Meg, you may want to consider looking in to a swapping situation. Check this article to see what I'm talking about. It may or may not work for you, but you want to have all options at your disposal. In any event, doing any kind of real estate transaction without having a professional REALTOR involved raises your level of risk considerably. Here's an article that will help you make some decisions.
http://www.homestosellmn.com/?m=20090205

This is a question that many people have. The answer is not an easy one, with interest rates at 4.75%, the affordability of housing is high. if you are motivated to sell,(price it right), your home will sell. I have had clients lose out on a number of houses, because of multiple offers. As far as finding a home in Maple Grove, this is an excellent time to buy. I live in Maple Grove, and I can tell you that prices are better than they have been for years. Hope this helps. Any questions, please contact me.
Brad Anderson
BradAnderson@kw.com http://www.BradAndersonHomes.com

Meg,

Your question is a common one right now. A couple things; no one knows exactly when the market will drop out and in order to sell in this market a seller has to have a different mindset.

Right now the market is flooded with homeowners who want to sell, but do not have the motivation or need to stick it through in this market.Their homes are usually overpriced and are on the market longer. They also tend to expire without a sale.

Patience is not only a virtue but a requirement. There is a lot of inventory out there for buyers to choose from, you want to make sure 1. they know yours is available (marketing) and 2. that it priced competitively-- the faster you need to sell the lower under market value it should be.

Work with a Realtor who has an aggressive marketing plan. Gone are the days when we can place a home on the MLS and a sign in the yard. Trust and much communication with your Realtor is needed more than ever.

Keep in mind that the money you may lose in the sell may be made up in your next purchase. The choice is yours, if you do not have to move and you are having a hard time with not getting what you think your home is worth (market value is what a buyer is willing to pay and what a seller is willing to sell for) then maybe you should wait it out.

I address this and more on a presentation that I use for a webinar "What It Takes To Get Your Home Sold in a Shifting Market". You can email me if you are interested in a copy. Again, no one knows when the bottom will drop out so you need to be okay with waiting 1 year or 3 or more. But if you need to move, be willing to do what it takes so that you can move on to the next phase of your life.
I hope this helps.

Prices on houses may fall a little further in the next year but interest rates are unlikely to be this low 12 months from now, which could dramatically affect affordability. If rates go up to 6% again (which is still very low) then you're losing $1000's in buying power.

The conditions today are great to buy... we don't know if it will get better or worse in a year so it is a gamble. I'm of the mind to lock in a good situation now versus HOPING that a good will get better. Compared to what the market was a few years ago, we're in so much better of a position.