I think you're leaning toward the right thing with this: "We’re leaning towards purchasing a smaller home in 2012 which we can use as a vacation home for the next 4-5 years and then look for our dream home after we can move to TV full time. My thoughts are that this strategy may protect us against any inflation or housing market increases that may occur over the next 4-5 years."
Once you have a place here, your dream of your "dream home" could very well change. Up north, the house is important because when it's cold and drizzly, you're IN it a lot. Here, people are so active and social outside the house that for us, it is a pleasure to have a courtyard villa that's half the size (or less) of our prior "dream homes" up north. It's less to take care of and pay for, which means more time and money to be outside PLAYING!
Inflation is a definite concern, and I personally think it is wise to downsize for awhile and put money away for the future. Then, when the finite number of homes here in TV causes the prices to go up because of demand, our home is money in our pocket and that would be the time when I would get the "dream home" (unless the economy and inflation are far worse than now).
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