Smart homes revolutionized the housing market, and as smart technology becomes increasingly affordable, these newly designed smart homes have attracted the interest of a wide range of buyers.
Many shoppers are starting to expect high-tech features, primarily for its security and convenience benefits. According to the National Association of Realtors®, over 40% of Realtors said clients were interested in smart home devices, from smart locks to thermostats; and 22% said they were interested in whole home technology. Security and privacy were the top issues discussed with clients, followed by cost.
Smart technology also boosts a home's value, potentially 3 to 5 percent, with 72% of millennials willing to pay $1,500 or more to make their home smart.
However, it's not just millennials interested in the technology. Young couples planning on having children are perfect candidates for smart security as they look for a safe place to raise their families. Seniors are also interested in smart technology in a home to satisfy their desire for convenience.
Some may also be interested in technology so they can monitor a second home while away – such as a Florida property, for example, while they're in New York for the summer.
Allied Market predicts that the smart home market will grow 29.5% through 2020, at which point it will be worth about $35.3 billion