There was a time when “location, location, location” was the real estate mantra. Nowadays it’s “lifestyle, lifestyle, lifestyle!”
It’s certainly the case in Denver’s residential market, where lack of inventory, and rising is pushing urban developers to build swanky new residential condo buildings in new areas. Have you seen all of the cranes in the Denver Skyline lately?
I’ve noticed that a lot of buyers have less of a location sensitivity than they did in 2012. People are willing to compromise on location if they gain lifestyle amenities and conveniences, especially experiential lifestyle amenities, like being in a more walkable area or easy access to our mountains, bike trails, shopping restaurants and night life.
I think we’ve arrived at this interesting intersection between lifestyle and intuitive technology. People want to walk into their home and say, “Alexa, turn on the lights. Alexa, open the blinds.” I think we will see more of this Intuitive integration of technology in new home construction in the near future. It’s going to completely change the experiences we have in our homes.
In a way, we’re already doing it. We order our dry cleaning and do our banking through our phones. You can unlock the door or turn on the TV — all with voice commands. And the technology is evolving and getting better by the day, it seems. Transitioning from mobile applications to smart home voice activation is not such a giant leap. The technology has now been around for a few years. We’re more familiar with it now, and it’s easier to integrate it into people’s lives and homes.
Eventually, the technology will learn your daily patterns and be able to anticipate your needs. When your alarm clock goes off at 7 o’clock, your blinds will open and a fresh cup of coffee will be brewed. People want that seamlessness. They see it as a benefit to their life. The response from amenity-hungry Denver buyers has been: “Where do I sign?”
According to a recent Coldwell Banker Real Estate Smart Home Marketplace Survey, nearly half of consumers think smart home technology is important for their current home or next home purchase, and 60% said they would be willing to pay more for a home with smart home technology installed.
Not only that, 33% of Coldwell Banker agents surveyed said homes with smart home technology sell faster than those without, and homes designated as smart homes on coldwellbanker.com receive two times the conversions of similar non-smart home properties.
Now that its a meaningful trend. It’s been such a notable mindset shift that real estate is now not just about where you live, but it is about how you live in it.