Delaying Investment Until Next Economic Downturn

[Pope Lake]

Hi BP! 

I'm currently looking to purchase a property in Birmingham, AL to buy and hold. I know that this market is currently great for this strategy, and hope to find a property that adequately cash flows. Ideally, I would like to purchase in this market before the year closes out.

However, given recent investor fear about an impending economic downturn, should I hold out until prices are generally lower? Of course, if I wait until the market actually turns I should be able to buy property for cheaper and save money.

While I've read that it's never great to try and "time the market" I also don't want to be over eager and purchase at potentially the wrong time, when waiting perhaps a little bit longer could result in a better investment. Interested to know your thoughts!