Home search sites rate climate risk for Colorado buyers

DENVER ( KDVR ) — The Colorado Association of Realtors reports the number of available home inventory is at its highest level in a decade.

Median pricing for single-family homes in the Denver metro area slipped 2.7% from August to $608,750 and is down 1.7% from a year prior.

Home search sites like Zillow are offering more information to help buyers decide on the right home for their lifestyle including a property’s climate risk factor. The website offers information indicating the area’s risk for flood, wildfire, wind, heat and air quality hazards on a search map which can greatly influence insurance and other costs.

Homeowner Susan Mann told FOX31 that information is the key to making the right decision about a significant investment.

“There is more information and more, you know, input for their decisions,” she said.

The Zillow Group reports more than 80% of potential home buyers now consider climate risks when choosing a home.

Denver property sales expert Ross Blahnik of Compass Real Estate told FOX31 that carefully estimating monthly costs is an important part of the home purchase process.

“By showing the climate risks of different properties and areas Zillow can alert them if there’s going to be issues getting flood insurance or fire insurance or whether they can even get insurance and if it’s going to come with a higher premium going to cost them more money on a monthly basis,” he said.

Blahnik admits that climate ratings can present a challenge to some home sellers.

“It’s going to cost buyers more money in their minds, remember, so it could make it less appealing compared to comparable homes that don’t come with those same risks,” he said.

The Rocky Mountain Insurance Association told the Problem Solvers one of the most important factors to investigate is how much coverage your home insurance policy will provide.

“A standard homeowners insurance policy covers fire, hail wind, theft even your liability if your dog bites someone but it doesn’t cover flooding,” said spokesperson Carole Walker.

Flooding insurance must be obtained through a separate policy.

Market analysts say right now many buyers are waiting to see the outcome of the 2024 presidential election before deciding to invest in a home in anticipation of any possible future interest rate cuts.

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