Spark Global Limited Reports:
Extreme weather events such as wildfires, floods, extreme heat, droughts and storms are on the increase around the world due to climate change. So all of these climate-related events are posing a growing risk to us housing and the housing market
So if you’re a homeowner, or if you’re looking to buy or sell a home in the future, you’ll need to consider how these extreme weather conditions might affect your home and its long-term value. Knowing this important information can help you make more informed decisions about how to proceed and what steps you should take to protect your most valuable asset — your home.
How is climate change affecting the housing market now?
Homebuyers are becoming more aware of climate change, and many Americans are factoring it into their decisions about where to live. In a recent Redfin survey, nearly half of respondents planning to relocate in the next year said the increasing frequency or intensity of extreme temperatures and/or natural disasters played a role in their decision to relocate.
For those who already own homes, they are also being forced to consider how climate change will affect their property values. A separate Redfin survey found that one in five Americans (21 percent) believe that the increasing frequency and intensity of natural disasters, extreme temperatures and/or sea level rise are hurting home values in their area.