Fifteen years ago, it wasn’t common to see keyless entries, home surveillance, surround sound, or apps that controlled appliances. Today, however, “smart homes” are becoming more common. In fact, homeowners can now lock their front door, set the temperature, turn on the oven, and watch a live-stream of their home…all from their cell phones. These smart homes as they are called are designed to integrate technology to make things more accessible and easy for the homeowner. If you think smart homes might be a little too “Jetsons,” you might be surprised to learn that experts are predicting the global automation market will be worth a staggering $121 billion by 2020! By adapting to the smart home trend now, you can help your home stand out in the marketplace!
Whether you have the preference to make your home smart, there are few reasons why integrating more technology into your home before selling can make you a better seller in the real estate market.
Smart Technology is Growing in Demand
According to a recent National Association of Realtors study, 37% of Realtors stated that clients find smart locks very important, and 42% of Realtors stated their clients were interested in smart home devices. Almost half of Realtor’s clients are interested in smart home integration. But while the interest in smart homes increases, some sellers are reluctant to put such devices in a home they’re selling. However, according to a recent article in Realtor Magazine, one way to help a listing standout is by incorporating popular smart technology in a home, “In certain regions, smart-home tech can make a listing stand out.”
Millennials, the Driving Buying Force, Almost Expect Smart Technology
The largest potential buying group is millennials, with over 80 million people classified in this group. According to a recent PEW Research, more than nine in ten millennials own smartphones, with Generation X outpacing millennials in some technology. While a WiFi enabled oven might seem bizarre to Baby Boomers, these two large generations are fluent in technology and rely heavily on tech for day-to-day activities. Specifically, millennials–those willing to pay $1,000 or more for a cell phone–see the value and appeal in smart technology incorporated into a home, as they consider technology a lifeline both professionally and personally. These tech-loving generations are more apt to choose a home with integrated technology already in place.
Increased Safety and Protection For Sellers
While incorporating items like a smart lock or a wireless doorbell camera may seem to be for a buyer’s benefit, incorporating certain technology prior to listing can equally benefit a seller. As numerous strangers are touring a home during home showings or during a public open house, upgrades like a doorbell camera or exterior camera are important if anything should go awry. Surveillance systems have become so popular recently that some local board of Realtors are now requiring sellers to disclose to the public if surveillance is present at the home. Certain technological upgrades can also benefit a vacant listing as well. Smart alarms notify fire or police in case of a fire emergency, helping sellers to keep their investment protected and notified.
Not All Tech is Created Equal
While a WiFi enabled oven sounds fancy and something Jane Jetson would love, it may not be the most economical choice for a technology upgrade. Some tech gadgets come at a more affordable price point while still offering appeal to buyers. According to Consumer Reports, the six smart home upgrades that will help your home sell are:
- Smart Thermostat
- Smart Smoke Detectors
- Video Doorbell
- Smart lock
- Smart light bulbs
- Smart speaker