The looming prospect of climate change has affected the real estate market. This is as true in Washington state as it is in the rest of the country. A great deal of uncertainty about the impact of climate shifts is taking the shape of changes in the pricing structure of properties.
Litigation over real estate properties may increase
One of the most crucial changes may be a rise in real estate litigation. This can result in a number of ways. For example, if a person buys a home that is guaranteed to be safe against flooding, they expect this to be true. If it isn’t, a lawsuit may well be filed. Property owners thus need to be on their guard against making unverified claims.
It is also true that investors across the country are thinking twice about putting their money into areas that may be considered a high source of risk. This is particularly the case in coastal areas that may be subject to damage from hurricanes or flooding. The prospect of lawsuits is a source of caution.
Climate change can affect the market
There are many ways in which climate change can have an effect on many local real estate markets. For example, the prospect of damage due to unforeseen events caused by a shift in the climate can affect the way that zoning laws are framed. Possible hazards due to climate change may soon affect where new homes can be built.
The predicted rise in litigation is a subject of controversy. Many experts in the real estate industry are trying to prepare for it. There are a number of possible solutions but no clear consensus on what form they will take. In the meantime, caution is advised.
