Realtor.com is now no longer the only place to look up a home listing’s flood risk as awareness of climate change-caused flooding continues to increase.

Redfin announced this week that it, too, has partnered with climate risk researchers at First Street Foundation to incorporate the nonprofit’s “Flood Factor” score into listings posted to its website. Realtor.com announced its own, similar partnership with First Street Foundation last year.

The Flood Factor score will be posted on for-sale and off-market listings on Redfin.com, broken down in five-year increments over the 30-year life of a typical mortgage.

The discount brokerage and online listings portal said it picked First Street’s data to represent the risk because it goes beyond what the Federal Emergency Management Agency has mapped and identifies homes at risk that aren’t required to participate in the National Flood Insurance Program. FEMA has faced considerable opposition from property owners and local officials when, in the past, it has sought to update its own flood maps to account for climate change.

First Street’s flood risk model, which it says it developed in partnership with dozens of leading hydrologists and researchers and ran by leading research institutions, takes into account sea level rise and the increasing severity of storms due to climate change – even for properties away from the coast.

“Buying a home is the biggest purchase most people will make in their lifetime,” Redfin Chief Product Officer Christian Taubman said in a statement. “By publishing the Flood Factor score, we’re making it easier to understand the risk each home faces of being damaged by flooding, meaning everyone can make better-informed decisions about buying and selling. Most homebuyers and sellers say that the frequency or intensity of natural disasters factors into their decision about where and whether to buy or sell a home, so this is information they can really use.”

Boston is one of the American cities most vulnerable to sea level rise, and rain storms are projected to become stronger in the future, increasing the risks of inland flooding in New England.

 

Redfin Joins Realtor.com in Reporting Homes’ Flood Risk

by Banker & Tradesman time to read: 1 min
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