Zillow Pulls Climate Risk Scores from Listings After Real Estate Agents Express Discontent
Just one year after launching a climate risk scoring program, Zillow has dropped its feature, which provided climate risk scores for over 1 million listings, following complaints from real estate agents. The data was sourced from First Street, a climate risk startup that initially assessed the risks and shared them with Zillow.
The move comes after agents expressed concerns that the data was misleading and potentially led to lost sales. In response, Zillow has now linked to First Street's original assessment, rather than displaying the scores themselves. This change means that listings will no longer display climate risk labels, which some considered would put "thoughts in people’s minds" about properties.
The California Regional Multiple Listing Service (CRMLS) is pleased with Zillow's decision, citing the potential impact on perceived property desirability. CRMLS CEO Art Carter stated that displaying flood probabilities could have a significant effect on how desirable a property seems.
However, not everyone is happy with the change. First Street, which provided the original climate risk scores, has expressed disappointment, arguing that the risks don't simply disappear when the data is shared post-purchase. The company's spokesperson, Matthew Eby, pointed out that consumers still need to consider these risks as liabilities.
Carter also questioned the validity of First Street's data, suggesting that areas with low historical flood risk are unlikely to experience flooding in the near future. First Street countered by stating that its models are built on transparent science and continuously validated against real-world outcomes.
The decision highlights the complexities surrounding climate risk assessments and their application in real estate. With over 80% of prospective buyers considering climate risks when shopping for a new home, it's clear that this issue is far from resolved.
Just one year after launching a climate risk scoring program, Zillow has dropped its feature, which provided climate risk scores for over 1 million listings, following complaints from real estate agents. The data was sourced from First Street, a climate risk startup that initially assessed the risks and shared them with Zillow.
The move comes after agents expressed concerns that the data was misleading and potentially led to lost sales. In response, Zillow has now linked to First Street's original assessment, rather than displaying the scores themselves. This change means that listings will no longer display climate risk labels, which some considered would put "thoughts in people’s minds" about properties.
The California Regional Multiple Listing Service (CRMLS) is pleased with Zillow's decision, citing the potential impact on perceived property desirability. CRMLS CEO Art Carter stated that displaying flood probabilities could have a significant effect on how desirable a property seems.
However, not everyone is happy with the change. First Street, which provided the original climate risk scores, has expressed disappointment, arguing that the risks don't simply disappear when the data is shared post-purchase. The company's spokesperson, Matthew Eby, pointed out that consumers still need to consider these risks as liabilities.
Carter also questioned the validity of First Street's data, suggesting that areas with low historical flood risk are unlikely to experience flooding in the near future. First Street countered by stating that its models are built on transparent science and continuously validated against real-world outcomes.
The decision highlights the complexities surrounding climate risk assessments and their application in real estate. With over 80% of prospective buyers considering climate risks when shopping for a new home, it's clear that this issue is far from resolved.
... like they'd rather buyers be clueless about the environmental impacts of their dream home. but seriously tho, its cool that zillow's making a change to link to first street's original data, even if it means no more flood probs labels. its all about being transparent and educated, you know?
. I mean, we're living in times where sustainability and eco-friendliness are literally changing the way we buy homes. It's not just about the price tag anymore, folks want to know if their future home is gonna be underwater or not 
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. And now, those scores are gone and you can't even find 'em online 
. It's all about transparency and giving people the facts, not hiding behind marketing spin 
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. Linkin' to the original assessment is a good compromise 
. And I get what CRMLS CEO Art Carter said, but First Street ain't goin' away 
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. Climate risk scores are here to stay, so it's good we're havin' these conversations 
.
I mean, real estate is all about selling properties and making people happy, but now we gotta worry about what "thoughts" might put in a buyer's mind when they look at those scores? 
. First Street is all like "but the risks dont go away" and im like yeah no kidding 
. Its a big deal for people buying homes because its not just about the price, there are climate changes to consider... 
at least they still linked to their original assessment, that's something 
! I mean, who wouldn't want to know if the house they're buying might flood?! It's not just about aesthetics, it's about having all the facts when making such a big decision.
It seems like a pretty big thing that just gets passed on without much consideration. 
. But what's up with First Street not being happy about it? 
They're all like "Hey, these risks don't just disappear" 
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And what's up with First Street and CRMLS disagreeing about the data being valid? I guess some people just wanna protect their interests as real estate agents. But at the end of the day, shouldn't we all be thinking about the planet when it comes to buying a house? 
And isn't First Street kinda right about consumers still having to worry about these risks even after buying a place? 
. agents were complaining about it being misleading and potentially scaring off buyers