Climate Change & Listings
American home buyers are facing a new challenge to consider when purchasing a home: climate change.
Redfin has joined with ClimateCheck to combine 30-year data to listings for potential home buyers to understand the climate risks for fire, heat, drought, and storm.
ClimateCheck is a company that strives to “empower property buyers, owners, and brokers by exposing and quantifying the risks related to the climate crises through [their] proprietary risk assessment and report[s].”
Why has Redfin decided to pair ClimateCheck’s findings with their listings? According to a survey Redfin released earlier this year, buyers have been factoring in climate change with purchases. 80% of respondents stated that the intensity of natural disasters in an area would make them hesitate to purchase a home.
They use a rating based on two factors: an area’s future risk, and how much that risk will change over time. Redfin’s Chief Growth Officer, Christian Taubman, explains, “A home is a huge financial investment, and these days, consumers are seeing all too many examples of climate-related risks like fires, floods, and heatwaves. By bringing climate data to every location page on Redfin.com, we’re making it easy for consumers to make better-informed decisions about buying, selling, and renting.”
One-third of homeowners have also spent at least $5,000 to protect their home against potential climate dangers.