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Existing Home Sales Gain Big Again. Are We Out of the Woods?

November 25, 2009 By View Comments

I received a very nice surprise the other day. Lani Rosales from AgentGenius.com sent me a DM (direct message on Twitter) asking me to quote on the news of the rise in existing homes sales from the National Association of Realtors. Given this positive news, I was asked to comment on whether or not we’re out of the woods. Here’s my response in an excerpt from the article:

Chicago, Illinois Realtor Tim McDonald of Zoom Real Estate said, “with high unemployment and large number of ARM resets coming over the next two years, I don’t foresee us being out of the woods yet. While it may be the best time to buy (with low interest rates, tax credit, and low prices), I think it also may be the best time to sell in the next 2 years (higher inventory of REOs, rising interest rates, higher unemployment and no more tax credit).”

Read the full AgentGenius.com article.

The increase in home sales for the last several months has been heavily influenced by first time home buyers, who have represented over half of all home buyers, taking advantage of the tax credit that was do to expire on December 1, 2009. I would expect to see this continue for November, when home sales figures are released in December. Now that the tax credit has been extended and expanded, we may continue to see an increase in the first half of the year, but the other factors (unemployment, new wave of foreclosures, and higher interest rates) may make today not only the best time to buy a home, but also the best time to sell a home in the next two years.

Your comments are always welcomed! Or if you don’t want to world to see your thoughts, email or call me!

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Libertyville MainStreet director quits

November 11, 2009 By View Comments

via dailyherald.com

Libertyville MainStreet director retires. Randy Nelson decided to retire after the pleasure of the job turned into more of a grind. Not to mention that he had a 2 hour commute each day. I personally had the opportunity to talk with Randy during my efforts with Waukegan Mainstreet and can candidly say he was always helpful, thoughtful and diligent. Living in neighboring Vernon Hills, we frequented many of the MainStreet Libertyville events and had a great time along with many other residents. Pam Hume, who has been involved with the organization since it’s inception in 1989 will serve as interim director.

Posted via web from tamcdonald’s posterous

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Vernon Hills Cougars Football Second Round Playoff Game

November 6, 2009 By View Comments

Vernon Hills High School Cougars boys football team takes on Glenbard South in the second round of the IHSA class 5A playoffs on Saturday at 1pm at Glenbard South. Find directions to Glenbard South. This is the 8th year in Vernon Hills 10 year history that they are in the playoffs. The best year they’ve had was in 2001 when they advanced to the state quarter finals before losing. Let’s hope a ride down south tomorrow results in bringing back a Vernon Hills victory!

You can read the scouting report on the game from the Daily Herald.

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Home Buyer Tax Credit Extended and Expanded

November 6, 2009 By View Comments

The home buyer tax credit is one small step from being enacted. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today. With the home buyer tax credit extension, buyers will have until April 30, 2010 to have a home under contract and must close on the property buy July 1, 2010. The first time homebuyer credit limit will remain at $8,000. Part of the new legislation includes expanding the home buyer tax credit to included existing home owners. The maximum credit for existing home owners would be $6,500. In order to qualify you must have lived in the existing residence for 5 consecutive years of the last 8 years.

You can find frequently asked questions and a very easy to understand comparison chart between the existing home buyer tax credit and the new one by visiting the Illinois Association of Realtors.

Should you have any questions about the home buyer tax credit or any other real estate related issues, please contact me.

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Libertyville Taco El Norte Grand Opening

November 3, 2009 By View Comments

I think this will make the 12th Chicago area Taco El Norte restaurant when it opens it doors on Thursday, November 5. The Mexican restaurant is occupying the space of former Grill 21 on Milwaukee Ave. in Libertyville, IL. Living in nearby Gregg’s Landing, I’ve passed by the restaurant many times over the last couple months and it appears they have completely renovated the space. What caught my eye today was the sign announcing their Grand Opening on Thursday. I didn’t immediately find any information online about the new location in Libertyville, but the sign was good enough for me to share with you that we’ll be stopping in for some chips, salsa and margaritas one day soon.

