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In the latest addition that highlights the various risks the climate can pose to properties, Redfin announced on Monday that it’s adding a report to its online real estate platform that shows the risk of wind damage.
Redfin partnered with the First Street Foundation to provide information about nearly every house that’s displayed on the portal. The new tool will continue Redfin’s efforts to provide more information about climate risks at a time when more people are moving into climate-prone areas.
“Redfin strives for relentless transparency around climate risks for folks on their home-searching journey,” said Ariel Dos Santos, Redfin’s vice president of product. “As climate disasters such as hurricanes become more severe and frequent, it’s critical that we show homebuyers how effects like wind damage may impact their home.”
The tool might be useful for investors looking to minimize risks to their properties. For instance, it might be useful to know that there’s a 99 percent chance that strong winds strike homes in Miami Beach over the next 30 years. In Atlanta, meanwhile, there’s a 17 percent chance that wind gusts over 50 miles per hour hit homes in the next 30 years.
“Wind Factor’s uniqueness is that it’s hyper-local and specific to wind damage rather than broader climate threats such as storms,” First Street Foundation CEO Matthew Eby said in a statement. “Through Redfin, every person searching for a home will now have access to the most granular climate-risk data available, empowering them with the tools they need to make educated decisions on where to live.”
The tool also comes at a time when more people are relocating to climate-prone areas, driven in part by issues with housing affordability.
Redfin reported that nearly half of people who moved within the U.S. in the past year believe they’ll be impacted by climate change in the next decade, according to a survey the company conducted in the spring. In-migration to areas vulnerable to flooding, wildfires and extreme heat was higher than out-migration in 2021 and 2022, Redfin said.
“There’s good reason to believe that transparency around climate risks has the potential to impact which homes people choose to live in,” Redfin said. “Redfin found last year that homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don’t have access.”
Wind reports are now available on Redfin’s website and will be added to the company’s app later this year.
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