As smart home technology plays a larger role in real estate, Coldwell Banker Real Estate LLC, Madison, N.J., released a survey uncovering what smart features home buyers are looking for when purchasing a home and how those features impact a home's sale.
Smart home appliances and technology are becoming more common in homes throughout the country. Products and features once reserved for only the highest priced properties are now found in homes across the United States at various price points. The proliferation of this technology is not only changing the way Americans live, it's also changing their tastes and expectations when shopping for real estate — so much so that making your home "smart" may be smarter than you think.
A survey of more than 500 sales associates affiliated with the Coldwell Banker® brand found:
• Buyers are asking, "How smart is this home?": Nearly two in three (64 percent) of the sales associates surveyed agreed that buyers today are more interested in homes with smart home features and technology than they were two to five years ago.
• Buyers want to control their home from their smart phone: 62 percent are seeing more buyers interested in controlling their home technology through their smart phone or tablet now than they were two to five years ago.
• Listings are getting smarter: Nearly 60 percent said they are seeing more smart home features in listings than they did two to five years ago.
• Smart homes sell faster: One in three (33 percent) noted that homes with smart home features and technology sell faster than homes without them.
• Gen X is the "smartest" generation of home buyers today: While it's no surprise that almost half of sales associates are seeing Millennials (age 18-24) interested in homes with smart home features, even more (57 percent) identified Gen X (age 35-49) as the top buying group interested in smart home technology.
"After being on the ground at this year's Consumer Electronics Show, it was clear that the connective tissue of smart technology in the home is entering the mainstream," said Sean Blankenship, chief marketing officer, Coldwell Banker Real Estate LLC.
"Smart homes are solving many consumer and societal needs when you consider all of the security, energy efficiency and entertainment advantages that come along with a connected home. This is why we are taking a leadership stance and working to ensure that Coldwell Banker affiliated sales associates are more aware and understanding of this evolution so they can continue to provide consumers with exceptional experiences,” he added.
According to the survey, home buyers are most interested in smart home technology for the following categories:
• Security (65 percent of sales associates agree)
• Temperature control (57 percent)
• Safety (48 percent)
• Lighting (46 percent)
• Entertainment (42 percent)
• Appliances (23 percent)
Based on findings from CES 2015, Coldwell Banker Real Estate identified its list of 25 smart home products and systems, combining favorites from the conference as well as research on what home buyers care about most. The list included products such as, Kwikset Kevo Smart Lock, Honeywell Lyric Theromstat, First Alert OneLink, and others.
"Smart home technology will soon be expected in homes, just like stainless steel and granite are the norm across properties today," said Travis Gray, a sales associate affiliated with Coldwell Banker Residential Brokerage in Annapolis, Md. who is well-versed in smart home technology. "In three to seven years, I foresee homes being completely outfitted with smart technology — for improving both functionality and lifestyle in our homes."
This survey was conducted online within the United States between Jan. 12 to Feb. 24, 2015 among 513 real estate sales associates affiliated with the Coldwell Banker® network.