I think right now (as in over the next year) is a good time to buy not because we’ve hit bottom (I wouldn’t know) but because I’ve always felt that buying the right property is more important than timing the market (to an extent).
Right now rates are very low, inventory is large, and sales are slow. The perfect time to take your time, not to rush into anything and to buy a home one can easily afford.
Sure, you could try timing the market; however, you will only know bottom when it starts going up. For example, if it drops another 5% and starts going back up you’ll be paying a little less but prices will be going up because inventory is low and sales have picked up increasing the odds of rushing into something that is not ideal.
Believe it or not, some of the worst buys I’ve seen occurred in 2005/2006 before the market peak as some buyers did not exercise rationale decision making during a period of low inventory.