Builders Increasingly Turning to Smart Home Tech to Boost Home Values, Says Parks
New consumer experiences, including the impact of COVID-19 on working from home and needing to monitor loved ones, “will increase the value proposition of smart home tech among consumers,” said Parks Associates analyst Brad Russell. Though HVAC technology can’t filter…
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out coronavirus, “people are thinking more about indoor air quality and how to create and maintain a healthy environment,” Russell said. Thirty-five percent of large-scale, single-family builders install a whole-home Wi-Fi network to pitch a “smart home-ready home,” and 29% install an interactive security system, Parks reported Wednesday. Connected products are rapidly replacing non-connected models as standard in the home, said Russell. Most of large-scale single-family home builders surveyed offer smart home technology to increase the appeal of the house, not to add to the sales price, said the report. Smart lights, thermostats, door locks, and garage door openers are typically offered as standard, while smart appliances and smart water devices are usually offered as upgrades, it said. “Low price points put Amazon and Google in a good position to expand further in the builder market as a control interface,” Russell said. Smart speakers’ low prices give builders an economical way to integrate smart technologies as a standard offering in their homes “to boost their value among home buyers,” he said. Builders including Lennar, KB Homes and Shea Homes have selected smart speakers as the “user interface of choice,” he said.