The only timing that is important is the timing of predictable life events. The market doesn't matter.
When people ask me, "When is the best time to buy real estate?" My answer would sound something like this:
"When someone will lend you most, if not all, of the money to buy it, and you can comfortably afford the payments and type of home within that budget."
No one ever got hurt buying real estate at the wrong time. They have been hurt when forced to sell at the wrong time.