Timing is less important for self-living primary resident. If you can find a good price and can get a good loan, you can buy now. Only after you bought your self-living primary resident can you start to think about investment.

However, if you think in 2 years you will still get good loan and the rate may be lower or the housing price will get lower in your area, then you can wait for a while. The sad thing is a lot of people were prepared to wait for the bottom, but by the time the bottom was reached finally, their employer was starting to lay off people, so, in this case, they got scared and never bought during the bottom. So, in theory, you can theoretically wait for the bottom and catch a perfect timing, but in reality, economy could be in a deep freeze at the housing bottom. Therefore, most people ended up missing the bottom that way.

Therefore, the practical advice to you is, when you have good income, good rate, good price, go ahead to buy your 1st primary residence. Catching a perfect timing is less significant for self-living primary resident.

Personally, I bought my 1st house many years ago at near market peak, a few years later, got laid off, but I managed to rent it out and myself lived in an apartment for a while to tide over the worst freeze. 10 years later, all my effort paid off me.