I’m visiting my family right now, and every discussion these days seems to be about real estate. I suppose it’s only natural: my cousin and his wife just bought their first home, my aunt sells real estate, my grandfather is heavily invested in real estate and my dad manages real estate.

The question that every family member gets — even the ones who are already proud home owners — is when are you going to buy a house? Occasionally, we get asked about investment properties, but generally the family wants to know if anyone’s found a real steal.

Real Estate Always Has Value

My grandfather immigrated from Europe. He was brought up with the idea that land ownership truly represents wealth and over the years, he’s managed to get most of the family thinking the same thing. To my grandfather, there really is no wrong time to buy real estate. He helped my cousin get a mortgage on his home even as the housing market is dropping because he’s confident that it will rebound.

In the same vein, my grandfather didn’t put his retirement savings in stocks or other investments that run even the slightest risk of being worth only the paper they’re printed on. Instead, he picked a few income-producing properties and worked hard to minimize expenses. I like to think of his strategy as successful conservative: real estate really can be one of the most conservative investments because, in general, real estate prices don’t surge upwards but it’s also one of the least liquid assets you can have. If you go about investing in real estate the right way, though, you really can make a bundle.

The House: Real Estate’s Starting Point

Moving into a house of your own really is real estate investment at its most basic. While I’ve seen plenty of breakdowns arguing that apartment-living is actually cheaper than home ownership, the general idea that you’re building equity rather than paying for the pleasure of a residence does make sense.

But when should you actually plop down the cash for a house? When is the right time to commit yourself to a mortgage? Is it, as my family seems to think, right this very instant?

While I don’t think that buying in a down market is a bad idea, I really don’t agree with the philosophy that any time is a good time to buy real estate. I say that not because I think it’s a good idea to buy when prices are sky high, but because I think that just buying can lead to picking mortgages you can’t afford or raiding your 401(k) for a down payment.

If you have good credit and a good down payment, though, I don’t think you should refuse to buy a house right now. I’m not saying that you have to buy a house, but I’m also not telling you that you absolutely shouldn’t buy a house until the market stabilizes. It has to come down to whether you can get a mortgage you’re comfortable in times that are uncomfortable, economically speaking.