Tahoe-Truckee real estate: Smart home technology gaining in popularity
TRUCKEE, Calif. — The smart home is apparently here to stay.
A survey of U.S. adults by Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, and CNET, the world’s largest and most trusted online source of consumer technology news and reviews, recently found that Americans are already embracing the smart home with 28 percent owning at least one smart home product and almost half of Millennials (ages 18 to 34) adopting the technology.
“Smart home technology is catching on because it is literally changing the way we live in our homes,” said Sean Blankenship, chief marketing officer for Coldwell Banker Real Estate. “Not only is it shifting the financial perception of the home, but it’s also transforming our emotional connection to our homes. We have entered a transformative era. We believe that in three to five years, home buyers will expect smart home technology — it will become the new norm.”
Blankenship pointed to the fact that of those surveyed currently using smart home technology, 81 percent said they would be more likely to buy a home if smart technology, such as connected lighting, thermostats, remote-access security and smart locks, was already installed.
For Americans who currently don’t own smart home products, this provides an opportunity to make the move and adopt the technology. The trend will only grow as millennials start to represent a larger share of homeowners.
The Coldwell Banker/CNET survey of approximately 4,000 Americans analyzed trends and insights related to smart home technology. Below are some interesting trends:
Smart Homes Save Money, Time
Americans are adopting and strongly valuing smart home technology. In fact, 91 percent of those who currently own smart home products would recommend the technology. Other findings include:
• 87 percent say the technology makes their lives easier.
• More than half (57 percent) of Americans who own smart home products say the technology saves them time and at an average of almost 30 minutes per day.
• The technology is saving owners of smart home products money. Forty-five (45) percent of Americans say that, on average, their smart home technology saves them over $1,100 a year.
• 72 percent say smart home products provide them with peace of mind when it comes to home security.
Parents Twice as Likely to Adopt Smart Technology
• Parents with children under age 18 are almost twice as likely to have smart home products (42 percent of those with children vs. 23 percent of those with no children).
• Parents were also more likely to have made their home “smart” when they moved in (68 percent of those with children vs. 50 percent of those with no children).
• Security is top of mind for those with kids. Seventy-eight (78) percent of parents say that smart home products provide peace of mind, while only 68 percent of those without children agreed with the statement.
• Among all respondents, 59 percent of parents said they’d be willing to pay more for a home with smart home technology installed. This is significantly higher than the 47 percent of those without children.
“Today’s buyers are expecting smart home technology. It’s no longer just an add-in,” said Danny Hertzberg, a sales associate affiliated with Coldwell Banker Residential Brokerage. “I’m seeing first-hand how homebuyers are requesting and favoring homes with smart features, such as automated lighting and temperature control. Smart home technology is also influencing the home selling process. In addition to de-cluttering a home, sellers are upgrading to smart home technology to attract modern buyers.”
This article was submitted by Coldwell Banker Residential Brokerage, which serves Northern California markets from Monterey to Tahoe-Truckee and nearly every market in between. Visit http://www.CaliforniaMoves.com to learn more.