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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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Spotlight: Jim Kraus

Who is Brookside Real Estate Broker and Realtor Jim Kraus? Many often assume he is the founder of Brookside Real Estate Company, but that’s not the case. In fact, Jim’s original career was in Advertising where he spent 20 years in various marketing/advertising positions – including with the Kansas City Royals as a marketing intern, then a gig selling commercial specialty printing and later in sales management at local radio stations, KMBZ, KCMO and 101 The Fox, to name a few.

After two decades in marketing, printing and broadcast, Jim decided to make a change. He realized the career satisfaction he longed for was not in marketing sales. That’s when Jim decided to take a leap of faith, follow in his father’s career footsteps and pursue a career in residential Real Estate.

Jim received his license to practice in 2003 and decided to hang his license with a local agency called Brookside Real Estate – founded and at the time owned by an old acquaintance of his father named Lee McGraw. Jim apparently was just the kind of guy Lee wanted to carry on the company he created.

Ironically, Jim found out that his very own father was the real estate professional that Lee considered to be his own mentor. Two short years and a fair amount of challenging yet rewarding work later, Jim would become the new owner of Brookside Real Estate Company!

“I love Brookside so much that is was natural for me to buy the company,” Jim said. “It’s where I’ve lived my entire life!” Jim refers to Brookside as his, “stomping ground,” recalling times when he would sled down suicide hill and trick-or-treat through the neighborhood as a child.

Jim continued, “I’ve sold houses that I mowed lawns for as a teenager. I’ve sold houses where I cut through their yard as a shortcut to play football with a buddy. I’ve sold houses where I played basketball in their driveway growing up. For me, Brookside is, and always has been, my home.”

To Jim the real estate business is not about being #1 in a zip code or even having the most sales, it’s about putting people in homes they love. According to Jim, “I see these people at the Brookside Market, at the Barkery, at sporting events or even just walking out of Jimmy Johns. I like seeing them and knowing not only am I their agent, I’m their neighbor.”

According to Jim’s fellow realtors at Brookside Real Estate, one thing that sets Jim apart from other realtors is how he goes above and beyond for every showing – turning on lights, setting the thermostat, making beds (and, well, even picking up dog do-do!).

“I don’t care if it’s a $100,000 house or a $1,000,000 house, I provide the same service,” Jim said. Buyer or seller, Jim wants all parties involved to have the best real estate experience – and deal – possible. Importantly, Jim says he really cares about finding the just perfect home for his neighbors to continue to grow their lives and their families.

Although 15 years ago making a complete career change and leaving a six-figure job was a pretty big risk, Jim says he could not be more satisfied with the positive effect that change has had on his life. Jim says there’s no question, being a realtor truly is in his blood, noting, “It’s the thrill of seeing people walk through that door for the first time after closing – and seeing the kids take off running through the house. Those moments – watching a house magically transforming into a home – there’s nothing better than that.”

So, next time you see Jim Kraus at the grocery store, or The Roasterie, or his favorite neighborhood hangout – Charlie Hooper’s – be sure to stop and say, “Hi!” There’s nothing he enjoys more than catching up with his neighbors, former classmates, clients, and friends. For Jim, they’re all often one and the same.

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Agent Spotlight: Nicole Lonergan

Brookside Real Estate

Brookside Real Estate Realtor Nicole Lonergan has been in residential real estate for almost 20 years now. She started first in new construction, but soon fell in love with the Brookside and Waldo areas of Kansas City. She wanted to work in the community that she lived in, so she joined Brookside Real Estate in 2010.  “Jim Kraus – Brookside Real Estate’s Company’s lead broker – is my brother-in-law, so it just made perfect sense to me to become a part of Brookside Real Estate,” said Nicole.

With a true passion for helping people, Nicole’s favorite aspect of being a real estate agent is being able to get the best deals for her clients. “It’s also really great to be able to live and work in such a wonderful community,” said Nicole. “I love Brookside, Waldo and the relationships I’ve built with my clients over the years.”

One of Nicole’s best experiences as an agent was when she was able to find a great home for a single mom with two children. “She thought she would never, ever be able to own a home,” said Nicole. “We worked as a team and were able to find a program that would work for her, and a home for her and her two kids! That was pretty cool.”

The Waldo and Brookside areas are great neighborhoods to attend events like trolley runs and festivals. It’s filled with charming shops and some of the most unique homes in Kansas City. Not only does Nicole know the ins outs of Brookside, but no one knows Waldo better than her!  She works and lives in the wonderful Waldo neighborhood along with her husband, Eddie, and three kids Dylan (18), Jack (6), and Emma (7).  When Nicole’s not at work, she enjoys spending time with her family. “We love to go hiking on the trails in Kansas City – and we can’t wait to go on vacation to Colorado this summer!”

Nicole says her job isn’t over once the closing documents have been signed. Many times her clients will come to her, even after they’ve moved into their new home, with real estate questions. Nicole is always more than happy to answer their questions and be their real estate advisor for as long as they need. Having experience in both new and old homes, Nicole is extremely well-rounded – and here to answer any questions you may have!

Just click here to learn more or contact Nicole today!