Having an issue with low water pressure so I swapped out the pressure switch. Still have low pressure around 25psi which never allows the pump to shut off. Obviously I have a leak somewhere or the pump is going. I have had this pressure issue for about a month so I am suspecting it has been running non stop. Also when I cut the power I lose water in my system leading me to believe the foot valve is bad or a leak in the well line. Does this sound right before I pull the pump?
From what you are saying and from what I have learned from the well drillers in my area ... you are on the right track.
Could be a bad foot valve or even a break in the line between either the pump and pitless or between the pit less and the house.