Investors should consider NYC property
While the real estate market in the United States remains somewhat volatile, approximately 65 percent of active real estate investors plan to buy as many or more residential properties in the next 12 months as they did in the past year. This research comes from a joint BiggerPockets.com/Memphis Invest national survey performed by ORC International for BiggerPockets.com.
The survey also found that 39 percent of active investors intend to increase purchases over the next year, and nearly 26 percent of buyers plan to purchase as many in the year to come as the past 12 months. What's more, the 65 percent who plan to buy the same amount or more over the course of the next year represents 4.5 million investors. In fact, only 30 percent said they will buy fewer properties than they have in the past.
"Though housing markets are changing across the nation, investors are still seeing great opportunities," BiggerPockets.com CEO and Founder Joshua Dorkin said in a statement. "Hundreds of thousands of foreclosures and short sales are coming to market and rents are continuing to improve in most markets, creating a positive environment for the nation's 28.1 million residential real estate investors."
One such metro area where investors may focus their attention is the Big Apple. According to the Department of Numbers, real estate in New York, New York, is on the mend, albeit slowly. As of September 17, 2012, there were approximately 41,673 single-family and condo homes listed for sale in the Big Apple, the source reports. While the median asking price of these homes was $339,900, much lower than the $475,500 seen in December 2010, inventory is also down, which will, inevitably, drive values upward.
Investors who want to purchase property in metro areas where inventories are declining should consider New York City. This major metro area has a long history of being a dominant financial hub, and the Big Apple promotes its impressive array of career opportunities as a driving factor for relocation. Therefore, investors who want to purchase a home and flip it down the road, or just want a new place to live, should consider purchasing one of the homes for sale in New York, New York before the high-quality listings are claimed.