Smart home technology is a growing industry. Experts estimate that by 2020, the smart home industry will be worth over $21 billion. If that projection is anywhere near accurate, it means that more and more people will be using smart home technology, and eventually it will be as common as bedrooms in a home.
What is Smart Home Technology?
You may have seen the TV commercial where a homeowner is watching an intruder trying to break into his home on his cell phone, and yells into the phone to scare off the thief. Smart technology has many uses in today’s homes, here are just a few.
- Smart locks. A smart lock lets you use your cell phone to lock and unlock your front door, either by swiping your phone when you get home, or remotely if you need to let the plumber in.
- Smart thermostats. This thermostat can turn your heat up and down. But, it can also keep track of your schedule and adjust the heat or AC according to whether you’re usually home or not. If you are coming home early, you can change the setting remotely using your cell phone.
- Smart security systems. These systems range from simple security systems that are solar-powered to elaborate hard-wired systems. You’ll receive alerts when the system senses activity and you can set off an alarm, or talk to the intruder.
- Smart lighting. Have you ever wanted to change the brightness of lights in your home, or even turn bright white light into a soft yellow glow? Smart lighting gives you those options.
Who Likes the Technology?
According to NextMarketInsights, people in the Gen X age group buy lots of smart technology, which isn’t surprising since that generation is very tech-savvy. However, one survey found that 68% of Millennials think that smart technology is a good investment. And, don’t forget that the Millennials represent the biggest group of potential homebuyers, according to the National Association of REALTORS®.
Will These Gadgets Increase the Price of Your Home?
It must be said that the technology is still relatively new, and it can be difficult to come up with hard and fast numbers. But, there are indications to support the idea that smart technology is affecting home prices.
For example, one study found that 59 percent of buyers who have children under 18 would be willing to pay more for a “smart” home. In addition, 47 percent of buyers without children under 18 felt the same way.
At some point, smart technology will be a standard amenity. For now, it’s something that many people want in their homes. Therefore, a home with the technology already installed can be seen to save the buyer the time and cost of installing it themselves – and that could motivate them to pay a bit more.
Do You Need Smart Home Technology?
If you don’t have smart technology installed in your home, should you buy some before you put your home on the market? I think that the technology could make your home more attractive to the right buyer, but I’m not convinced that you’ll make a profit on it.
If your home needs a boost to make it more competitive with other Davie real estate for sale, smart technology could be the push you’re looking for. However, other updates might be more effective in getting the highest price for your home. As local market experts, we can help you make that determination. If you have questions about selling your home, or home values in the Davie area, please feel free to call us at 954-242-8030 or send an email.