New Technology for the Next Generation
Millennials are now the largest group of potential homebuyers in the market, according to the 2017 Home Buyer and Seller Generational Trend report by the National Association of Realtors, and they’re looking to smart homes. A recent survey found that 72 percent of millennials are willing to pay $1,500 or more for a smart home and that 44 percent are willing to pay $3,000 or more.
“Homes are getting smarter as we continue to find new ways to automate almost everything,” said Diana Kurtz, Director of Training & Development for Tomlin St Cyr Real Estate Services. “Smart homes make living smoother and easier. Who doesn’t want that?! Homeowners will pay more for homes with smart accessories and technology that provide convenience, safety and security.”
A “smart” device is simply a product that allows the user to control, monitor or automate it from anywhere using a smartphone, tablet or computer via Wi-Fi, Bluetooth, etc. When a home has many smart devices and forms a full network, it’s oftentimes called a “smart home.” Tech companies are offering easy-to-install cameras, sensors and switches, allowing monitoring and controlling of homes with relative ease for a few hundred dollars. In addition, they’re all portable (allowing homeowners to pack them up and go when they move) and are totally customizable.
Smart Home, Smart Investment
Installing smart home technology can help homeowners boost the sales price of their home by 3 to 5 percent, according to the Consumer Electronics Association and the National Association of Home Builders. And, 81 percent of current smart home device owners say they would be more willing to buy a home with connected technology.
The global smart home market was valued at more than $24 billion in 2016, and is expected to top $50 billion by 2022, growing at a Compounded Annual Growth Rate of slightly above 14.5 percent between 2017 and 2022.
Quality of Life Improves
While the latest technology can sometimes trend toward form over function, smart homes can save you time and money, improve security and even help people with disabilities navigate their home better.
Devices such LG’s SmartThinQ network allow you to control your kitchen appliances, laundry or vacuum and outdoor products like the Polaris Sport pool cleaner, Rachio Smart Sprinkler and Robomow will save you time, automating cooking and cleaning with the touch of a button. Looking to save money? Look into a smart thermostat to monitor and manage air conditioning and dehumidifying, a smart irrigation system with sensors that turn off when it detects rain, and conserve energy while traveling by turning appliances on vacation mode.
A smart home is also a secure home. Nest cameras can be viewed on a smart phone from any location and can store that video. The cameras can be used indoors to keep an eye on the kids, outdoors to monitor your property, and its smart doorbell allows you to see who’s at your door and answer with prerecorded responses. Smart locks can be programmed to lock or unlock without keys, and even keeps a log of who comes and goes, right from your own smart phone. Garage doors also can be programmed to close at a certain time interval after it was opened, so you’ll never forget to close it again!
Voice automation, hubs and controllers such as Siri, Alexa and Google Assistant as well as universal remotes like Nanoleaf and Agilewaves Home Energy Dashboard can control your entire home from lighting to temperature to speaker volume based on programmed settings. Bathroom devices like Kohler Konnect controls sinks, showers, toilets and mirror lighting, helping ease anyone’s home functionality. And Sleep IQ, the Olfinity air purification system and fitness devices such as QardioBase 2 encourage an overall wellbeing.