I think the timer is fine with the current system, however the limited housing in an MMO is in-and-of-itself a flawed and archaic system IMO. There's really no reason not to make it easier for players to have housing of their desired size. They should be a lot more active about adding more wards to the specific worlds and districts that have filled up. If it was just an accepted fact and practice that once the wards had filled or mostly filled on a particular world+district SE would introduce new wards to that world+district it would solve many of the issues players have with housing in ffxiv.

It would eliminate the need for timers because there'd be no need to demolish houses cause new ones will be added. It would reduce the demand for players selling plots to each other because why would a player feel the need to pay large sums of gil if they new they only had a short wait for new wards? No more holding plots hostage. No more fear for having to take a break from the game. To me it seems like a win-win.

On high pop worlds it would definitely be a little chaotic at the start but once the intial waves of "new wards" were finished it would level off and every one would be happy in their new homes.