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Selling Your Home?
If you're selling your home, make sure its smart technology is up to par.
Experts in smart home tech and real estate agree: smart home tech is in higher demand and increases a home’s resale value. Smart tech like automated blinds, climate control, lighting, audio/visual, locks, the garage door opener, appliances, and security systems can all improve the value of your home for potential buyers.
At this year’s CES (the annual trade show organized by the Consumer Technology Association), the importance of smart home tech on real estate value was a major theme.
John McManus, editorial director at Hanley Wood (publisher of Builder Magazine), shared in a CES breakout session that smart home tech can increase a home’s final closing price by as much as five percent.
“Square footage and location has impacted the values of real estate over time, and now we’re talking about a similar analogy to resources we haven’t had before,” McManus said about smart home tech, as reported in the Las Vegas Review Journal. “It’s the same set of fundamentals with a new set of tools we are working with.” McManus said that a home with smart devices can be worth $15,000 to $17,000 more in value than a similar home without smart home tech.
Lutron’s chief corporate brand ambassador Melissa Andresko told the Las Vegas Review Journal that the conversation about smart homes has shifted. “If you take a look eight to nine years ago, smart home products were viewed as more gadgetry in nature, and it was more about what could we connect rather than it should it be connected,” Andresko said, as quoted in the article. “Today, smart homes are solving problems. We’re offering peace of mind of walking into a well-lit home. By 2030, we won’t be talking about smart homes anymore. It will just be home.”
New products revealed at this year’s CES included a Kohler showerhead with Alexa, and LG biometric security, which requires owners to scan their palms and face to gain entry to their homes.
The recent article also cited a survey from Coldwell Banker in which 82 percent of agents and brokers polled said technology helped streamline a sale. The survey also said 54 percent of sellers would install the technology to help their homes sell.
Bob Hamrick, CEO and president of Coldwell Banker Premier, told the Las Vegas Review Journal, “A home that has (smart home tech) versus one that doesn’t have it has a higher value. The smart technology makes it economical by saving dollars by managing power bills, and it’s also an amazing convenience.”
To learn more about how to find the best smart home products to improve your home’s value, call us at Jackson Hole AV. We’d love to discuss the possibilities.
