Home prices remain low, right along with mortgage rates, and for those in a position to do so, now could be the perfect time to buy that second home.

This year has brought brutal winter storms to many parts of the nation, and many people would love nothing more than to escape to a new home under blue, sunny skies. Home prices won't stay this low forever, but the housing market is still sluggish enough so that desperate sellers, and hopeful buyers, could benefit by coming together. 

Home prices in California are lower than they were this time last year, and sales fell 0.5 percent in contrast as well, according to DataQuick Information Systems. In fact, home sales declined more than 23 percent in January from December, a steeper than average decline for this time of year.

Sales picked up speed in the Bay Area last month, but in sunny Southern California the housing market witnessed its worst January in three years. Some of the slump is still being blamed on the expiration of the home buyer tax credit. But California is not the only warm region where potential buyers might look to purchase a second home.

Florida is often the preferred choice for East Coast residents seeking vacation homes, and the Sunshine State is getting lots of attention this year. "We've outperformed January 2010 by 85 percent," said Judy Green, chief executive officer of Premier Sotheby's International Realty in Naples. "It's almost as if someone just turned on a faucet and the people are out there. They're making deals."

And while mortgage rates in other parts of the nation are creeping above 5 percent, the average 30-year fixed rate mortgage in Florida remains at 4.9 percent, according to Bankrate.com.

Most experts agree that at some point, real estate values will go up again, and that it's still a sound long-term investment for those wishing to capitalize on the low home prices. However, others think it's still bad news.

In Naples, where real estate seems to be booming, compared to other parts of the country, home prices are not predicted to return to pre-recession prices until 2038, says a January report from Moody's Analytics.

If a second home isn't in the cards, many homeowners could still be prompted to refinance, as the future of rising mortgage rates remains more certain than the future of home prices.