Mortgage rates are up. What does that mean for your next move?

Start with what is right for you

Dade City is home, and helping people make a good decision about their next chapter matters to me. If you’re thinking about buying or selling in Pasco, Hernando or the Nature Coast, this week’s mortgage news is worth a conversation.

Freddie Mac reported a national average of 7.40% for a 30-year fixed mortgage on October 8, up from 7.28% the week before. That’s a survey average. Your lender will explain what is available for your situation. The question I’d start with is simple: what does the complete monthly payment look like for you?

If you’re buying

Before you change your price range, talk with your lender and get updated numbers. Include taxes, insurance and any association fees along with the mortgage payment. Ask about closing costs and points, too. You want to understand the whole picture.

Whether you’re looking in Wesley Chapel, Dade City, Brooksville or Spring Hill, get insurance information for the actual home. Review the roof, flood-zone status and any association documents during your due diligence. Leave some room for maintenance and moving expenses. Finding the right home should also mean finding a payment you can live with.

If you’re selling

A rate headline doesn’t tell us what your home is worth. We need to look at comparable sales, the homes buyers can choose from today and how your property shows. The competition can be very different from one neighborhood to another.

Good photographs, clear information and making the home available for showings all matter. If a buyer asks for help with closing costs, let’s look at the full offer and your likely net proceeds. The asking price is one part of the conversation. Your timing and goals belong in it, too.

Let’s talk about your next chapter

You don’t have to be ready to move today. Maybe you’re downsizing, relocating or just trying to understand your options. Start with information and a conversation.

I’m Steve Van Gorden, Broker/Owner of SVG Realty LLC. Call me at 352-206-4196. If you know someone thinking about making a move, I’d appreciate the introduction.

Community First. Always.