Smart Home Technology: What's it mean to you?

Smart Home Technology | Coldwell Banker Hubbell BriarWood

Today we live in a world that is focused heavily on technology. As consumers, we are attached to our cell phones and the internet 24/7. Smart home technology has made its way into our homes with smart thermostats like the Nest, and security devices that link to our phones and tablets. While these products offer a coolness factor, do we really need them? 

To answer that question, we need to define what factors make a home a “Smart Home”. According to CNET and Coldwell Banker, a smart home is defined as, “A home that is equipped with products or tools that aid in controlling functions such as temperature, lighting, security, safety, and entertainment either remotely via phone, tablet, computer, or with a separate automatic system within the home itself.” Coldwell Banker has also expanded this definition to assist in marketing a property as a Smart Home by including at least three of the following items (one must be temperature or security):

  • Lighting
  • Safety device
  • Entertainment
  • Appliances
  • Heating/Cooling
  • Outdoors
  • Security
  • Temperature

While all of this sounds good, how can it help you? 

Convenience: have you ever left the house and while you are driving you question if you locked the door? By having a smart lock, you can simply open the phone app and check it.

Cost savings: Smart thermostats are more efficient and will learn your home lifestyle, eliminating the need to set your thermostat again. The app that comes with it allows you the freedom to change settings wherever you are, especially if you forget to turn your heat down.

Peace of mind/safety: Smart security devices allow you to check on kids while away and know when someone comes to your home when you’re not there.

Sell home faster: A majority of first-time home buyers are millennials and they are willing to spend extra money on technology. 71 percent of Americans want a move-in ready home. Of those, 57 percent would consider an older home updated if it had smart home technology.

RESOURCES:
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  • Homes with the six core products installed meet the  CNET Smart Home Definition.
  • Home buyers now include smart home technology when they talk about a home being move-in ready. 
  • If an otherwise older home has smart home technology, buyers are more likely to consider it “updated.” 

Coldwell Banker research studies continue to show that these are features that buyers are looking for:

  • More than half (54 percent) of homeowners agreed that they would purchase / install smart home technology in their home if they knew it would make the home sell faster.*
  • 71 percent of Americans  want a move-in ready home**
    • Of those who agreed:*
      • 65 percent said they would spend $1,500 or more
      • On average, respondents were willing to spend $3,215
  • If faced with two homes and one was smart and the other was not, nearly two in three people who want a move-in ready home would opt for the smart home (63 percent).**
    • Of those, 57 percent would consider an older home updated if it had smart home technology**


*Coldwell Banker Smart Home Marketplace Consumer Survey – Jan 2016
**Coldwell Banker Smart Home Survey with Parks Associates – August 2016