Smart-Home Tech 'No Longer Just an Add-In'

August 12, 2015

More home owners are adopting smart-home technology, and that will likely impact buyers' purchase decisions in the future, according to a new joint survey of about 4,000 Americans by Coldwell Banker and CNET.

Twenty-eight percent of respondents say they own at least one smart-home product, and nearly half of millennials, ages 18 to 34, say they plan to adopt smart-home technology. Of those who currently use it, 81 percent say they would be more likely to buy a home if smart products — such as connected lighting and thermostats, remote-access security, and smart locks — were already installed.

"Smart-home technology is catching on because it is literally changing the way we live in our homes," says Sean Blankenship, chief marketing officer for Coldwell Banker. "Not only is it shifting the financial perception of the home, but it's also transforming our emotional connection to our homes. We believe that in three to five years, home buyers will expect smart-home technology — it will become the new norm."

Eighty-seven percent of smart-home owners say the technology makes their lives easier, and more than half say it saves them time (an average of nearly 30 minutes per day). Forty-five percent also say that, on average, they've saved more than $1,000 a year with smart-home technology.

Parents with children under 18 are nearly twice as likely to have smart-home products, with security the most pressing issue. Among all respondents, 59 percent of parents say they'd be willing to pay more for a home equipped with smart products compared to 47 percent of respondents without children.

Also among the survey's findings: 76 percent of those with smart-home products say they control them via a mobile device. Fifty-one percent say the living room is the most common place for smart-home technology, followed by the bedroom at 45 percent; family/rec room at 35 percent; and kitchen at 30 percent.

"Today's buyers are expecting smart home technology. It's no longer just an add-in," says Danny Hertzberg, a sales associate affiliated with Coldwell Banker in Miami. "I'm seeing first-hand how home buyers 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 decluttering a home, sellers are upgrading to smart-home technology to attract modern buyers. Consumers are truly seeing the convenience and benefits of these products, understanding how smart-home technology makes the home more comfortable, convenient, and energy efficient."

Source: Coldwell Banker Real Estate