Zillow Halts Climate Risk Scores Amid Industry Concerns and Feedback from Real Estate Agents
In a significant move, Zillow has decided to suspend its climate risk scores, a feature that had garnered substantial scrutiny from real estate professionals. The California Regional Multiple Listing Service (CRMLS) expressed satisfaction with this decision, emphasizing that such assessments can profoundly influence a property’s desirability. CRMLS CEO Art Carter remarked to The New York Times that presenting the likelihood of flooding in homes could create undue anxiety among potential buyers.
Carter also cast doubt on the reliability of First Street’s climate risk data, suggesting that properties in low-risk areas for decades are unlikely to face imminent flooding threats. However, First Street countered that their climate risk models utilize transparent, peer-reviewed science and are regularly validated against actual outcomes.
The climate risk scores, launched by Zillow in 2024, have faced pushback, notably from real estate agents who feel these assessments introduce unnecessary concerns. An agent cited by The Boston Globe previously expressed that these scores provoke buyer apprehensions regarding listings that might not otherwise arise. Notably, over 80% of home buyers now consider climate risks in their purchasing decisions, indicating that such worries have become integrated into buyer behavior.
First Street, defending its scores, noted their effectiveness in accurately predicting risks, showcasing that their maps successfully identified vulnerabilities for more than 90% of homes affected by the recent Los Angeles wildfires. Their internal assessments have reportedly outperformed CalFire’s official hazard maps.
Zillow has been approached for further comment on this decision, and updates will be provided as they become available.
Key Points:
– Zillow ceases climate risk scores following agent feedback.
– CRMLS supports the decision, citing significant impacts on property desirability.
– Concerns raised regarding the accuracy of First Street’s data.
– The real estate landscape sees over 80% of buyers factoring in climate risks.
– First Street defends its risk assessment models as highly reliable.
