Two Reasons Why Today is a Yacht-Seller’s Market
Industry wide, the prime time for owners to sell their yachts is now. Selling over 250 pre-owned yachts since January of 2018, HMY’s brokerage business is booming in a yacht-seller’s market. Averaging at $1.2 million per yacht, HMY brokerage sales have almost doubled in the past year, with a solid constant upwards trend month after month.
Known for our versatile selection of brokerage listings, in the past six months we’ve sold more than 50 pre-owned Vikings, over $60 million in euro-built motor yachts, almost all of our pre-owned custom sportfishing yachts, and our customers are demanding more luxury center consoles than ever before. The combination of two major factors have made HMY’s market advantageous for yacht sellers; economic trends and low market inventory.
During the Great Recession, limited funds gave buyers control, but with the current soaring stock market and HMY’s loyal buyers ready to spend serious cash, deals are closing left and right. A recent study ordered by The Conference Board reflecting prevailing business conditions and consumer buying intentions shows historically strong levels of consumer confidence measurements for the first time in 17 years, and even predicts continued support of solid consumer spending.
Even more, economic trends have attributed to a yacht-seller’s market considering the recession’s impact on boatbuilders. At the time, boat manufacturers scaled back greatly, with some haulting production altogether. What does this mean for someone selling a pre-owned yacht in 2018? It means that your used boat is much more rare than models from other years. Combine this lower inventory with the up-tick in the economy, and you have a sweet spot for favorable selling results.
There’s one more consideration that isn’t as much of a concern during an economy boost- competition. Besides buyers, most sellers listing their yacht aren’t hard for cash right now either. Since there’s no desperation to make a deal, this makes it easier to sell your yacht for true value. For the first time in a long time, the pre-owned yachting and boating industry is a seller’s market, and HMY is leading the charge. We broker everything from a center console to superyacht, and you would be surprised to see how fast a realistically-priced well-maintained vessel sells with our help.
HMY has been a family-owned business since 1979, and is the most successful yacht brokerage in the U.S. Selecting the right yacht brokerage when selling your yacht shortens the length of time your vessel is on the market and increases how much you can potentially get for it. When it comes to listing your yacht with a broker, don’t settle. You can and should expect more from who is working for you.
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