THE SMART HOME AND THE REAL ESTATE INDUSTRY
A decade ago, the idea of lights without switches, smart security systems, and controlling your home’s thermostat using a smartphone seemed like futuristic science fiction. However, smart home technology is advancing more and more every year and is now dominating the market.
Consumers are increasingly curious about smart home technology, and they’re turning to real estate agents as a vital resource for information. Forty-two percent of consumers recently surveyed say they would look to their real estate agent to provide suggestions about how staging their home with smart-home products could impact their sale, according to a survey.
According to the Consumer Electronics Association and the National Association of Home Builders, installing smart tech can boost the final closing price by three to five percent. While sellers can easily take their gadgets with them when they move, 66 percent of homeowners would leave their connected technology behind if it meant their house would sell faster. That same survey found that 81 percent of current smart home device owners would be more willing to buy a home with smart appliances already in place. Considering that nearly half of Millennials use smart tech, installing these gadgets may provide access to what the National Association of Realtors considers the largest group of potential homebuyers on the market.
As homes have gotten smarter, so has real estate. Smart technology makes homes run much smoother while making users’ lives much easier. Now, this tech is branching out to real estate, making houses not only more convenient but more attractive to the market. As smart home products become more sophisticated, they will be able to tell realtors more about the house that they operate in.
Could this tech affect your real estate investing career? Today’s real estate industry is highly competitive, and it’s more important than ever for property investors to keep up with the latest trends in order to be on top.
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.