Growing Demand for Smart Homes

The smart home market is expected to grow annually by 17 percent and become a $58.68 billion industry by 2020. Forty-six percent of consumers believe it is important that their current or next home have smart home technology. Not only are smart home products becoming increasingly more important, they can also make a home more sellable and valuable.

Remotely controlling how, when, and why home devices should react not only offers ease and convenience, it can also help save money. Smart security kits allow homeowners to monitor their home and make sure it’s secure while they’re away. Smart thermostats and lighting give homeowners the ability to balance comfort and consumption and help save money on utility bills. Smart locks allow homeowners to unlock the door for the dog walker or cleaning lady when they’re at work.

So, what does the smart home revolution mean to you and your clients? Take a look at the findings from a survey conducted before 2016 International Consumer Electronics Show:

Consumers want smart home technology: 

• 45 percent of all Americans either own smart home technology or plan to invest in it in 2016.
• Of people who do not currently have smart home technology, 27percent said they will incorporate it into their lives in 2016.
• 70 percent of people with smart home technology said buying their first smart home product made them more likely to buy another one.

Consumers understand that smart home technology can help them sell their home faster:

• 54 percent of homeowners would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster.
• Of homeowners who said they'd purchase or install smart home products, 65 percent would pay $1,500 or more and 40 percent would pay $3,000 or more to make their home smart.
• Of Millennial homeowners (ages 18 to 34) who would purchase or install smart home products, 72 percent would pay $1,500 or more and 44 percent would pay $3,000 or more to make their home smart.

Smart home technology is a great differentiator and can really make a home stand out and help it to sell faster. It’s important to get smart about smart home technology, as you may come across it soon in one of your seller’s homes. And when you do, be sure to ask the homeowner to show you how to use it so that you can properly sell it and demonstrate it to your prospective buyers.

Sources:
• Markets and Markets
• Fortune
• Coldwell Banker
• How Stuff Works