If you are thinking about using the extended and expanded home buyer tax credit to purchase a home in Redondo Beach California this year you better act first.  The tax credit can be used on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010.  What does this mean?  You have a little more than a month to locate your new Redondo Beach home.  The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.

Important facts of the tax credit include:

• Homes must be closed by July 1, 2010, under contract by April 30, 2010.
• Homes must have a value of $800,000 or less and must be the buyers primary residence.
• There are income restrictions, $125,000 for singles, $225,000 for couples.
• First time homebuyers may qualify for up to $8,000 tax credit; other homebuyers may qualify for up to $6500 tax credit
• The credit will need to be repaid if you sell your home within a time period of 36 months.

Remember, time is running out.  Contact the Redondo Beach real estate professional today to start looking for your new home if you intend on using the tax credit.

For the best in Redondo Beach and the South Bay experience and knowledge contact Krystyna Baty at (310) 918-5027.  Krystyna has access to the Redondo Beach MLS and all available listings in the area.