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It’s a Great Time for the First Time Home Buyer to Purchase a New Home

Monday, November 17, 2008 / Shea Homes



Mary Garrett at 602-432-2010 or



It’s a Great Time for the First Time Home Buyer to Purchase a New Home

SCOTTSDALE, AZ (November 18, 2008) – While reports continue to highlight the challenges in today’s housing market, it still is a good time for first time buyers to purchase a new home instead of renting or choosing a resale home.  Mortgage rates are near historical lows, current FHA home loans allow up to $346,000 and with a down payment of only 3% along with reasonably good credit and proof of employment, home ownership can become a reality for those that previously thought they had no other option but to rent. 


Many resale homes are hitting the market at fire-sale prices because of foreclosures and short sales.  However, these homes may be less than appealing. On the other hand, due to excess inventory and the pressures of a sluggish market, many homebuilders are pricing new homes as low as the $100s. Ready-to-move-into new homes save buyers the time, energy and money it may take to turn an existing house into one that fits their specific lifestyle needs and wants.


Following are a few key facts first time home buyers should remember when deciding whether to buy new or existing properties.


  • New homes require far less maintenance than an older home.
  • New homes offer customized options and upgrades including the latest technology and security features.
  • New homes are built to updated building and safety codes.
  • New home floorplans offer more efficient use of space and storage.
  • New homes offer energy efficient design and materials, better lumber, improved insulation and no lead or asbestos.
  • New Homes can be personalized by Buyers providing input into structural design and interior decorating decisions.
  • New homes offer construction and appliance warranties.
  • New communities often offer more recreational facilities such as pools, tennis courts, clubhouses, grills, parks, jogging trails and play lots for children.
  • Most new communities have homeowners associations, which help protect property values.
  • Everything is new! Paint, flooring, countertops, cabinets, appliances-these features are in pristine condition and the new home owner will be the first to enjoy them.


“We are trying to educate Valley residents that, now is a great time to purchase a new home, especially since buyers can take advantage of some of the financial programs that expire at year end,” said Ken Peterson, director of sales and marketing for Shea Homes.  “Shea Homes offers quality homes at a wide range of prices in some of the most amenity-filled communities across the Valley.” 


In addition to being named Builder of the Year in 2007 by Professional Builder magazine­­­ and America’s Best Builder by the National Association of Home Builders (NAHB) and Builder Magazine in 2005, Shea Homes ranks highest in customer satisfaction with new home builders in the Phoenix market, according to the J.D. Power and Associates 2008 New Home Builder Customer Satisfaction Study.  The study is based on responses from 50,837 buyers of newly built single-family homes who provided feedback after living in their homes an average of four to 18 months. The study includes responses from 5,480 home buyers in the Phoenix market. For more comprehensive builder rankings for all 33 U.S. markets, visit


About Shea Homes:

America’s largest privately owned homebuilder, Shea Homes is a division of Shea Homes Limited Partnership, an independent member of the Shea family of companies, which celebrated its 125th anniversary in 2006.  Over the past century and a quarter, members of the Shea family and their companies have accomplished many extraordinary milestones, including completing work on the foundation of the landmark Golden Gate Bridge, working on San Francisco’s Bay Area Rapid Transit System (BART) and serving as a managing partner for the construction of the Hoover Dam.  Yet Shea Homes’ most satisfying achievements continue to revolve around listening to its customers’ needs and satisfying those needs by providing an extensive selection of new home floor plans and quality workmanship in the finest neighborhoods and communities available today.  Call 866-696-7432 or visit for additional information.

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