Climate change could reshape housing market

Climate change could reshape housing market

Climate change could reshape housing market
More Americans are paying more attention to the likelihood of natural disasters where they live and are taking that in to consideration when planning their next move. According to a new survey from real estate brokerage Redfin, approximately 80 percent of 2,000 respondents say that the risk of a natural disaster near their home would keep them from moving to specific parts of the country.

Nearly one in three people surveyed said that they would not move to an area where there was a propensity for weather related disasters or rising sea levels even if the homes were more affordable. Analysts predict that these concerns will increase migration to areas not prone to such disasters, making them increasingly competitive and more expensive.

This has already been observed in some parts of California where areas in high-risk of wildfires have seen a noticeable exodus over the past few years.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.