With regards to “Don’t time the market”, I think this “truism” applies more toward the type of investment that allows buying in small quantities over time (dollar cost averaging), i.e. stocks.
In RE however, when pumpers say “Don’t time the market,” it’s akin to your stock broker telling you “anytime is a good time to borrow 5x your annual pre-tax income to invest in a single stock (something like Rona), with a P/E ratio of 40, negative outlook, and $40,000 commission to sell.
Unless you have the means to purchase a few properties every year for the next 10-20 years, you can’t “dollar cost average” property investment (unless you’re looking at REIT, but that’s stocks).
You have to do your homework and time your “single largest leveraged purchase in your life”.