There is no debating that technology has consistently revolutionized dozens of industries across the U.S. and the globe. The housing market is no exception. The technological trend will certainly continue to impact the housing sector, especially as more and more millennials leave the nest, earn higher salaries, and begin purchasing homes.
Realtor.com estimated that throughout 2017, roughly 61% of all homebuyers were under the age of 35 years old.
“Younger, tech savvy buyers want smart features and are comfortable using them,” said Rita Neri of Real Estate Maximums (RE/MAX) Premier Properties in Chicago. “As Millennials age into their prime homebuying years, smart technology may become the standard.”
According to NB Herard, smart home technology has already reared its head in major U.S. metros, and seems as though it will become the standard nationwide in the near future.
“Smart technology makes more sense in larger homes and for owners with higher incomes who may travel more for both business and pleasure,” added Cindy Banks of RE/MAX Cornerstone.
Nationally, big cities like Chicago, Los Angeles, New York City, and Miami are leading the charge in the housing market growth. A Zillow report states that the U.S.’s yearly growth is the highest since 2013. At $31.8 billion, that figure is roughly 1.5 times the country’s Gross Domestic Product (GDP) and roughly three times the GDP of China.
The business sector has already fully embraced the emerging technology as more than $122 billion is spent each year in the U.S. meetings industry. All that money is spent on things like remote video conferencing software and other technological advancements. It seems like that trend will continue across the housing market as well. As more and more employees work from home across the U.S., the need for technological integration inside the home will continue to grow.
IoT Agenda even adds that 2017 was the year of the smart home, but the future of integration between homes and the Internet of Things (IoT) will continue to grow exponentially in 2018.
Smart home representatives and housing industry experts predict that the average smart home could contain more than 500 fully integrated smart devices by 2022.
In addition to the millennial generation entering the home buying sector, other contributing factors to the increased popularity of smart home technology is the promise of saving energy, home security, and the healthcare system benefits this technology will provide as well. With this technology, you and your family can safely go on vacation and rest easy knowing your home is secure.
“We’ve seen a revival of residential construction in our area, and many new homes have smart features,” said Rebecca Hazzard of RE/MAX Rock Valley. “Usually they will have an app that controls temperature, lights, garage door and locks, and is linked to a front-door video camera. Buyers love it. They joke about not worrying they’ll leave the garage open.”
