The correct answer is: it depends. Not trying to be difficult. :)
What I mean is this: timing the real estate market is often as difficult and fruitless as trying to time the stock market. A long term buy and hold strategy is usually the best. If you're planning on staying put in that home for a while -- say, at least 5-7 years -- then it's probably a good idea. If you've got a shorter horizon, then you'll want to be more cautious. Hopefully a local Trulian can jump in and shed more light on your particular market.