Should I wait for him, when he says he is not ready right now?

I've been hanging out with this guy a lot the past month. He is a really reflected person, and we have really enjoyed outselves the time we've spent together
But we had a talk today, and he told me he wasn't in a place right now where he would want something serious. He said he didn't want to get to a place where he developed feelings for me. He said the reason he is telling me this now is so none of us would get hurt that much. And it was not that he wasn't interrested in me, because he is pretty straight up with those kind of things.
The reason for him wanting to cut things off, he explains, is

1) he broke up with his girlfriend this summer, and they had a really bad relationship. And he tells me that he is not at all interrested in getting back together (she has asked many times, but he always gave no as an answer) but he is not completely over the breakup and needs time to heal - what does this mean?

2) He has a mother who is dying, and therefore he just thinks it will get too much if he would start something serious with me right now or the near future, because he has so much going on

We agreed to take distance from eachother, because neither of us wants to do this casual hook-up thing. But my question is: should i put myself on hold for him or just try to move on? I really like him, but i don't want to drag out something that isn't gonna happen. But i dont want to lose contact with him either, cause i think we potentially could be really great together haha
Should I wait for him, when he says he is not ready right now?
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