Nancy, Good Question! You may really want to consider contacting a local real estate agent, which I would be more than happy to help you find if you need help. You need a Competitive Market Analysis done to tell you what today's market value is. This appraisal you had done in a good market...well, I highly doubt that number is anywhere near there. Even if your house is only market value of $130,000 for example, you still have a great amount of equity. Of course that is a decision you have to make for yourself.

I think that 2008 is a great time to buy! Not necessarily to sell. However, you may find an amazing deal that you can't pass up so it would be worth it to move on. I have literally seen people purchase $400,000 homes for $250,000! It is a little crazy out there right now.

Even though you may not get as high of a number as you are hoping for on your current house, you probably have a great chance to get a really good deal on the purchase of a home.

I hope this information helps! Best Wishes! And let me know if you need help finding an agent in your area.