Smart technology has come home. Literally.
The majority of Americans today depend on smart technology to get through the day -- from a phone that stores contact names and numbers, reminds you of appointments, alerts you of approaching storms or helps you avoid the worst of the traffic snarl. Homeowners also rely on modern technology to regulate the temperature, monitor sleeping infants, water the shrubbery and alert the authorities in case of fire or break-in, and to help save energy.
But the ability to control these time and labor-saving devices, to set their operation to meet your needs, and to seamlessly integrate them is relatively recent. Wireless technology has brought us home automation on steroids!
Installing Home Automation is Smart
Numerous recent studies confirm that home buyers today want technology, and more is definitely better. While there is a difference between home automation and smart home technology, the lines are blurred. Systems that work independently to make life easier or more comfortable fall into the category of home automation: setback thermostats, basic security systems, timers for yard irrigation, intercoms, baby monitors, and voice or motion-activated lighting are just a few examples.
Smart homes, on the other hand, take home automation a step further by creating an environment that is linked together seamlessly and can be monitored and controlled from onsite, across town or on the other side of the globe.
New applications are introduced almost daily, and the impact of integrated smart devices changes the way Americans live.
Making Sense of Smart
In a 2016 news report, the Washington Post noted that 65 percent of home buyers, in a John Burns Real Estate survey of 22,000, would pay a premium for smart home technology. Some of the more popular features mentioned include networked appliances, both interior and exterior security, smart air filtration, home safety devices such as "doorbells with text alerts" and remote control over lighting, heating and air conditioning.
A majority of home sellers would install smart features, with the expectation of a higher sales price, and nearly 75 percent of buyers, especially Millennials, would pay $1,500 or more extra for a smart home.
However, "smart" can have differing meanings. In January of 2016, Coldwell Banker sought to develop an industry-standard definition in cooperation with CNET, a consumer technology site. This is the result:
"Smart home: A home that is equipped with network-connected products (aka “smart products,” connected via Wi-Fi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself."
The basic requirement is a reliable internet connection; and the definition also stipulates that a smart home must either have a smart security system or smart temperature controls in addition to two more features from a comprehensive list.
The Future of Smart
Coldwell Banker views 2016 as the year that smart home technology became "mainstream." Close to 90 percent of American homeowners also acknowledge smart home value, but only one in four have smart technology in their own homes, according to the firm's assessment.
Appraisers today also recognize the "dollars and cents" value of smart technology, and will make adjustments for the added value. Observers report that today it's not only high- end homes that are smart; the expectation is that buyer demand will make the technology commonplace.
The future is here, for all practical purposes. Sellers today would be wise to check into integrating smart home technology into a home before listing it for sale. In addition to almost assuring a higher sales price, real estate professionals say that it might lessen the time a property spends on the market.
That is, indeed, a smart move.
Let Slomin’s help turn your home into a smart home with the Slomin’s Shield® system you use to protect your family. Contact a Slomin's representative for more details 1-800-ALARM-ME or visit www.slomins.com to schedule an appointment today.
Article courtesy of Dylan Snyder. Dylan is a team leader and real estate consultant at The Snyder Group - Keller Williams Realty Luxury Homes. His business is augmented by his high-caliber team of seasoned buyer specialists and a dedicated marketing department.