I'd check out Random Walk on Wall Street. Read what it has to say on trying to time the market, and decide whether you think it applies to Real Estate. Then, think hard about why you're buying a home. Is it to live in for a long time? Or are you hoping to resell it in a short time frame? Are you thinking of Real Estate as an investment?

Burton Malkiel – author of random walk – says that in general you can't time markets. There's a ton of evidence on this. (Most is related to stocks and bonds, so take it with a grain of salt.) But what you can look for is irrationality.

Irrationality is what was identified by the folks who made a killing on the last crash. See "The Big Short".