I just bought and sold a house in a very hot market. The things that people are doing right now to stand out in my market were,

- Get pre-approved.

- Write a personalized letter why they should get the home.

- Offer above list price and be willing to pay above appraisal (part of your offer).

- Put your offer in right away. Most people who viewed my home put in an offer within a few hours of seeing it.

- Forgo an inspection to get a faster close date.

- Pay cash if you can.

- Buy new construction, we bought new construction and didn't have to compete with anyone. It costs a little more up front, similar to a new car I imagine, but we plan on staying >10 years if we can help it.

As long as you are financially secure I wouldn't wait for a better market. IMO it doesn't matter if the market is high or low, it only really matters if you leave the market.