Ch-Ch-Ch-Ch Changes

It’s best to be an informed consumer. This includes taking into consideration non-traditional factors that may have an effect on buying or selling your home. Right now, this factor would be climate change. When’s the last time that climate change had an impact on your decision-making? Most likely, almost never, if at all. However, Freddie Mac has indicated that climate change may have critical impact on the housing market. Some impacts of climate change, such as rising sea levels, changing rainfall, flooding patterns, and rising temperatures, may not be covered under home owners’ insurance policies. In the long run, this could lead to homes becoming uninsurable and unmarketable, and thus, the values of the homes will plummet.

climate-change

This impact would not only affect homeowners, but lenders, servicers, and mortgage insurers could suffer from significant losses as well. Though climate change happens over lengthy spans of time, its effects are seen now as some home values begin to decrease based on the home’s susceptibility to the eventual effects of climate change. In short, it pays to know and to ask how climate change may affect your decision to buy or sell. Talk with a John Moffitt & Associates Realtor to get the 411.

 

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