If you're interested in buying property in New York City, you may have already realized that the market is close to overheating. With prices at their peak, now probably isn't the best time to buy.
If you do choose to buy, you could find that your property won't increase in value very quickly. It may even lose its value due to falling real-estate prices in the city. There are other markets that you could choose to participate in, though.
What other markets are there?
For example, Atlanta is doing well presently with much support for developing companies and research firms in the area. Thanks to the growth in industry, Atlanta has seen job growth rates at nearly twice the national average. As someone looking to purchase a property and rent it to others, Atlanta gives you the opportunity to do so. It is important to keep in mind that Atlanta was one of the hardest-hit real estate markets in the recession, so tread lightly.
Another city that is doing well is Nashville. There are over 200 companies that have relocated to Nashville. Why? Commercial real estate is up-and-coming in the area. Nashville is also a great place to invest because it is the capital of the United States health-care management industry. Since the population can grow and should be balanced thanks to the health care industry, it's a good bet that if you buy multi-family housing units or apartments that you'll do just fine with your investment.
If New York is the market you're after, you may need to wait a little while to find the property you want at a fair price. Since the market is at a high, that means that prices are high as well. If you wait for the market to cool slightly, you should see that you can purchase property at a better rate and get a better return on your investment in the future.