In today’s world, we not only expect our phones to be smart, but our houses, too.
Although some smart home technologies are still in development, their existence is gaining in popularity. Just a few years ago, the possibility of buying a house loaded with built-in technology was restricted to the more affluent sectors of the buying market. Now, these smart homes are available for all different price ranges and types. Even homes that were built in the 1920s and ’30s are able to be renovated in ways that incorporate this coveted technology.
Furthermore, there’s a larger demand to accompany these advancements. In a survey of approximately 22,000 prospective home buyers, 65% stated that they’d be willing to spend more money on a home equipped with smart technology.
The catch is, these buyers want to purchase a move-in ready home. In a separate study, 54% of participants said that, in a choice between two otherwise identical homes, they would choose a home with smart technology. The allure of a smart home isn’t as unique to millennials as some might think, either. In addition to the 61% of millennials who would prefer a smart home, 59% of parents with dependent children would also favor one.
Appraisers and agents are acknowledging the value smart technology can add to a home. On the minimal end, buyers expect to see houses equipped with smart security features, appliances that connect to networks, and smart thermostats for automatic temperature control.
With advancements being made in smart technologies on a constant basis, sellers should think about incorporating these elements into their homes prior to listing. It can have a big effect on the final sales price, and given the growing economy, increased demand, and need for affordable housing, the market is expected to remain on an upward trajectory through 2015.