Tech-powered brokerage Redfin is now publishing climate change risk data for all geographical locations featured on its website via data provided by climate risk data company ClimateCheck, the companies announced on Tuesday.
Now when homebuyers shop on Redfin.com for a new property, a ClimateCheck risk ranking for fire, heat, drought and storm over the course of a 30-year period (the length of a traditional mortgage) will be available to users down to the county, city, neighborhood and ZIP code of properties listed on the site. ClimateCheck’s risk rankings span from 0 (very low risk) to 100 (extreme risk).
The news comes on the heels of RealScout and Ojo Labs also adding ClimateCheck data to their listings portals in recent months as consumers become increasingly concerned about climate change risk factors when buying a home.
Christian Taubman | Credit: LinkedIn
“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,” Christian Taubman, Redfin’s chief growth officer, said in a press statement. “By bringing ClimateCheck’s 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.”
ClimateCheck’s risk rankings are based on an area’s future risk and how that risk may change over the course of decades, based on global climate models for CO2 emissions in years to come. After that, the company downscales those models, essentially targeting them at a local level while also incorporating data from local weather patterns to calculate risk assessment.
The climate risk data company noted in a press statement that areas that are anticipated to experience more dramatic climate change over the next several years have higher risk scores compared to those already experiencing the impacts of climate change from natural events like floods or fires.
Cal Inman | Credit: LinkedIn
“Consumers can now make smarter decisions when evaluating the risks of climate change,” Cal Inman, ClimateCheck principal, said in a statement. “Redfin is taking the global climate challenge down to the local level where people are struggling to figure out the consequences of dramatic weather and climate events.”
Redfin’s decision to add ClimateCheck data to its website follows a survey the brokerage conducted in April about how much climate change impacts where Americans want to live. The survey found that nearly half of respondents who plan to move within the next year are factoring climate issues like extreme temperatures and frequency or intensity of natural disasters into their decision.
Nearly one-third of respondents also said rising sea levels impacted their decision. In addition, over one-third of respondents said they’ve spent at least $5,000 on home improvements to battle climate change.
Disclosure: ClimateCheck CEO Cal Inman is the son of Brad Inman, the founder of Inman Group. Inman Group is not affiliated with ClimateCheck.