Mortgage rates are still relatively low so it is still a good time to buy for that reason.
The debate of rent vs buy in my opinion is dependent on area of purchase, type of ownership (coop or condo) and amount of inventory for the price point your searching in.
The popular areas of Brooklyn have low inventory which is driving prices up and offers above asking. In Manhattan, coop prices remain to be affordable and condo prices are rising. In LIC/Astoria in Queens, condo prices have also gone up and continue to do so but coops remain the same.
It is always good to start with writing a draft financial statement, get an understanding of how much liquid assests you have for downpayment, closing costs and for monthly maintenace or common charges after. Like Joseph mentioned, consult with a mortgage lender to see how much borrowing power you have.
Seasonally, I've always thought Nov-March are good times to go look for deals as there is less buyer competition (bidding wars).
Here's an article back in the summer from Trulia about rent vs buy:
I hope this helps. If you need further info, please feel free to give me a call or shoot me an email.