On a year-over-year basis, boat sales are on the rise 32 percent since April. With inventory at an all-time low and consumer demand at an all-time high, we understand the struggle this can cause when searching for a boat to buy. With vessels selling faster than ever these days, preparation is crucial when shopping for a yacht. Here are six tips for finding a boat when inventory is low.
The first thing you should do before searching for a boat to buy is to have your finances in order. With boats selling at a rapid pace, there is no time to waste when it comes to making an offer. Before you start searching, make sure you know what you can afford and whether or not you plan to finance the purchase. If this is the route you plan to take, start collecting all the relevant information you will need to start the boat loan process.
Boat loans are similar to mortgage and car loans. You may have to shop around for a financial institution that is offering the best loan terms. All major bank companies provide loans for boats, and most will require the buyer to provide certain information to validate their financial stability, including:
Keep in mind that the requirements for boat loans are stricter than car loans. You should get pre-approved for a boat loan before you even start shopping for a boat, especially with inventory so low and demand high. Galati Yacht Sales provides yacht financing and closing services for over 550 transactions annually. Should you need any help navigating through this process, our Galati specialists can assist. Learn more here.
Another way to find a boat when inventory is low is to work with a certified yacht broker. Yacht brokers like real estate agents, help you in all aspects of yacht buying and have years of expertise dealing with the market. When inventory is low, finding a boat for sale is easier with the help of a professional yacht broker because they have the data you need to evaluate a particular boat at their fingertips. Not to mention, when you work with a yacht broker, you are not just getting one person’s help with the buying process. Instead, you are gaining access to a broker’s entire network of contacts and referrals who can help you throughout the life cycle of owning a boat.
Yacht brokers also have valuable insight into new listings before they even hit the market. Oftentimes boats don’t make it to market because 1.) brokers already have a buyer lined up or 2.) they utilize their internal network of contacts to discover an interested buyer. Find out more about working with a yacht broker and the yacht buying process here. Click here to view our team of certified yacht brokers.
Social media platforms make it easier than ever to stay connected to things that interest you, including your ideal boat. Platforms such as Instagram are quickly becoming modern-day boating magazines offering stunning images and videos of available listings from all over the world. You can utilize social media platforms to follow yacht brokers, dealerships, and boat specific channels, as they often post new to market listings before hitting the MLS systems. Profiles on Instagram, like Nautical Network, offer a combined network of over 15 specific IG pages including, @BoatsGoneWild, @Dream_Boats_, @YachtingNetwork, @Sportfish.Boat, and @Boating.Network. These boat-specific pages, along with our IG pages @galatiyachtsales and @usedsportfish, are constantly updating feeds with the newest available inventory.
With inventory at an all-time low, you may have to expand your search area farther than you anticipated. On the other hand, maybe you have spotted the perfect vessel that resides overseas. Don’t let this stress you out. Yacht transportation options make it easier than ever to relocate a boat after the sale. Ask your yacht broker about the best options for yacht transportation. Know what to expect by reading our yacht transportation guide here.
Another way you can stay ahead of the game is to sign up for email notifications for new listings or price change updates on MLS sites or any brokerage firms that offer this feature. Many companies, such as ourselves, send out email notifications for recently added listings and the latest price changes. You can stay up-to-date on the latest new listings from Galati Yacht Sales and recent price change updates by signing up for our newsletter here. You’ll automatically receive these updates in your inbox every two weeks, once you are signed up.
What if we told you there is an easier way to shop online for a boat, a tool that would allow you to be one of the first to know when a yacht gets listed that interests you. Now you can with Yacht Shopper— a customized tool that will notify you the minute a boat hits the market that fits your search criteria. The best part, it is simple and free to use.
Yacht Shopper is a simplified online tool created by Galati Yacht Sales that does the shopping for you. It is the easiest and most convenient way to shop online for a boat. All you have to do is create a log-in for your private dashboard, set your search criteria, and you are finished. Yacht Shopper does the rest for you.
After you sign up and create your saved search, the Yacht Shopper dashboard will automatically email you when a newly listed boat hits the market that matches your criteria; no more waiting, no more searching. On top of that, you can opt to receive price change notifications and save your favorite yachts to your dashboard. Want to learn more, click here.