If you missed the opportunity to sell your yacht during the Fort Lauderdale Boat Show, fear not as another popular time for buyers is just around the corner. The holidays may seem like a busy time for some, but it can be a rewarding time for sellers. Or at the very least, a crucial time to get the boat ready for the New Year.
"We definitely see an uptick in activity around the end of the year," said Jay Hendrix, Vice President of SI Yachts. "There aren't as many buyers as in the Spring, but there are serious, qualified ones. This time period around Thanksgiving is a great time to get the process going to take advantage of some key buying times."
Below are 3 reasons why it makes sense to list your boat for sale before the holidays. If you are ready to get started, you can:
- Call our main office at 1-718-984-7676
- Email us at Sales@SIYachts.com and we'll respond shortly
- Fill out our What's My Yacht Worth? form online.
Reason #1: Closings Increase 20% In February
Over the last 4 years, boat closings in February increase on average approximately 20% from January industry-wide. It then increases an additional 30% or more in from February to March. The majority of these sold boats came under contract in January as it often takes several weeks to order a survey, receive the results, re-negotiate the terms if necessary, and schedule the closing with the necessary paperwork.
That means that the listings likely originally came on the market in November or December of the previous year. Most listings are on the market at least 30 days before coming under contract.
Being that it can take a week or more to professionally photograph and produce a video of a nice yacht, along with getting it loaded into the MLS systems, it makes sense to get your listing agreement signed in November if possible.
Will you take advantage of this seasonal sales swing?
Reason #2: Some Buyers Purchase Yachts For Tax Purposes Before The End Of The Year
It's not uncommon to see business owners using profits to purchase a yacht or private aircraft at the end of the year, which then becomes a tax write-off. "We have many customers that use their boats for business purposes or even place their yacht into charter," continued Jay. "We always suggest our customers consult with a tax attorney to figure out exactly how much can be deducted and what amount of business activities need to be done on the vessel each year."
If you are purchasing a yacht for business purposes, owners often are able to deduct things like slip costs, fuel, depreciation, and more. "Many of these types of purchases happen at the end of the year prior to filing taxes," he said.
Reason #3: If It Doesn't Sell, You're Already Ahead For Miami & Palm Beach Shows
Spring is a busy time for boat sales as closings increase more than 50% compared to numbers in January. Creating a professional presentation for your boat takes time, along with the subsequent marketing efforts that follow. Between the Miami Boat Show in February, the Viking Yachts VIP event the same month, then the Palm Beach Boat Show at the end of March, there is a lot of additional advertising that takes place. Even if your boat is not being placed in either boat show, it can reap the benefits of the additional advertising. Getting your yacht ready for market and getting it listed online in November/December, can mean a March/April sale and closing.
At SI Yachts, we generally see an increase in buyers online doing their research in March and April. Now with an office open in Jupiter, Florida, we have never been more prepared to list and sell your yacht in that market.
Want to learn more about listing your yacht for sale with us? Watch our Why List video below and then contact us for a no-hassle, easy market evaluation. We'll give you an idea what your yacht is worth even if you don't decide to sell it.