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?

[Jennifer Dean]

Where are you looking for deals? If you are just looking on the MLS, then I would have to agree with you, that inventory is high and low price is hard to find, even though deals can still be made. But I would see if I could network with some wholesalers or just do your own marketing (letters, to find some deals. I have been able to find some good deals in our market. I feel like off market deals sometimes are a little easier to get deals out of as you don't have all the competition and bidding wars, although they do require more work to get the leads on your part. Its just about being able to find that motivated seller that will give you a deal.