I have been in the real estate world for over 30 years, and I don't make predictions about real estate markets beyond a few months. No one knows when a market drop is coming, how much the drop will be or how long the market will be depressed. The real estate market is tied to employment and the business cycle, which are still strong in most areas of the country. Signs of rising unemployment, falling stock prices, and rising interest rates generally favor weaker real estate sales. So far, only interest rates have moved, and mortgage rates are still quite low.
The key is to find the market in which you want to invest and set your buying criteria. You might luck out and find a willing seller in a strong market, or you may have to wait for the market to shift. If you think you will find a property that meets your buying criteria in the next year, leave the money in cash. You may want to use some low risk longer term instruments, such as CD's, if your window is 12 to 24 months. Beyond that, I would take a little more risk, and adjust as time passes and markets change.