Timing the market isn't a great idea.
All the market fundamentals show that now is a good time to buy - prices are down, interest rates are affordable, there are lots of homes to choose from and you can bargain with sellers.
If you try to wait and time the market until it hits rock bottom, you are likely to lose out. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver's seat during the buying process, you will also reap the gains of price appreciation once you become a home owner. Remember, those who purchased homes in the early 1990s during the last big economic and housing downturn came out as big winners.