To be really short I don't believe markets are efficient because I don't think the theory takes into account human psychology - herd mentality, panic and greed.A value investor believes that a high price for an investment doesn't mean it's Also, if you believe in value investing you do *NOT* believe that higher returns are found by taking on higher risk.

Psychology and motivation are doled out liberally.

However, by the time we were in a position to start making offers, the market had changed dramatically and it has been a psychological struggle to forget the days when there were foreclosures on every street.

Many times, their number is just psychological and not practical.I would also try to put in multiple offers. 

Yup @Jay Hinrichs , Being in the Psychology forum I will say my thoughts are that Kay said it best:"There's always an Arquillian Battle Cruiser, or a Corillian Death Ray, or an intergalactic plague that is about to wipe out all life on this miserable little planet, and the only way these people can get on with their happy lives is that they DO NOT KNOW ABOUT IT!"

You get to look at the financials and psychology of thousands of properties. 

Let them pick out blinds, paint color in kitchen, plant a tree or something that gives them some psychological ownership.Watch out for crappy property management in crappy areas as they tend to go hand in hand from what I hear.Thanks,Matt

There are a ton of things you CAN do very inexpensively that go a long way as far as psychology and impression on your tenants

The single digit days on the market is a huge psychological driving factor in my market.  

I wrote a BP blog post about it that would be helpful for you.http://www.biggerpockets.com/blogs/4430/blog_posts/31793-the-psychology-of-raising-money