Why the drop in the home prices between Jan and Feb? Mineral, VA Is the housing market as bad as everywhere else?

Asked by Buyer, Mineral, VA Tue Feb 9, 2010

Looking at property and I see some vacancies around the area--just watching. How low do you think the prices will go? And, how is the hiring at the power plant on Lake Anna---I thought they were gong to be building?

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Sherri’s answer
Sherri, Home Buyer, Fluvanna County, VA
Fri Mar 8, 2013
I have noticed prices in Mineral/Louisa steadily dropping. Might this also be in relation to the most recent earthquake, considering the epicenter was in that area? I am very hesitant to even consider properties in that area, though most of the type of home I seek (2+ bedroom, 2 bath, garage on 2+ acres) happens to be in or near those areas.
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Robert Thiem…, , Mineral, VA
Wed May 12, 2010
Mineral and louisa county has been hit with foreclosures, the prices around the lake even in the higher ranges have fallen, Homes are selling however Buyers/investors are looking for deals Sellers around the lake have been lowering prices to attract buyers, the county Assesments have been coming in lower for the las 3 years, Its hard to sell property at a higher then assesment. Louisa county uses the FAIR Market Value assesments, This helps contribute to the sales prices as all homes in the area and surrounding counties took hits due to foreclosures. Power Plant hiring ? good question dont know answer but not expecting anything soon
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Dan Chase, Home Buyer, Texas City, TX
Tue Feb 9, 2010
Do not forget...
the free $8,000 will go away on april 30 for buyers.
interest rates will rise. The federal reserve has been buying almost all of the mortgage backed securities and will stop buying them in march.
unemployment is still a big problem. That directly impacts house prices as those with no jobs can not buy and some must sell.
Foreclosures, many more to come. How does it look in your area? Find out.

Prices are likely to drop a lot more nationwide. But some areas will go up in price. You have to put all the factors together and try to figure out what makes the most sense for you to do.
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