Buying in a hot market

[Gentry B.]

Is it wise to buy in a hot market where no deals are found?  I am in Utah, and the market is on fire.  Anything that even remotely resembles a deal is usually gobbled up by a cash offer.   So if I am to buy one, it will either be that I get lucky and find one that has fallen through the cracks, or pay retail.  What should I do?   And if that is the case, is it wise to buy in another state?