If you see a great deal on airfare, go for it. That is about 1/2 of our budget, so I am always looking for good deals. Then, you can book the room, but you never know with the airlines how much a ticket will cost. It is a "crap shoot" as to whether the ticket will be cheaper in a few weeks.
If you see awesome airfare, book it. You should be able to book your resort around the travel dates. It's much easier to do it that way than to do it the other way around (booking the resort then trying to find great airfare).
Book the airfare first. For out trip in 1/06, I almost missed out on a great rate, because I thought it would last - lucky for me, the great rate came around again after two weeks of kicking myself for not booking it the first time! Have fun planning!
I've done it both ways. Its usually not a big deal to change the resort reservations when booked far enough in advance, so booking the resort 1st doesn't hurt. (I've never booked packages, just "room only".)
Right now, I have airlines booked, but not a resort; plan to book resorts today...
I always think about it this way: the airfare prices fluxuate greatly, and the resort prices (even at discount) are consistent. We always get the airfare first.
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