SCOTTSDALE, Ariz., Jan. 25, 2010 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), one of America's top 10 homebuilders, today announced that it will offer a 99-day completion guarantee for customers who buy a Meritage home in one of its selected communities across the southern and western United States. The guarantee allows buyers to contract for their home and personalize it their way, confident that it will be completed and ready to move into within 99 days from the date of sale.
"We're very pleased to offer a 99-day guaranteed delivery schedule to our home buyers," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "Many homebuyers prefer a new home personalized to their specifications, but may turn to used homes to avoid a long construction process. With our 99-day guarantee, they can choose to build new and know that they can close on the home in less than a hundred days. No longer will they have to sacrifice the benefits of buying new over used because of long construction times."
The 99-day period enables buyers to choose the Meritage floor plan they like and select which options or upgrades they desire to make the home distinctly their own. Meritage expedites the process by making design consultants available to help buyers in its award-winning design centers.
Meritage has reduced its average time from sale to close by 40% in the last three years, and has proven its ability to condense the construction cycle for its Simply Smart(TM) series and many other home plans. The guarantee is subject to certain terms and conditions, including buyers completing their selections as scheduled. The sale can be closed within a few days after completion and final inspection.
In 2010, Meritage is celebrating its 25th Anniversary, and is the only large national homebuilder to be 100% Energy Star qualified in every home started in 2010. The Company has launched a new Simply Smart Series in addition to this 99-day guaranteed completion program. Meritage has designed and built more than 65,000 homes in its 25-year history, and has a reputation for its distinctive style, quality construction and positive customer experience. To find a Meritage community near you, go to www.meritagehomes.com.
About Meritage Homes Corporation
The year 2010 marks the 25th Anniversary of Meritage Homes Corporation, the 9th largest homebuilder in the U.S. based on homes closed. Meritage offers a variety of homes across the Southern and Western states designed to appeal to a wide range of homebuyers, including first-time, move-up, luxury and active adult buyers, with base prices starting from under $100,000. As of September 30, 2009, the Company had 162 actively selling communities in 12 metropolitan areas including Houston, Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas, Denver, Orlando, and the East Bay/Central Valley and Inland Empire of California. Meritage Homes and its predecessor companies have delivered more than 65,000 homes since the Company was founded in 1985.
Meritage Homes is listed on the NYSE under the symbol MTH.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those regarding Meritage's 99-day completion guarantee. Such statements are based upon the current beliefs and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties as set forth in our Form 10-K for the year ended December 31, 2008 under the caption "Risk Factors," and updated in our subsequent Quarterly Reports on Form 10-Q. As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements and the Company's stock and note prices may fluctuate dramatically. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations.