The ‘Internet of Things’ cornucopia has arrived in our homes and it’s here to make our lives as homeowners easier. From smart security systems to smart lighting systems, smart home devices are designed to provide additional security, automate comfort, improve energy efficiency, and increase the value of a house for home sellers. Best of all, smart home devices are more affordable and easier to install than ever.
Smart home devices are interconnected to each other by using the existing WiFi network in the house. They are also able to connect to the Internet to communicate with you using your own smartphone when you are on the road or at work. But unlike your smartphone, smart home devices are considerably cheaper because they act like sensors and controllers: They collect data, send it off via the Internet to a computer which does the heavy processing, and execute commands.
What Makes a Smart Home “Smart?”
When asked what qualifies a home as “smart” in a joint CNET-Coldwell Banker survey, the top choices were smart locks and alarms (63%), thermostats (63%), lighting (58%), and safety devices including carbon monoxide detectors (56%). More generally, CNET defines a smart home, as “any home that is equipped with network-connected products...for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.”
According to Marian McPherson at Inman News, smart homes have an Internet connection and at least one device, usually a smart security or smart temperature system, operating automatically, with a reliable Internet connection. Simply put, a home becomes a smart home when it has a series of connected and remote-controllable appliances and devices designed to make your life easier.
Smart Home Devices and Their Popularity by the Numbers:
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Among Millennials, nearly half say they own smart home technology.
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Nearly $600 million was spent on smart energy management in 2015 alone!
- Smart home device industry could be worth $50B in 2021, a 31% annual growth rate year over year from 2016.
- 4 million smart home devices will be in American homes by the end of 2017.
- 709 million smart security devices are expected to ship in 2019.
Surprisingly, older generations are buying smart home devices faster: 40% of smart thermometer owners are aged 65 years or older, compared to only 25% of Millennials. However, Millennials are not lagging far behind: 72% of millennial homeowners would pay $1,500 or more to add smart features to their home; 44% would invest over $3,000 to transform their current home into a smart one!
Why Should I Upgrade My Home to a Smart Home?
Smart home devices come with four major benefits: Safety, convenience, comfort, and finally, higher home values.
Safety devices include smart cameras and video monitoring services. Some smart safety devices on the market today develop familiarity with their surroundings by learning patterns and can even recognize faces! Products like Butterfleye’s Nero1 wireless camera are able to distinguish between each occupant’s face to identify an unknown (and unwanted) guest. Smart safety devices also have a remote view feature, so you can see what’s going on at home while you’re away from home.
Convenience devices include entertainment technology like smart TVs and personal assistants like Amazon’s Echo. Smart devices designed for convenience can also lock and unlock doors without a physical key, let you see who is ringing the front doorbell without getting up, and even raise and lower blinds based on the time of day!
Comfort devices also help homeowners save on their energy bills by automatically adjusting the temperature at the right time. Smart thermostats like Nest can sense trends and automatically adjust to help you save money. In addition, smart lighting systems can turn lights on or off based on your movement throughout your house.
Most importantly, smart home devices help sellers raise the value of their homes without considerable costs, including time and effort commitments. According to a 2017 smart home technology report, 85% of those surveyed under the age of 44 are more likely to buy a home with smart home technology installed.
In addition, a smart home is considerably more desirable to a growing segment of new buyers. According to the National Association of Realtors’, Millennials and first-time home buyers made up 32% of all home sales at the end of 2016 and are on track to becoming the largest group of potential home buyers. A survey conducted by Better Homes and Gardens, found that 64% of Millennials “believe that smart technology makes their home safer and more enjoyable.”
Both the Consumer Electronics Association and the National Association of Home Builders claim that installing smart home devices can help homeowners boost the final closing price of their home by three to five percent! By incorporating smart home devices, the listing is more attractive to a growing segment of new buyers.
I’m Ready to Add Technology Into My Home!
Smart home devices are one of the most cost-effective DIY improvements you can do if you plan on putting your house up for sale. Although some tech like smart TVs and your personal assistant shouldn’t be left behind, security, convenience, and comfort tech are major selling points.
Here is a list of the most popular smart home devices:
Whether you are concerned with the price to ask for your home or the price to offer on a property, our agents at Marvin Gardens will guide you with our detailed knowledge of our local markets. The valuation of a property can vary block to block. Our agents and brokers tour new listings every week and keep current on closing prices in the different neighborhoods of our region, and use constantly updated statistical analyses to interpret price trends with the greatest accuracy. Contact a Marvin Gardens agent today if you’re interested in putting your home up for sale.
