To date, the U.S. real estate price recovery has been uneven; the top six major markets have outperformed, and non-major markets have underperformed. As a result, some investors are concerned that major market property pricing has become too expensive. This sentiment is prompting an exploration of less-appreciated markets. So, is it time to take the high road and pursue higher-yielding markets?

While this yield-chasing behavior is a simple, straightforward and understandable reaction, it does not produce an investment strategy that guarantees superior total returns. After all, high yields and high total returns are not the same thing.

Moving on?

Over the 12 months ending in June 2013, property investors widened their activities beyond the top six metro area markets that dominated investments earlier in the recovery. In some of these later-blooming markets, the attraction is economic recovery that lagged the top six ma