Because there is a buyer's market in real estate right now, there's less pressure on you to make a quick decision, says Karpinski. The fact that there are plenty of properties on the market right now, and a shortage of buyers, gives you the luxury of time.

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"There are a lot of lenders out there more than willing to rid themselves of the foreclosed homes that have fallen into their possession, not to mention homeowners desperate to rid themselves of inflated mortgage rates. Purchasing one of these homes doesn't mean you're a vulture who sweeps in to buy someone's loved but no longer affordable property. It just means you know a good deal when you see one."

"The fact that home sales are slow right now is actually a good thing for you because you can get your vacation home for a lower price," says Karpinski, director of Owner Community for HomeAway.com (the online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment and Profit from Your Vacation Home Dream: The Complete Guide to a Savvy Financial and Emotional Investment.

Because a vacation home purchase is a long-term investment, your focus shouldn't be on what the real estate market is doing right now. Your concern will be what the price of your home is down the line, years from now. "Vacation homes are still a good long-term investment despite where the market might be right now," says Karpinski.

"The fact that you always have the option to rent provides you with a great strategy for making vacation home ownership work for you. You don't have to be rich. And you don't have to wait for the perfect economy to buy. There's probably no such thing. In fact, buying a vacation home is a lot like having a baby. If you wait for the perfect moment in time, the cradle will always be empty. Sometimes you just have to make the leap."

"The biggest advantage of investing in real estate is that it almost always appreciatessometimes quite quickly �allowing you to buy a property that you couldn't afford otherwise," says Karpinski. "If you buy smart, you can build up a good deal of equity in just a few years. Yes, at first you may have to rent out your property for most of the year just to break even. And it probably won't be a cash cow, so don't set your expectations too high. But be patient. As your equity builds and rental fees increase over the years, you can rent it less often and still stay ahead financially. Know that your property will eventually become profitable. In the meantime, you have a wonderful place to spend your future vacations with no reservations required."

These days, many developers and sellers are offering incentives to make their properties stand out from the crowd and move them more quickly. For example, to attract buyers to their properties, developers are offering all sorts of incentives to purchase new construction, including free upgrades like granite countertops, travertine tile, stainless appliances, free furniture packages, etc. And the buyer's market has sellers motivated as well. Many are offering incentives such as closing costs paid for by the seller and cash back for upgrades.