One word, two meanings
magari is one of the most-used words in spoken Italian. With the congiuntivo imperfetto it is a sigh: Magari potessi! means “I wish I could” or “if only I could”. With the indicative it is a plain “maybe”: Magari posso means “maybe I can”. The word stays the same, the verb form decides.
Two sentences, one ending apart
Magari venisse anche lui!
If only he would come too!
Congiuntivo: a wish that will probably stay unfulfilled.
Magari viene anche lui.
Maybe he's coming too.
Indicative: an ordinary guess.
The wish: magari + congiuntivo
English “I wish I could …” and “If only I could …” correspond to magari alone: the sentence is magari plus the congiuntivo imperfetto, ends with an exclamation mark and is complete. No main clause follows.
The wish sentence
Wishes that will probably stay wishes
Magari potessi venire con voi!
If only I could come with you!
Magari fossi ricco!
I wish I were rich!
Magari fosse così semplice!
If only it were that simple!
Magari smettesse di piovere per un'ora.
If only it would stop raining for an hour.
The other magari: maybe
With the indicative, magari is not a sigh but a guess or a relaxed suggestion. The sentence ends with a full stop.
magari + indicative
Magari ha perso il treno, capita.
Maybe he missed the train, it happens.
Non risponde. Magari è già a letto.
He's not answering. Maybe he's already in bed.
Magari domani ci vediamo per un caffè.
Maybe we can meet for a coffee tomorrow.
Magari! as an answer
On its own, with an exclamation mark, Magari! is one of the most common replies in conversation. To a statement it means “I wish!”, to an offer or invitation “I'd love to” or “you bet”.
In conversation
Sara
Quest'anno vai in vacanza alle Maldive?
Are you going on holiday to the Maldives this year?
Luca
Magari! Vado a trovare mia zia in Umbria.
I wish! I'm visiting my aunt in Umbria.
Sara
Ti va di venire a cena da noi sabato?
Do you feel like coming to dinner at our place on Saturday?
Luca
Magari! A che ora?
I'd love to! What time?