Redfin is providing predictive data on fire, heat, drought and storm risk for every location page of its site, to address homebuyer concerns regarding climate change.
In April, nearly eight in 10 respondents to a Redfin survey said the frequency and intensity of extreme weather events affected their home search.
“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,” said Redfin Chief Growth Officer Christian Taubman in a press release.
ClimateCheck, a company that measures risk for climate disasters by location, provides the information to Redfin. It calculates a score from 0 to 100 for the county, city, neighborhood and zip code where each property is located.
Those ratings are based on both an area’s future risk and how such risk is expected to change over the length of a 30-year mortgage. The model forecasts a higher risk for areas expected to experience more dramatic changes — compared with ones already experiencing such hazards — as this reflects the challenges and cost of adjusting to climate change and the increased stress on local infrastructure.
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