Smart home growth and value
The global smart home market was valued at $81 billion in 2022 and is projected to grow to $338.28 billion by 2030. By the end of this year, Smart's home number is expected to exceed his $400 million mark. This means that not only are consumers increasingly adopting smart home technology, but they will also be looking for smart home technology when purchasing a home.
In addition to comfort and convenience, there are several economic benefits for consumers who add smart technology to their homes. For example, smart thermostats and appliances can maximize energy efficiency, smart security systems can potentially reduce homeowners' insurance costs, and technology-enabled homes are possible. Higher resale value. Some estimates are that a seller who invests in smart home technology realizes his 50% return on that technology investment.
real estate opportunities
Here's why this is so important: All these smart home devices generate data, which creates opportunities for agents and brokers. However, the data generated by smart home devices is still underutilized in the real estate sector. Data from these devices also reveals when and how much energy your home uses, which rooms are used the most, room dimensions, finishing materials, and more. This information increases not only the livability of the property but also its marketability.
Real estate professionals who invest in understanding how to use and maximize the benefits of smart home technology and data will have a competitive business advantage, especially in smart home pricing, marketing, and sales. can produce sex.
In the very near future, people's smart hubs will be able to predictively adjust their home's thermostat, turn on selected lights, or predict their arrival and play relaxing music based on their car's location during their evening commute. Playing it will become commonplace. For real estate professionals, understanding what technology is used and how, what features are present in a smart home, and what data is generated by home IoT devices is essential for real estate professionals. It is important. This information can determine how to showcase, market, and sell these home features.
Tech-savvy buyers want technology-enabled homes
Homebuyers are becoming increasingly tech-savvy. Nowadays, some people come to view properties in self-driving cars. Additionally, buyers who use IoT devices in their current living spaces are more likely to choose a smart home over one that is not technology-enabled.
In today's market, automating your home can help you build equity, and smart home features can help you sell your home faster and for a higher price. IoT devices have been shown to increase the resale value of real estate by up to 5%. And current research shows that 77% of home buyers are interested in a smart home.
Nearly half of Millennials use smart technology, and considering they are the largest demographic of potential homebuyers, nearly 90% of Millennials are against the benefits a smart home can offer. It's no surprise that people are willing to pay more. And while they may not be very tech-savvy, 65% of baby boomers report that they are willing to spend more on IoT-enabled real estate, which is a huge market.
These tech-savvy homebuyers are expected to continue to evolve and purchase sophisticated, technology-enabled homes. Homes equipped with IoT devices will be in high demand as buyers realize they can enjoy their homes more and make their lives more convenient. They will also expect technology to improve their buying, selling and living experiences.