How Smart Home Technology Is Impacting Real Estate
When it comes to home buying, there is a list of features buyers are looking for; one of the most increasingly popular features over the last several years is smart home technology. Smart homes have had a significant impact on the real estate industry, but not all technology is made equal; some technologies will have buyers lining up. So whether you’re looking to buy a home, sell a home, or are thinking about investing in smart home technology for your home, it’s important to take a look at how smart homes have changed the real estate market.
One of the most significant ways smart home products have impacted the market is their effect on the resale value of homes. For anyone selling a house, the most important thing is the return on investment they’ll see once the sale closes. One thing to factor into the equation of determining the market value of the home is the features and amenities. A home that has smart technology products installed will have a higher value than a comparable home without any tech. As technology evolves, it’s becoming a more vital necessity to a home rather than just a luxury.
Quicker Selling Time
Similar to resale value, there is no exact formula to determine how long it will take to sell a home. Several factors to consider are price, condition, features, and location. According to Alarms.org, 81% of buyers are more inclined to buy homes with smart products already installed. In fact, 40% of realtors believe smart homes sell faster regardless of the price.
Attract a Variety of Potential Buyers
When smart home technology originally came out several years ago, it may not have been the most accessible, but with changes in technology, smart home products and systems have now been adopted by consumers across generations and communities. According to statistics, the percentage of people with smart home products in their homes is growing. One of the largest groups to embrace smart home tech is Millennials, with 47% already owning some devices. With more and more millennials entering the housing market, installing smart home products in a house can provide Millennial home buyers the “wow” moment they need to seal the deal. Over the last few years, there has also been an increase in the number of single women purchasing homes. Installing smart home security features in a house could attract single women or single parents as they value security higher over other features.
Smart home technology has been on the rise, with more and more buyers expecting at least one smart home technology product or program in their homes. Smart tech makes homes run smoother while adopting to a homeowners lifestyle. Adding tech to your home not only adds convenience but is bound to make homes more attractive in the real estate market.