On most property I'd say wait because I think better deals will be coming. However, if it's a good piece that you want then you don't want to let it go. It's always the right time to buy if it's something you really want. I live in an old farmhouse that was on a 16 acre parcel that had been cut out of 200 acres that I already owned. I'm sure glad I bought it when it came up for sale 20 years ago, I've remodeled the house and have 220 acres surrounding it.
I've been hearing that for 20 years. In that length of time, land prices have increased TEN fold in my area.
