Personally, I suggest finding a piece of property you like at a price you can afford, and forgetting about the "investment" end of it. Buy it and live happily ever after, so that the only time you have to worry about what it's worth is when property taxes come due. Anything else is just asking for trouble ;)
Can't argue with the philosophy, and timing a market can be asking for trouble. Though if it turns out that waiting a few more years meant I paid X instead of 3X, and I was able to use that 2X to travel the planet, retire early, park a sailboat on my dock, I'd be happier:)