If you're considering buying or selling real estate it's important to stay updated on current market trends. Here's a look at what sold in the Lafayette and West Lafayette real estate market in February.

Homes That Sold - In February there were 110 homes in Tippecanoe County that sold. The prices ranged from $16,000-$470,000. Out of all of those homes only 2 of them were foreclosures which sold for $51,000 and $82,000. The average days on market for all of Tippecanoe County in February was only 34 days! We'll break down the sales by school district to help you get a better idea of what homes are selling near you.

Harrison High School - In the Harrison district there were 34 homes that sold ranging from $48,000-$456,000 - One of which was the foreclosure mentioned above that sold for $51,000. The average sale price for this area was $226,114, and the average days on market was 47.

West Lafayette High School - In the West Lafayette school district there were only 7 homes that sold ranging from $74,500-$199,000. The average sale price for this area was $135,714, and the average days on market for listings in this area was 19.

McCutcheon High School -In the McCutcheon district there were 29 homes that sold that ranged between $63,000-$334,900. The average sale price was $186,069, and the average days on market was 23.

Jefferson High School - In the Jefferson school district there were 40 homes that sold ranging from $16,000-$470,000. The average sale price was $116,085, and the average days on market for listings in this area was 34 days.

As you may or may not know there's much more to look at than just the price of homes and days on market when searching for the right home. It's important to check into specific neighborhood statistics as well as price per square foot, lot size, upgrades, etc.. A home with an awesome tree house is obviously worth more than something with granite countertops, heated floors, theater rooms.. you get the idea. Tree houses are awesome.

In all seriousness- you should contact a Lafayette real estate agent to give you the knowledge you need to make an informed and confident decision before buying or selling homes near Purdue University. Happy house hunting from all of us at Parker Team Homes!

Unfortunately there are times when homeowner's can't afford to make their mortgage payments. When these situations come up banks have to repossess the property and sell them as a foreclosure. Depending on how much the homeowner has paid toward the mortgage, sometimes banks can afford to resell the property well under market value.

A lot of times investors will purchase the home and have the opportunity to "flip" the home for a profit, or rent it out if the homeowner's association allows rental properties. Luckily for owner occupants most foreclosures have a grace period where they only allow owner occupant offers. If no offers are acceptable after that grace period then the bank allows investors to start bidding.

In 2017 there were 56 foreclosures in Lafayette, IN that sold. The prices ranged from $20,500 - $170,000. Some of these Lafayette foreclosures are move-in-ready and require little to no repairs. Of course some of them were in pretty rough shape and required a complete remodel. In most cases the amount of repairs don't come near the amount of profit the investor could make, especially in the seller's market Lafayette real estate is currently in.

It's important to do your research before investing in foreclosed properties. As an experienced real estate agent in Lafayette I always recommend having the home inspected. Even though banks will rarely (if ever) repair or give credits towards defects found in the inspection.

If you'd like to stay updated on current Lafayette foreclosures contact Kirby Parker with Keller Williams Realty in Lafayette. Please share this information with anyone you know that is searching for Lafayette, IN homes for sale and happy house hunting from all of us at Parker Team Homes!