From January 2013 to April 2, 2013 31 Lots in Powhatan County have pended or sold. What does that mean? In 2011 the same months only 18 lots sold. The same months in 2012 29 Sold/Pended.
We are seeing more interest in land then in previous years and the sales show. All time low land prices and an increase in new home construction are contributing to this spike in sales. Prices are amazingly low for land based on sales in 2011. Land prices are sure to rise as land sales increase.
Many are buying lot/land to build now and just as many are taking advantage of the low prices and buying land to hold and build later. Some even feel it could be a good investment as buying a lot/land for 50K that was once valued at 100K is sure to bring profits in the near future.
Many lots are still bank owned and offer a great opportunity for someone to pick up a lot at a great price. Builders who just couldnt make it through the recession lost lots to these banks and the banks just want the lots/land off of their books based on previous sales they are offering lower prices then competing lots/land in the neighborhood.
If the New Home Construction trend continues to spike as indicated by recent sales and projections from the Real Estate world such as National Home Association, land/lots is a great investment and also offers and exceptional time for a buyer to build that perfect dream home before land prices catch up with recent sales and rise.
For More Information on Sales in Powhatan, Virginia or The Richmond Virginia Metro Area please contact StephanieSellers.com 804-514-9942 I look forward to working with you!