Redfin provides forecast data on fire, heat, drought and storm risks for each location page of its website to address home buyers' concerns about climate change.
In April, nearly eight in ten respondents to a Redfin survey said the frequency and intensity of extreme weather events affects their search for accommodation.
"A home is a huge financial investment, and consumers these days are seeing too many examples of climate-related risks such as fires, floods and heat waves," said Christian Taubman, Redfin’s chief growth officer, in a press release.
ClimateCheck, a company that measures climate catastrophe risk 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.
These ratings are based on both an area's future risk and how that risk is likely to change over the life of a 30-year mortgage. The model predicts a higher risk for areas that are expected to experience more dramatic changes – compared to areas where such threats already exist – as this increases the challenges and costs of adapting to climate change and the increased stress on local ones Infrastructure.
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