Property Brothers Jonathan and Drew Scott still believe in the opportunity to grow wealth through real estate investing, but there are important factors to consider in today's market, they told CNBC's Diana Olick at a recent CNBC Your Money event.

"I absolutely do believe in homeownership as a good investment," Jonathan said.

One of those key factors: Individuals should only invest in property on their own timeline, Jonathan said. It can feel like you're missing out if you don't already own or aren't planning to buy tomorrow, but acting on that emotion could hurt your ability to make a smart investment.

"It's OK if you wait a few years, if you get your finances in the right position, save up a little," he said. "As soon as you're desperate to get into a property, you're going to make a bad decision."

Buyer's remorse is common among recent homebuyers: 82% of people who bought homes in 2023 or 2024 have at least one regret, a recent survey from real estate company Clever found. Among those with regrets, choosing a home that needs excessive maintenance is the most common reason, though nearly a quarter of respondents said they paid too much or accepted an interest rate that's too high.

What to consider before buying a home

Once you're sure you want to buy, it's also wise to accept that you may not be able to time the market to deliver the best results for you. Finding a home in your price range and landing the best mortgage rate will depend not only on your financial situation, but also the broader economy.

That being said, investing in real estate and buying a home is "not rocket science," Jonathan said. "You have so many people that think there's a secret sauce to be successful, and really it comes down to budgeting."

It probably won't be as easy as cutting back on avocado toast or another small luxury. The median sale price for U.S. homes is well over $400,000, according to Federal Reserve data, meaning a 20% down payment will cost around $80,000.

Depending on your financial situation, socking away that much cash could take pretty serious adjustments, such as living with roommates or picking up a side hustle to boost your income. Additionally, you'll want to make sure your credit is in good standing before you even start looking at homes if you want to land the best mortgage rates.

When it's time to start your search, make sure your expectations are in line with reality. You may have to make compromises on location, size or amenities in order to stay within your budget.

Entering a difficult market

The Scott brothers agree that getting into real estate right now is no easy feat.

In the year ahead, mortgage rates are expected to keep dropping, but home prices are projected to go up around 3% to 5%, according to forecasts from Goldman Sachs and Fannie Mae. And while inflation has returned to almost normal year-over-year growth, prices on essentials like rent and groceries remain significantly higher than several years ago, making it difficult for hopeful buyers to save.

"You have to find creative ways to get into the market now," Jonathan said. That might look like buying a home with friends or family members other than a spouse. 

Want to earn more money at work? Take CNBC's new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Start today and use coupon code EARLYBIRD for an introductory discount of 50% off through November 26, 2024.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.