auction events!
Crowds were good for both live auctions and online auctions. What sold for decent prices, you ask? Furniture accent pieces seemed to top the list, though chairs, bookcases, lamp tables, sideboards that could double as living area accent pieces, and other smaller furniture items also seemed to sell well. Larger furniture items like step back cupboards, oversized armoires, and large rugs seemed to be excluded from pieces that were selling well. In addition, coins and firearms also appeared to perform well.
It looks like we are gearing up for a great year for auctions in 2015!
And so I began…
I am an auctioneer. After 22 years in the auction industry I decided to start my own auction company, and so I began. 20 years ago, I would have been shopping for the best sound system, but fast forward to the present and I am shopping for the best online tools. After purchasing my first domain, I called customer service to confirm my order. I like to hear the sound of a person’s voice; go figure. I guess that’s the auctioneer in me… Anyway, the customer service rep was so comforting and he made me feel confident about my domain choice. That felt good, and I felt empowered. I want to do the same for my auction clients. In opening my doors, I hope to be of service to my clients and make them feel empowered. Auctions can seem terrifying — and believe me, there have been times in the past when I have felt terrified. What I have learned, however, is that as long as I am passionate about my industry and continue to learn and hone my skill sets, I will continue to be successful.
So, welcome readers and followers. I’m glad you’re here! In this blog, I’m going to give you a little insight into the auction industry and let you in on the latest, the greatest, the scoop, the skinny, and the not so much.