📈The boat buying market is in a transitional phase after the post-COVID premium pricing.
⚖️Sellers are trying to hold on to the premium they paid during COVID, while buyers expect a buyer's market.
📉The inventory has slightly increased but is still limited and not meeting the demand.
🔧Finding services for boat repairs and maintenance is challenging due to labor shortages.
⚖️💡Finding a compromise between buyers and sellers is crucial in the current market.
Are sellers still able to command a premium for their boats?
—Sellers are still trying to hold on to the premium they paid during COVID, but buyers are pushing back, resulting in a range of pricing negotiations.
Is the boat inventory increasing?
—The inventory has slightly increased but is still limited, leading to competition among buyers.
Are there challenges with finding boat repair services?
—Yes, there are challenges with finding services for boat repairs and maintenance due to labor shortages, which can delay the purchase process.
Is the boat market predictable in 2024?
—The market remains unpredictable due to various factors, such as election year and potential interest rate changes.
What is the key to success in the current boat buying market?
—Finding a compromise between buyers and sellers is crucial to navigate the current market and successfully complete a boat purchase.
00:02[Music] Welcome to the Great Loop Radio podcast brought to you by America's Great Loop Cruisers Association. In this episode, we discuss the boat buying market in 2024 and the challenges buyers and sellers are facing.
09:36The boat buying market is experiencing a transition after the post-COVID premium pricing. Sellers are trying to hold on to that premium, while buyers expect a buyer's market. The inventory has slightly increased but is still limited and not meeting the demand. Finding services for boat repairs and maintenance is challenging due to labor shortages. Overall, the market remains unpredictable, and finding a compromise between buyers and sellers is crucial.
