You’ve heard all the buzz lately, right? That billing a home for sale as “smart” will make it sell faster, for more money. True or false? Well, maybe a little of both. In other words, it depends.
First, consider what a smart home IS
The answer to that is that it’s still being defined. Coldwell Banker took a stab at it, establishing a “smart home” designation. To snag that label, a home must have “…a smart security feature that either controls access or monitors the property or a smart temperature feature, in addition to a reliable Internet connection.
It must also include at least two additional features from this list:
- Safety (smart fire / carbon monoxide detectors and nightlights)
- Entertainment (smart TVs and TV streaming services)
- Appliances (smart refrigerators and smart washer / dryers)
- Heating / Cooling (smart HVAC system, smart fans or vents)
- Outdoors (smart plant sensors and watering systems)
- Security (smart locks, smart alarm systems or cameras)
- Temperature (smart thermostats)”
OK, so you have a smart home
But just because it’s smart doesn’t mean it’s guaranteed to get you more money or sell quicker. Why? Well, let’s think about it from my perspective, which is that of a real estate professional working in the Seattle area. The market here is HOT right now and that trend is expected to continue in 2017. While adding some smart features may help buyers remember your property, let’s be honest: if it’s priced right, it will sell fast whether or not you have a Nest and a few smart light bulbs.
But, I’ll make more, right?
Again, the answer is maybe/it depends. Similar to putting lipstick on a pig (or whatever your favorite related cliche is), adding some smart features to a home that will likely be torn down is pretty pointless, IMO.
In the end, it’s a conversation to have with your listing agent. He or she should (hopefully) have a good sense of the market in your area and what buyers are looking for. Real estate is hyper-local. What buyers want can vary widely from one neighborhood to the next, and of course from region to region. (Does a home buyer in rural Nebraska have the same wants/needs as one in New York City or Los Angeles?)
That listing agent should also be able to tell you from a quick look around your house if adding some smart features could help you net a few more bucks or sell faster. At the very least, discuss if/how smart home products–and which ones–might help your home stand out on the market. Buyers–especially the ones who have been searching for a long time–could use a little help remembering your home. If it’s “the one with the Nest and the smart light bulbs”, that could definitely give your home a leg up over “the one with the green shag carpet.”
Good luck, happy selling, and if you are in the Seattle area, contact us with your smart home real estate questions. ????