Smart technology is only continuing to advance, especially in the home and homeowner market. As these improvements and convenient systems grow more popular, the real estate market has also shifted to accommodate these new properties that feature such high-tech units that range from smart security to temperature control and even lighting systems. These are reshaping property value and what buyers are looking for when house hunting, so it’s good to understand how smart homes are influencing the real estate landscape.
1. Increased Property Value
If your home features advanced technology that constitutes as a smart system, it could sell for a higher price than older, less tech-savvy homes. Automated lighting, smart security units, and thermostats that can learn, adjust, and save on utilities are popular on the market, as buyers see these as value that they are willing to invest in. According to the National Association of REALTORS, smart homes and properties usually increase in value by 5%, and investors (sellers) can see up to a 50% return when they close.
2. Faster Sales
Properties that boast smart technology tend to sell faster than older homes that don’t have upgraded systems. People want convenience and efficiency, with remote controlled options and units that are programmed to be more energy efficient. If you’re selling and your home features tech like these, it’s more likely it will come off the market and close quicker than if you were selling a traditional home.
3. Energy Efficiency as a Selling Point
Smart devices are meant to help make homes more energy efficient, and installing smart thermostats can reduce energy consumption as well as lower utility bills. This is a big draw for buyers, who want to know they are investing in a property that will give them the most out of their money. While older systems can actually turn a home into a money pit, smart homes can save money in a few different ways, which is ideal for those who are already spending quite a bit to move and work at a new mortgage. As more devices become interconnected, smart homes are set to be a standard rather than a luxury.
5. Security and Peace of Mind
Smart home security systems, offering features like real-time video surveillance, smart locks, and motion detection, are a major selling point for buyers looking for enhanced safety. These systems provide peace of mind and are often more effective and convenient than traditional security options, making them highly sought-after in the real estate market.