[quote=no_such_reality]I would buying a house you love can be very bad.

Buying a house you can readily afford that fills your needs is important. Buying a house you love should be left to the financially independent as their price tags and maintenance needs tend to push the envelope.

The best time to buy depends more on you than the market. Buy when your finances are strong, your income stream known and predictable and your family situation is predictable. You match that against prices, financing costs and quality of the for sale and rental markets and rents.
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I agree with all of this — except for this: find a place you love! Or can appreciate, at least. Also, I’d try to come away with a purchase price that brings down the average closed prices vs. list. You can see here why the market is so tight. On the surface, its good for buyers… but have fun trying to find something in the sweet spot!