Can Smart Home Technology Impact Your Sale?
Throughout the years, movies and television shows like “Back to the Future Part II” and “The Jetsons” gave us glimpses of what smart homes could look like. While we may not have rehydrating pizza ovens (yet) and we (thankfully) don’t have robot arms protruding from the wall to brush our teeth, many features that once seemed “futuristic” are now a part of everyday life.
In fact, according to MediaPost, 69% of U.S. households have at least one smart device, while 12% of those have several.
Let’s look at some of the benefits of smart home technology and explore whether adding these features will impact a future home sale.
What are the benefits of smart home technology?
Home security is one of the biggest motivations to buy a smart home device. While these devices are obviously used to detect break-ins or porch delivery theft, today’s devices can also help catch serious threats such as fire, carbon monoxide, radon gas and other air pollutants.
Energy bills can also be slashed with smart thermostats like those from Nest, Honeywell, and Ecobee. According to a Nest study, the company’s smart thermostat saved consumers on average 10-12 percent on heating and 15 percent on cooling.
REALTOR® Jeff Thornton of the Thornton Realty Team with Coldwell Banker Hubbell BriarWood says in addition to keeping your home secure and saving money, smart home technology can help save time — something we could all use a bit more of. Thornton, who has several smart technology features in his own home, says the convenience aspect is a huge draw for today’s homeowner.
“Smart speakers, for example, give you a hands-free way to turn on music, find out the weather, add items to your grocery list, to-do list, etc.,” he said. “And when you connect those speakers to other systems – lighting, plugs, blinds, door locks – you can easily control everything with simple commands rather than making several trips around the house.”
Can smart home technology help sell your home?
Thornton says that in today’s competitive market, it can be hard to validate how much smart home technology truly affects a home sale.
“We have extremely low inventory and high buyer demand, so the absence of smart home features isn’t a dealbreaker for buyers, especially considering that many of these devices are relatively inexpensive to add,” he said. “However, in a more balanced market, I can see these features playing a much bigger role in marketing and pricing, especially as technology continues to progress.”
Thornton says to think in terms of how far automobiles have come and what we’ve all grown accustomed to.
“Several years ago, having a back-up camera was a luxury. Now, many of us couldn’t imagine purchasing a vehicle without one,” he said. “As smart home features become more advanced, more integrated, and possibly more expensive, buyers will expect them and be willing to pay for them. In the future, this technology could add a lot of value and help set your home apart from others.”
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