Globally, the demand for smart homes continues to grow. According to the National Association of Realtors, the smart home market is expected to become a $130 billion industry by 2020. And it’s not only early adopters or tech-minded Millennials who are interested in smart home technology. In fact, “43 percent of Americans with smart home products are Millennials, 33 percent are aged 33-54, and 24 percent are age 55 or older,” according to the 2017 Home Buyer and Seller Generational Trend Report released by the National Association of Realtors.
I see this increased demand among those who are building new homes as well as those who are updating existing homes. Homeowners want innovative wireless technologies, including energy/HVAC management, security, entertainment control, and even automation of household appliances. These upgrades are true game-changers that make life easier for everyone. Customers are motivated to adopt smart home technologies to simplify their lives, reduce energy costs, and reduce their impact on the environment.
Smart Home Security
Security-focused smart home products are also increasing in demand. New technology options for home safety are connected cameras and light bulbs, video doorbells and smart locks. Consumers are significantly motivated to adopt these smart home technologies. In a recent newsletter of the National Association of Home Builders (NAHB) Leading Suppliers Council, member Grayling Love stated: “We’ve reached a point where the majority of consumers aren’t only willing to invest in it, but they are expecting their next home to be connected.”
Wi-Fi systems for smart homes will be a key component in making all these ‘smart’ products work smoothly. This means connecting these new products through routers that run twice as fast as the current ones and adding new software that lets the router control and secure all the connected devices in the smart home.
So, if you aren’t planning to move but want to add smart technologies to your current home, do your research. The market changes quickly and is very price-competitive. Turn to trusted resources, such as Consumer Reports (available at your local library) or online resources that have tested and reviewed products.
And, if you’re thinking about selling, talk to your realtor for her insights before you spend money on any of these technologies. The simplest additions – such as a smart thermostat or smart lightbulbs – may be all that’s needed to interest home buyers who may have their own ideas on additional smart technologies important to them.