Is 2016 the Year Smart Home Technology Will Become Mainstream?

A survey of U.S. adults conducted by Coldwell Banker Real Estate found that almost half of all Americans either own smart home technology or plan to invest in it in 2016.

TROY HILLS, N.J. – The year 2020 has long been a benchmark when the smart home will finally achieve mainstream status in the United States. However that time may arrive sooner than the marketplace originally projected, according to results of the “Smart Home Marketplace Survey” from Coldwell Banker Real Estate, based here.

The survey polled more than 4,000 U.S. adults in advance of CES 2016, revealing that homeowners are willing to pay extra to “smart stage” their home, as well as what Americans think when they hear “smart home.” Following are results from the survey:

The smart home is going mainstream fast.
• Almost half (45%) of all Americans either own smart home technology or plan to invest in it in 2016.
• Of people who do not currently have smart home technology, more than one in four (27%) say they will incorporate it into their lives in 2016.
• Of people who either have smart home technology or plan to buy it in 2016, more than one in three (36%) don’t consider themselves early adopters of technology.
• 70% of people with smart home technology said buying their first smart home product made them more likely to buy another one.

Can smart home technology help consumers sell their homes faster?

• More than half of homeowners (54%) would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster.
• Of homeowners who said they’d purchase or install smart home products, 65% would pay $1,500 or more and 40% would pay $3,000 or more to make their home smart.
• Of Millennial homeowners (ages 18 to 34) who would purchase or install smart home products, 72% would pay $1,500 or more and 44% would pay $3,000 or more to make their home smart.

Most Americans think a home can be considered “smart” if it has smart security, temperature, lighting and safety.

• When asked about what needs to be in a home for it to be considered “smart,” the top choices were security (e.g., locks and alarm systems – 63%), temperature (e.g., thermostats and fans – 63%), lighting (e.g., light bulbs and lighting systems – 58%) and safety (e.g., fire/carbon monoxide detectors and nightlights – 56%).
• More than three-quarters (76%) of Americans think that having just one category of smart technology in your home isn’t enough for it to be considered smart.
• 60% of Americans think that a home needs to have at least three categories of smart products for it to be considered smart.

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