Rather than thinking in terms of time limits, it’s better to think in terms of affordability.
If you are planning to buy a house to live in, simply buy a decent place you like when you can actually AFFORD it. If you do that then it doesn’t matter if the market goes up or down because you can still afford it and go about your life, like you say.
BTW I also share your frustration with the slowness of the down turn. I would like to buy, but I refuse to commit financial suicide when I can rent for 1/2 to 1/3 of the cost of “owning.”