View Larger Map

If you have any information you’d like to share, or visit yourself, please share you comments!

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Chicago's New 872

November 2, 2009 By View Comments

Chicago 872 area code

What is 872 you ask? It the new area code which will overlay the existing 312 and 773 area codes in Chicago effective November 7, 2009. When the 773 area code was introduced, it was a split from the 312 area code. the overlay of the 872 area code will cover both the 312 and 773 area codes. The change will require callers to dial the full 11 digit number (1+area code+number) for all calls to and from the city of Chicago.  Most new requests for numbers will get the 872 area code, but 312 and 773 numbers are still available.

I have my 312 and you can always call me for your real estate needs 312-970-0846.

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Moustache for Movember and a great cause

November 1, 2009 By View Comments

I just joined The Chicago Guys in the Movember movement!

Check out my daily progress with photo updates!

Movember Moustache

I have decided to join a global movement that is bringing much needed attention to cancers that affect men.  I’m doing this by growing a Moustache this Movember, the month formerly known as November. My commitment is to grow a moustache all November and I am hoping that you will support my efforts by making a donation.  The funds raised go to the Prostate Cancer Foundation and the Lance Armstrong Foundation (LIVESTRONG).

What many people don’t know is that 1 in 6 men will be diagnosed with prostate cancer in their lifetime and testicular cancer is the most common cancer in men aged 18-35.  Facts like these have convinced me I should get involved.

To make a donation, you can either:

•    Click this link http://us.movember.com/mospace/270398/ and donate online using your credit card or PayPal account , or
•    Write a check payable to ‘Movember Foundation’, referencing my Registration Number 270398 and mailing it to: Movember Foundation, PO Box 2726, Venice, CA 90294-2726.

All donations are tax deductible to the extent permitted by law.

The Prostate Cancer Foundation will use the money raised by Movember to fund research to find better treatments and a cure for prostate cancer.

The Lance Armstrong Foundation will use the money raised by Movember to fund:

•    The LIVESTRONG Young Adult Alliance program which has the goal of improving survival rates and quality of life for young adults with cancer between the ages of 15 and 40.
•    Research initiatives to further understand the biology of adolescent and young adult cancers.

For more details on how the funds raised from previous campaigns have been used and the impact Movember is having please go to http://us.movemberfoundation.com/research-and-programs.

Thank you

Tim McDonald

Zoom Real Estate, your Vernon Hills based Lake County real estate expert

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Libertyville Mainstreet Smokehouse

November 1, 2009 By View Comments

Just started, the new Lake County Happens blog. You can see Eddie Moore from Mainstreet Smokehouse in downtown Libertyville talk about his unique approach to BBQ. Come hungry, because if you love bbq, you’ll want to try everything! No matter what meat you choose, they are all served dry, so you can choose from 4 of Mainstreet Smokehouse’s distinct sauces. Read and better yet, watch more over at LakeCoHappens.com

Visit Libertyville’s Mainstreet Smokehouse site

Libertyville's Mainstreet Smokehouse outdoor eating area

The outdoor seating area at Mainstreet Smokehouse

Libertyville's Mainstreet Smokehouse Menu

The menu board. Or check out the Mainstreet Smokehouse menu online.

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Mainstreet Smokehouse provides Libertyville unique regional BBQ

November 1, 2009 By View Comments

In downtown Libertyville there is a place that makes you feel like you’re in Texas or the Carolinas. Not by the surroundings, but by the tastes on the menu at Mainstreet Smokehouse. Eddie Moore is passionate about his bbq and it shows in this conversation I had with him recently.

Mainstreet Smokehouse Libertyville

I even got a chance to visit the kitchen and see the two 200lb smokers “where real B.B.Q. is smoked.”

Libertyville Mainstreet Smokehouse Smokers

Mainstreet Smokehouse has eat in, carry out, catering, lunch specials, and one of my favorite features is and outdoor seating area. Located at 536 N. Milwaukee Ave., Libertyville, IL 60048. You can call them at (847)-247-4330

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