Coldwell Banker Research Says Buyers Will Pay More for Smart Homes

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Coldwell Banker Research Showed that Smart Homes Sell for More

Brought to you by Hingham Realtor Alice Pierce serving the South Shore of Boston.
There is good news from a trending Coldwell Banker Real Estate study showing that smart home technology could boost home sale prices. If you already have installed technology then this could factor in positively should you decide to list your home. And if you are considering Smart Home options, read on for some helpful information. For those of us overwhelmed by it all, it might be time to dip our toes in.

What is a Smart Home?

Any home that has networked the appliances, lighting, heating, air conditioning, televisions computers, audio & video systems, or security set ups to provide remote access for monitoring consumption, and to allow communication between components is considered to be a “Smart Home.”

A Smart Home offers security options, energy efficiency, monitoring to lower operating costs, and convenience, all with remote network connections using the Internet. For example, if you and your family are taking a vacation in a different country, you could still monitor and adjust all of the settings in your home remotely by smartphone or internet.

Many of us are wary of such Jetson-like configurations, maybe in the same way we were hesitant about the rush of technological gadgets and the accessibility of so much information. Wariness aside, nobody can argue how technology in the area of computing and connectivity has changed the way we do things, in most ways for the better, and, depending on your perspective, a few not for the better.

Home Technology Increases Sales Price of Homes

If you have installed any smart home technology before you list your home for sale on the South Shore, you could get more money from the sale than if you had not installed it.

Results of a recent research project by Coldwell Banker Real Estate found that out of 1,250 American adult respondents, 71 percent of buyers wanted to move into a home that was fully loaded with all the smart home gadgets and utilities.

Another statistic culled from the data also revealed that 57 percent of home buyers looking at older homes would find them more appealing if smart home features were already in place. This is especially relevant in a town like Hingham where we have so many early houses and so highly value preserving the historic features around us.

The same people questioned in the same Coldwell Banker study said, that if they were making a choice between two identical homes, 54 percent would choose the house with smart technology over the home that had none. For all the details about the study visit the Coldwell Banker Smart Home survey page.

Another 2016 survey initiated by a different company found that prospective buyers rank smart technology highly when considering all the housing options. They best news is that the same buyers said that they are willing to pay thousands of dollars more when purchasing a home for the convenience that home technology lends.

Many people want the additional security that smart tech offers and over half of the respondents said they would pay more for security cameras, appliances that could be operated remotely, smart wired air filtration vents, and many other high-tech items. The caveat is that the hardware must already be installed.

Most home buyers don’t want to hassle with researching, buying and installing the systems on their own. They would rather walk into a turn key smart home with all the components working and communicating with each other. It is understandable, given the load of things on the to-do list come moving time.

Home appraisers are starting to taking smart home technology into account by making adjustments in the market comparison reports. The acknowledgement that smart home technology adds more value when comparing two homes of the same ilk means it is likely hear to stay.

If you want to look in more detail at Coldwell Banker’s take on all the Smart Home technology, they have a page loaded with information on their website devoted to the subject. Coldwell Banker is also the innovator and first provider of a “Smart Home Staging Kit,” which commands its own website.

Exponential Technology Growth

We are plodding humans moving in a straight line, within the one dimension we live in. The movement of technology, on the other hand, is accelerating at an amazing speed. “Every 18 months we’re doubling the knowledge that’s available to us,” says Dave Pedigo, CEDIA’s (Custom Electronics Design and Installation Association) senior director of Emerging Technologies.

The lightning speed of technological growth emerges are an area of potential resource conservation and sustainability. Smart Home technology could make curbing our consumption just as habitual as ignoring it while we are away from our homes. Being able to adjust thermostats, refrigerators, lights, shades and the like could also save each household money.

The Future

At the rate technology is moving, in ten years we can expect to look more and ore like the cartoon vision of The Jetsons. Where we are today will look vastly different ten years form now.

