In an effort to increase transparency around climate threats, this property-level information now exclusively on Redfin.com will educate homebuyers on wind damage likelihood over the next 30 years
SEATTLE–(BUSINESS WIRE)–
(NASDAQ: RDFN) — Redfin (redfin.com), the technology-powered real estate brokerage, is now publishing wind risk data provided by First Street Foundation for nearly every for-sale U.S. property listed on Redfin.com.
“Redfin strives for relentless transparency around climate risks for folks on their home-searching journey,” said Redfin Vice President of Product Ariel Dos Santos. “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.”
First Street Foundation’s Wind Factor is a property-level risk model that estimates the likelihood of wind damage based on current and projected wind exposure from hurricanes. Wind Factor also takes into account how wind exposure may shift in the next 30 years, which is the typical timespan for a mortgage.
“Wind Factor’s uniqueness is that it’s hyper-local and specific to wind damage rather than broader climate threats such as storms,” said First Street Foundation CEO Matthew Eby. “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.”
Nearly half (49%) of U.S. residents who moved in the last year believe the increasing frequency or intensity of natural disasters, extreme temperatures, and/or rising sea levels will likely impact home values in their area in the next 10 years, according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. Still, only about 5% of respondents who moved in the last year or plan to move in the next year listed climate change as a reason for their relocation. In fact, a recent Redfin study showed that counties more vulnerable to flooding, wildfires and heat have seen more people move in than out from 2021-2022. That’s partly due to the housing affordability crisis, which has increased migration into less expensive but more climate-risky areas.
There’s good reason to believe that transparency around climate risks has the potential to impact which homes people choose to live in. 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.
This wind risk data will be available on the Redfin app later this year. Redfin also features First Street Foundation climate risk data at the property-level for wildfire, flood and extreme heat.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we’ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email [email protected]. To view Redfin’s press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230731268148/en/
Redfin Journalist Services:
Isabelle Novak, 414-861-5861
[email protected]
Source: Redfin
Released July 31, 2023
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