Simple answer: The right time to buy a place is when you can afford one.
Longer answer: The longer you wait, two things can happen - the prices go up, or they go down. In both situations - Saving - money is just a perception. As prices go up, interest rates tend to be low, as they still are now. when prices drop, interest rates tend to raise. What this means is that the same house can cost you less money - monthly - in a good market. Also, you need to consider how you will finance, what kinds of loans are available, etc. Personally, I have never bought or sold a home because the price was right - it was always necessity - i needed my house, I bought my house, it got to small I sold it and bought another one. In each situation i actually made off pretty well. Did I plan it? no. But my needs were met, and oh by the way i was profitable. In either situation, necessity was the driver of my purchase, not greed or buying at the right time. It is like "waiting" to have a kid until you are "ready" - are you ever ready? - HA!