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What New Interest Rates Mean for Your Mortgage

With interest rates at unprecedented lows, it is increasingly more likely that borrowing costs will be lowered even further on mortgages. This serves as a small silver lining amongst the economic uncertainty Americans are now facing during these tumultuous and ever-changing times.

The Federal Reserve has recently lowered borrowing costs to near zero in a move to counteract the economic shocks from the COVID-19 pandemic. Also unfolding, the 10-year Treasury yield, a key benchmark that influences borrowing costs on houses and auto loans, took a nosedive to historic lows.

Mortgages: Buyers and Refinancers

Mortgage rates have dropped to historical lows as bond yields have fallen, which is a move that could help first-time homebuyers and those who already own, and are looking torefinance. When Treasury yields fall, banks will charge lower interest rates for mortgages. The Federal Reserve announced that it would be cutting its benchmark federal funds rate by 1% to a range of 0% to 0.25%, alongside other measures meant to stimulate the economy.

If you’re considering selling your home in the next few months, contact a neighborhood expert: One of the real estate pros at Brookside Real Estate Company. Call today at (816) 333-3330. Or, stop by our offices in the heart of the Brookside at 9 W. 63rd Street.

 

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Time to Downsize?

When your current home holds you back.

Maybe the children that grew up in your home have now moved into their own homes. Or perhaps the belongings that took you a lifetime to accumulate are now looking more like worthless clutter than valuable treasures. Or maybe you’re just tired of the amount of yard work and weekly cleaning that comes with having a big lawn and excess living space.

If any of the above is a bit truer than you’d like to admit, maybe it’s time to discover a new lifestyle that allows you to abandon the clutter, ditch the lawnmower and say goodbye to excess square footage. Is locking the door and vacationing for weeks without a care (or a house-sitter) part of the master plan? Then maybe the dream home of two decades ago has become today’s ball and chain.

If you’ve been imagining what it would be like to live in a City Market loft, or moving on up to a Power & Light high-rise with a view – or maybe a Country Club Plaza condo where all of your favorite restaurants and shopping are just outside the front door, it might be time for a change. Maybe it’s time to enjoy a much simpler lifestyle. If the idea of someone else parking your car, (or getting rid of your car altogether and commuting by streetcar!), and having access to amenities like swimming pools , club rooms and other social rooms (without having to maintain them when you aren’t using them) is more attractive than ever before – it may be time to downsize!

The good news is, there’s never been a better time to sell your Brookside area home than right now! And no one knows Brookside like the Realtors at Brookside Real Estate. We know neighborhood home values and have buyers contacting us most every day in search of homes of all sizes and in most any condition in the Brookside area. The dream of trading excess square footage and house keys in return for more time to enjoy life may be closer than you think!

For a no obligation price opinion on your current home, to look at one of our condo listings, or if you’re considering selling your home in the next few months, contact a neighborhood expert: One of the real estate pros at Brookside Real Estate Company. Call today at (816) 333-3330. Or, stop by our offices in the heart of the Brookside at 9 W. 63rd Street.