Extreme weather’s impact on buying a home
SACRAMENTO, Ca.- Florida is recovering today after milton made landfall last night. This damage comes just a little more than a week after Hurricane Helene rolled through the area. Now, data analytics company Corelogic estimates storm damage could cost property owners up to 47 billion dollars. That’s like spending a million dollars a day for 129 years. And what does that mean for future property owners?
As natural disasters intensify across the country, potential buyers may be assessing an area’s climate risk when they shop for a new home. That’s why Zillow, a popular online real estate marketplace, has now launched a feature showing how vulnerable a property for sale might be to extreme climate events.
The real estate website teamed up with climate modeling company “First Street” for the data. It shows flood, wildfire, wind, heat, and air quality risks on individual listings or through color-coded maps. The feature also estimates a home’s risk 15 and 30 years into the future, which are typical lengths of fixed mortgages.
According to an August Zillow analysis, 55% of all new listings were at risk of extreme heat. While nearly 17% were at risk of a major wildfire event. To use the tool, just visit the site yourself and start browsing homes. Once you’ve selected a home you’re want to know more about, you can click the ‘Payment Caculator’ option. By scrolling down the list, you’ll find the climate calculator. It should show you all climate risks the home may have from a 1 to 10 scale. The risks include flood, fire, wind, air quality and heat.
You can try out the tool yourself by clicking right here.
