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From Breitbart: Zillow is now providing homebuyers with “climate change risk data” when they look up house prices on the website, Silicon Valley’s latest attempt to lecture regular people about their environmental obsession.
CNBC reports that Zillow, one of the nation’s leading online real estate marketplaces, has partnered with climate risk firm First Street to incorporate “climate risk data” into its for-sale property listings. This new feature claims to empower homebuyers with the knowledge they need to make informed decisions when purchasing a home, as the company feels climate change may threaten some homeowners.
Each for-sale listing on Zillow now displays First Street risk scores for flood, fire, wind, air, and heat. These scores not only reflect the current risk levels but also provide projections for the next 15 and 30 years, corresponding to the standard lengths of fixed-rate mortgages. By incorporating the effects of climate change into its risk assessments, First Street’s data often shows an increase in risk over time, particularly for flood risk, as the company believes climate change intensifies the severity of rainfall events.
Skylar Olsen, chief economist at Zillow, emphasized the role climate risks believed to play in home buying decisions by the company, stating, “We’re providing buyers and sellers with clear, property-specific climate data so they can make informed decisions. As concerns about flooding, extreme temperatures, and wildfires grow, this tool also helps agents inform their clients in discussing climate risk, insurance, and long-term affordability.”
The data also includes a recommendation as to whether the homeowner should have flood insurance and a link to the First Street site, which will help estimate insurance costs, CNBC wrote in their report.
According to a Zillow survey, more than 80% of buyers now consider climate risk when deciding to buy a home.
Zillow adds climate risk data to home listings as threats rise https://t.co/iTg1UjMIkQ
— CNBC (@CNBC) October 4, 2024
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