Redfin Publishes Wind Factor Data From First Street Foundation to Show Damage Potential for Homes
- Redfin (RDFN) partners with First Street Foundation to provide wind risk data for nearly every property listed on Redfin.com, increasing transparency around climate threats and empowering homebuyers with granular climate-risk data
- 49% of U.S. residents who moved in the last year believe that natural disasters, extreme temperatures, and rising sea levels will likely impact home values in their area in the next 10 years, according to a Redfin-commissioned survey
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In an effort to increase transparency around climate threats, this property-level information now exclusively on Redfin.com will educate homebuyers on wind damage likelihood over the next 30 years
“Redfin strives for relentless transparency around climate risks for folks on their home-searching journey,” said Redfin Vice President of Product Ariel Dos Santos. “As climate disasters such as hurricanes become more severe and frequent, it’s critical that we show homebuyers how effects like wind damage may impact their home.”
First Street Foundation’s Wind Factor is a property-level risk model that estimates the likelihood of wind damage based on current and projected wind exposure from hurricanes. Wind Factor also takes into account how wind exposure may shift in the next 30 years, which is the typical timespan for a mortgage.
“Wind Factor’s uniqueness is that it’s hyper-local and specific to wind damage rather than broader climate threats such as storms,” said First Street Foundation CEO Matthew Eby. “Through Redfin, every person searching for a home will now have access to the most granular climate-risk data available, empowering them with the tools they need to make educated decisions on where to live.”
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There’s good reason to believe that transparency around climate risks has the potential to impact which homes people choose to live in. Redfin found last year that homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don’t have access.
This wind risk data will be available on the Redfin app later this year. Redfin also features First Street Foundation climate risk data at the property-level for wildfire, flood and extreme heat.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a
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Source: Redfin
FAQ
What is the partnership between Redfin (RDFN) and First Street Foundation about?
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