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Fresh Research Shows Home Buyers Willing To Pay Extra for “Smart Homes”

Fresh Research Shows Home Buyers Willing To Pay Extra for “Smart Homes”
September 28, 2016 SNH Editorial Team

“Could “smart home” technology — features such as network-connected thermostats, security devices, appliances and lighting — help you sell your home faster and for more?” This is the question posed by Kenneth R. Harney in a recent column that appeared in the Chicago Tribune.

We have discussed this before at Sabine’s New House and it’s no surprise to us to see that buyers are responding positively to smart home installations in homes they are looking at.

In a study by Coldwell Banker Real Estate it was discovered that 71 percent of buyers want a “move-in ready” house. Further, 57 percent of those buyers indicated that when looking at older homes they would consider them updated and “move-in ready” if the home is already equipped with smart home features.

Even more promising to those looking to make the smart home investment, 54 percent of buyers indicated that if they had to choose between two identical homes, one with smart home tech and the other without, they would choose the house with smart tech installed.

As millennials start to get into the buyer’s market 61 percent are favoring smart tech homes and 59 percent of parents with children are looking for smart tech features.

Aside from the study conducted by Coldwell Banker Real Estate, a very extensive survey of 22,000 home shoppers by John Burns Real Estate Consulting earlier this year discovered that not only do prospective buyers rank smart smart technology high when they evaluate housing options and they’re prepared to pay thousands of dollars to get it.

Items that were listed as added value worth paying extra for included; interior and exterior security cameras, network connected appliances, smart doorbells that send owners alerts, smart air filtration vents, and more.

If you are an existing homeowner still wondering if there would be a return on your smart home tech investment you can rest assured that appraisers are realizing the value these innovations bring to homes. In fact appraiser, Pat Turner from Richmond, VA stated that, “Smart home technology can definitely add to market value. If you have the data showing that houses with smart technology sell for more, then you’ve got to acknowledge that fact in some way in the appraisal report,” he said.

You can read more on Harney’s column where he poses an example of some of the increases. Some of the baseline requirements that he notes in his column, “It’s got to have a smart security feature that either controls access or monitors the property or a smart temperature feature. Plus it should have at least two additional features from this list: smart refrigerators/washers/dryers; smart TVs and streaming services; smart HVAC system, fans or vents; smart outdoor plant sensors and watering systems; smart fire/carbon monoxide detectors and night lights; smart security locks, alarm systems or cameras; smart thermostats.”

Read more here – http://www.chicagotribune.com/classified/realestate/ct-re-0828-kenneth-harney-column-20160825-column.html