A possible addition in the near future could be a twist on the way we watch movies and television. “Mixed reality” home theatre is sure to be the next upgrade to watching enthusiasts. This means that headsets will accompany recliners and popcorn, and we will be enveloped in the movie itself with all that surrounds us closed off. The perspective while watching will move the viewers to the point of view of the camera lens.To make this type of experience more comfortable, contact lenses might be worn that include displays, and cameras, making augmented reality a part of the movie viewing adventure.

Think about what you might expect from an “intelligent” kitchen. Robotics might stir things, and your countertop could become a touchscreen like an iPad. A Smart Home kitchen might have sensors responsible for shutting down the oven the moment your much anticipated rib eye is perfectly cooked.

Taking the sensor technology into your plumbing design means that the moment an invisible leak starts, a moisture sensor gets triggered and you can immediately know which pipe is failing by receiving a message on your smartphone.

 

Back to the Present

So you are considering some Smart Home features? There are two important considerations; hubs and protocols. Hubs manage all the peripheral components in one place, and protocols are how devices communicate. Even though hubs are destined to extinction with the way technology is growing, it is currently the best way to organize all of your smart home things.

Called “smart hubs,” these devices are able to pull together hardware connections and corresponding software into one place for some universal control. The hub then speaks with your smartphone and you “speak” back.

The smart hub connects to your home’s Wi-Fi connection and can be controlled from a smartphone, no matter how far away form home you are. Once installed (prepare yourself for some possible frustration with the install and set up process) it connects to your home devices as a sort of gateway. Through it, you can control each piece of home smart tech you own.

Like any other kind of hub, it is supposed to make life simpler by streamlining all the various applications required for the gadgets. You do get everything in one place but sometimes you sacrifice some intricate control of the various apps.

The second consideration mentioned above is the products platforms and protocols, or, simply put, how they connect to one another and some hubs support more platforms than others.

How Everything Communicates

Smart home products use several types of communication between products and it is important to pay attention to this. Products that use the same protocol offer the ability to add products and hardware, however these parameters do not always allow universal communication. That is where your hub comes in, so be sure to do your research. There are plenty of hubs to choose from and each one focuses on different priorities.

There are a wide variety of technology platforms, or protocols, on which a smart home can be built. Each one is, essentially, its own language. Each language speaks to the various connected devices and instructs them to perform a function.

Some of the home automation protocols currently on the market include Bluetooth, Wi-Fi, UPB, Z-Wave, Lutron ClearConnect, ZigBee and Insteon. Each has its own quirks and requirements in regards to device nteroperability, power consumption, bandwidth and, of course, cost.

Reward Yourself with some Instant Smart Home Gratification

Going through all of this might overwhelm some of us, especially if, after hours of trying to piece things together you can’t even operate one light bulb from afar. Being rewarded with some small success can be had in this game of Smart Home operations.

Grab yourself an Insteon Starter Kit for $99. That will get you one hub and a couple of light dimmers that look like plugs. All you do is choose your lamp, plug it into the adapter, and then plug the adapter in the wall. It is reminiscent of light timers! Insteon says that a new user can be operating part of a Smart Home within minutes.

Is Smart Home Technology Worth the Effort?

It is more of an effort for some of us than it is for others to wrap our minds around this, never mind make it happen inside of our homes. Whether or not you jump on board is a matter of personal choice.

Imagining various scenes can make Smart Home living more tempting..

Heading home from work after 35 days of sub 40 degree winter weather, wind and no end in sight. The smartphone interprets the location, time and distance to home, and within ten minutes of that destination, the heat turns up inside the house and inside the garage. The car pulls in the driveway and the garage door opens, triggering some house lights to turn on. 20 minutes after the nightly bath, the mattress pad automatically warms. In the morning, the wearable tech senses when the sleep cycle is wrapping up and brews the coffee.

Not a bad image overall, and all currently possible. But, no matter how smart the home is, there is no laundry folding, or putting away groceries, or dusting. Maybe some day.


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Enjoy all the positives of the south shore of Boston. Feel free to contact Coldwell Banker Realtor Alice Pierce through her website, email or telephone 781-724-7622 about articles, community information for Hingham, MA, Cohasset, MA, Hull, MA, Norwell, MA and any other South Shore towns.

 


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