Real Estate is Changing, So Is The Tech Industry…What Does Smart Home Technology Mean For Flippers, Realtors, And Buyers?
First and foremost let’s check out the hard statistics:
- Almost half (47%) of millennials have smart home products in their homes.
- 76% of the smart home products are being controlled by smartphones.
- 57% of North Americans say that smart home technology products save them an average of 30 minutes per day.
- 45% of North Americans say that smart home products save them money at an average of $98.30 per month.
- 91% of those who have smart home products would recommend to others.
- 81% of buyers indicate they’d more opt to buy a home if smart home products were already installed.
Those numbers speak for themselves! But let’s have a look at how they directly affect the real estate industry.
#1 Resale Value
Whether you’re a home owner, a flipper, or a realtor the number one thing on the mind as you list is “How much can I sell this for?”
Lets face it – we’re not in this for a love of crazy schedules, dealing with contractors, and long days…we’re here to make money! One of the determining factors of the market value of a home is what features and amenities a home has. A home that has smart home technology products installed will have a higher value than a comparable home that doesn’t have smart home products. Simple as that.
#2 Time On Market
There is no particular formula for how long it takes to flip a home, but there are certainly factors that impact market time. Things such as location, condition, price, or features will definitely lend weight to how much time a house stays on the market.
A home that has smart home products and automation will typically sell a lot faster than one without. As mentioned above, 81% of people will opt to purchase a home that already has these things included.
#3 Buyer Type
Smart Home Technologies and products are guaranteed to change the type of buyers you gain interest with. The Millennials are becoming ideal demographic that a seller is looking for. Young yet established millennial families are buying homes and looking for the ones with cutting edge technology. Adding Smart Home Technology to your home will definitely see interest from the Millennial demographic.
People who are safety and security oriented live the feature of being able to check on your home while a way and to have alerts sent to your phone. Since smart home products are largely Eco-oriented people who are environmentally conscious are also particularly interested.
How does all of this affect buyers?
Buyers, whether they are looking for their first home, upgrading, downsizing , or just relocating, want to feel safe and secure. But they also want creature comforts, convenience, and enjoyment from their new homes. Check out these other articles to see why home owners benefit from smart home technology and automation.
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If you want to see some of the technology that others suggest go to: https://bit.ly/2vYjjkf
