I disagree, slightly:
The important question is not whether the Market is going up or down; you are not buying the Market!
You are buying a HOME, a place to live for at least a few years, a neighborhood, a school, a dwelling you can come home and work on, a place you don't have to ask anyone's permission to do something, a thing of pride, a location for many, many memories. You want it to be strong, safe and beautiful. You want your family to feel happy and secure in it.
When you find the right house, you won't care that much about the price, you will want it and you will do whatever it takes to buy it.
Since you are going to own it for 5-12 years; probably until your youngest graduates, it won't matter if the value dips a little, because, historically, it will increase approximately 5-6%. That means that your $250,000 house will be worth $369,364 in eight years.
You will have a loan at 4 3/4% which will not change; and will look pretty good five years from now.
The BOTTOM of the market, for you, will happen when you buy your house; because your house will be taken off the Market. It's value will not be determined again until you sell it. And the market will continue on; some houses will decrease in value in the short term, and some houses will increase; most will increase in the longterm, because Real Estate is a LONG TERM investment.
But three, four, and five years from now, you will look back and realize that you bought at the bottom of the market!
Good luck and may God bless