More Americans Will Have Smart Home Technology In 2016

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According to the outcome of a survey released by Coldwell Banker Real Estate LLC, the time when the concept of smart home is realized may come sooner than the original benchmark of the year 2020.

Four thousand Americans were asked to become respondents of the Coldwell Banker Smart Home Marketplace Survey. The results showed that almost 45 percent of the respondents either plan on investing in smart home technology this year or already have their own. The results of the survey also showed that it is not just the tech-savvy people who own smart home technology. More than one in three (or 36 percent) of the respondents say they do not consider themselves early adopters of the technology.

Another result of the survey concluded that 54 percent, or more than half of the respondents or homeowners, would buy or install smart home products if they were selling their homes and are aware that doing so would make the houses sell faster. Of that group, 65 percent said they are willing to pay $1,500 or more.

Sean Blankenship, the Chief Marketing Officer for Coldwell Banker Real Estate said, “Close to five million existing homes were sold in the United States in 2014, which represents a huge white space for smart home manufacturers. We are aiming to be the conduit between these manufacturers and home buyers and sellers, and conducting this research was one of the first of many steps toward achieving this goal.”

Other findings from the Smart Home Marketplace Survey include the following:

1. Security (locks and alarm systems – 63 percent), temperature ( thermostats and fans – 63 percent), lighting (light bulbs and lighting systems – 58 percent), and safety (fire/carbon monoxide detectors and nightlights – 56 percent), were the top choices when the respondents were asked about what needs to be in a home for it to be considered a smart home.

2. More than 76 percent of Americans think that having just one category of smart technology in a home is not enough for it to be considered a smart home.

3. Smart home technology is no longer just for the young and affluent.

4. Forty percent of the respondents who are over 65 years old own smart temperature products while there is only 25 percent of millennials (ages 18 to 34) who own smart home products. This proves that older generations are adopting specific types of smart home technology faster than the younger generations.

5. The percentages of Americans with a household income between $50,000 and $75,000 and that of those between $75,000 and $100,000 who have smart home technology are nearly identical: 25 percent versus 26 percent.

6. Seventy percent of people with smart home technology said buying their first smart home product made them more likely to buy another one.

Based on its website, Coldwell Banker is a premier provider of full-service residential and commercial real estate brokerage services. It is the oldest national real estate brands and franchisor in he United States and has a global network of approximately 3,000 independently owned and operated franchised broker offices in 43 countries.

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