Friday, April 26, 2013

DYK: Garage Sales

DYK (or Did You Know) garage sales, or yard sales as they are sometimes called, are a potentially profitable way to practice "recycling at its very best" ? With warm weather upon us, the signs offering other people's throw aways for a small price will soon be popping up everywhere!

According to the New York Times, a decent garage sale can make between $500 to $1,000. As they note in this article  "Generally, the proceeds are not taxable, provided the merchandise is sold for less than what you paid for it, and provided you run no more than a few sales a year. The payoff in reduced clutter and more closet space can also be substantial.". According to the article's author, what makes for a good garage sale?

Well to begin with, it has to be on a weekend - that's pretty much a standard practice anyways. And the weekend shouldn't be in conflict with other large scale goings-on like the Fourth of July. In addition, cloudy weather is better than sunny days for garage sales. On nice days people tend to be off doing other things such as hiking, biking, or some other activity. And a good garage sale also needs merchandise - not necessarily quality, but certainly quantity ! At least one hundred items should be available to draw in a good crowd of customers. Depending on local laws, a permit may be needed for a garage sale, and some towns limit the number of sales to two or three a year per household. Others restrict or ban the posting of fliers on telephone poles. If you're uncertain about local regulations, check with your village, city, or town clerk's office.

The people at Statistic Brain have done some research on garage saling, and here's what they have found.

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