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Would-be buyers shouldn’t let DFW’s soaring home prices scare them off, mortgage expert says

Planning and research may make homebuying feasible for those who think they can’t afford to buy a house in this market.

DALLAS — Even though prices on new and pre-owned houses have risen fast across Dallas-Fort Worth in the past year, homes continue to be within reach for many buyers because of continuing low interest rates.

While prices are up sharply here, they have not risen as drastically as they have in many areas, and various programs and services are available to help homebuyers make the numbers work, according to Michelle Eldridge, Wells Fargo home mortgage market manager for North Texas.

“There are a lot of people who don't think they can buy homes," Eldridge said. "We see people like teachers or firemen coming in and leveraging different products that are out there to put less money down than they (initially) felt they had to and getting into a home. People can achieve the dream of homeownership if they just do some research and planning, talk to a lender and be comfortable (with the home’s price)."

Median home sales prices across Dallas-Fort Worth in May were up 26 percent from last May to $332,573, according to the latest data from North Texas Real Estate Information Systems.

Eldridge gives home buying advice and shares observations on trends in the North Texas housing market in the interview here.