“People have to make compromises when buying a home in order to stay within budget. “Homebuyers are concerned about climate change, but it’s not their top concern,” said Redfin Chief Economist Daryl Fairweather. This influx of new residents may be due to the relative affordability of homes located in these higher-risk areas. In fact, some of America’s disaster-prone areas are actually becoming more populous as new residents move in, which is keeping property rates steady, if not increasing them.
While homebuyers and sellers are aware of the risks posed by climate change and are thinking about how these risks may affect their homes, these ideas haven’t yet translated into major changes in buying habits or home prices. Another Redfin survey found that one in five Americans (21%) believe the increasing frequency or intensity of natural disasters, extreme temperatures, and/or rising sea levels are hurting home values in their area. In a recent Redfin survey, nearly half of the respondents who plan to move in the next year said extreme temperatures and/or the increasing frequency or intensity of natural disasters played a part in their decision to relocate.įor those that already own homes, they are also being forced to consider how climate change is going to affect their property values. How is climate change currently affecting the housing market?Ĭlimate change awareness among homebuyers is on the rise and many Americans are factoring climate change into their decisions about where to live.
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Knowing this important information can help you make a more informed decision about how to proceed, and the steps you should take to protect your most valuable asset – your home. So if you’re a homeowner or you’re planning to buy or sell a home in the future, you’ll want to consider what impact these extreme weather conditions may have on your home and its value over the long run.
As a result, all of these climate-related events are posing an increasingly large risk to real estate and the housing market here in the U.S. Therefore, it’s best to take every precaution you can to prepare for a flood, especially if you live in a high flood risk area.Dramatic weather events such as wildfires, flooding, extreme heat, drought, and storms are on the rise all over the world due to climate change. It’s the most straightforward – and inexpensive – way to learn if the home has flooded in the past.Ī flood can occur during any weather event that causes excessive rain, even if the property isn’t near a river, lake, or ocean. This report helps you if the homeowner processed a flood claim but did not have any unreported flood damage. As a homebuyer, you can hire a home inspector to look for potential flood damage, like stains on the baseboards, ceilings, or in the basement, or any indications that repairs have been made to correct such damage.Īnother alternative is to ask your insurance agent to run a Comprehensive Loss Underwriting Evaluation (CLUE) report to look for any past flood claims on the property. This lack of information can make your decision to purchase a house in a flood-risk area more difficult. Unfortunately, many states don’t require sellers to disclose flood damage to prospective home buyers.
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