While limited home supply has helped drive up interest in homebuying, the truth is that some homes are more desirable than others. To help their listings rise to the top, some home sellers are converting their properties into smart homes via the judicious application of technology.
Smart homes represent the harmonious collaboration of high tech gadgets with unobtrusive design, all creating a thoroughly modern living experience In fact, nearly half of Americans are already using smart technology in their homes.
Simple technological additions can turn a slow moving, antiquated listing into something distinct and appealing. And buyers – particularly millennial buyers looking for their first homes – are taking notice.
‘More organized and simpler’
“I think technology really helps us get our lives more organized and simpler in a way,” real estate expert Sabine Schoenberg told CNBC. “If you have an old farmhouse, you still have a front door, so why not install a smart door lock, especially if it’s a second home?”
Concerns with the Internet of Things
Even with the boost in confidence over the value of smart home technology, some homeowners remain wary and the market has grown slowly. One of the most commonly quoted concerns is security, with high-profile hacks and compromised personal data on the minds of many. The sluggish growth of the market can likely be traced to these concerns not adequately being addressed.
“Last year, there was a great deal of optimism and bullishness around home automation,” Dave Bottoms, chief operating officer of smart-home startup PEQ, told The Wall Street Journal. “The reality is it is a lot harder and tougher than everybody imagined.”
With the control of many smart home items networked with smartphone technology, the so-called Internet of Things is subject to the same security fears as the overall Internet. This, however, hasn’t gone unnoticed by designers and manufactures, with many employing high-tech encryption measures to ensure that the safety and security of a home is paramount.
Despite the difficulties of turning the typical home into a smart home, homeowners have still shown a strong will to ‘tech out’ there homes. Studies show that half of homeowners are willing to spend over $3,000 on new tech, in hopes of entrancing the increasingly powerful millennial buyer.
To those who have fallen behind the home-tech scene, worry not. Websites like tomsguide.com can carry a homeowner from laggard to early adopter in a few minutes.