Recreational Boating Statistics ReportSeptember 28, 2021
How do you Choose a Marine Surveyor?October 1, 2021
Our world has dramatically changed in the past two years. With covid affecting everything in ways we could never imagine; real estate, automobiles, RV’s, travel by plane or train, and boat sales have all been affected. Zoom and FaceTime have entered our lives and many of us are working from home and not having to fight the traffic. Travel has been greatly reduced and we find ourselves with extra time on our hands and looking for things to do.
The Bay area is a special place. It allows us fortunate enough to live here, to have access to the outdoors, whether it is hiking in the wilderness, relaxing in Golden Gate Park or getting on a boat to explore beautiful San Francisco Bay. Many of us have been working hard and looking at the Bay and not had time to enjoy it. Now, with more time on our hands, we are discovering the joy of being on the water.
This has driven high demand for boats in the area. Whether it is a day sailor or run-about power boat, or a larger sail or power boat to go long distance, people are searching for that special boat to get them on the water.
In the past, there has always been a robust amount of inventory. Now, boat inventory is thin and good boats that are priced right are getting snapped up within days of going on the market. In fact, there are a lot of boats that are not making it to the market, but getting sold to buyers that are working with a brokerage already and have a broker looking for a boat for them. It can be discouraging for buyers right now, since the inventory is so thin. But, don’t be discouraged. It is similar to a lot of other markets, like the automobile market and the car market. Supply change is affecting availability and prices are going up.
If you are a boat owner, there isn’t a better time than now to sell your boat. Asking prices are higher than ever. We used to look at recent boat sales and expect the next boat to sell at a lower price. Now, we look at sales that are two or three years old and expect a boat to sell at or above those prices. It is still important that you prepare your boat for sale with fresh varnish and wax job and a clean bilge. You want to remove as many objections as you can, so the buyer sees the beauty and care of the boat, rather than seeing the issues that they will have to deal with. It is not dissimilar to staging a house.
This is an exciting and uncertain time for us with covid, climate change and a turbulent political situation, both domestic and international. Take some time and get out on the water and enjoy the beautiful place that we live in. Don’t be afraid to go buy a boat or sell your boat and buy a newer or bigger one. The bay is waiting for you.
Wayne Goldman - owner