Now a good time to buy a house?

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My family and I currently live in rental accommodation in Kerry and are thinking about buying a cottage for sale for 180k. I have savings and inheritance on deposit that would allow us just about to purchase the property without taking out a mortgage. This would be all our savings and nothing left for a rainy day. I work a minimum wage job. I am nervous about this decision, as my wife is from the US and we always thought that if things really went belly up here, that we would have the resources (nest egg) to up and leave. If I knew that now was a good time to buy and therefore the house was a sound investment, then I would not be too concerned as we could always try sell it or rent it in the future. Anyone have any advice or ideas??
 
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