What is your reason for considering a sale now?
Realtors do not normally have the ability to see into the future.
We do have a good handle on our local market because we are in it every day.
This gives us the ability to give you professional, fact-based opinions on the local real estate market.
Right now, most of the United States of America is experiencing a buyer's market. This means that sellers may be willing to accept terms that they would not accept in a seller's market.
Mortgage rates are near their historical low. Many of us recall when interest rates were 18%.
There are currently many financing options available to buyers which will not be available in October.
Congress could change this.
My suggestion for you is to ask your realtor to do a Seller's Net Proceeds Worksheet.
This will enable you to make an informed decision as to whether you want to sell now or not.
No one can tell you this answer. If I had a nickle for every bad projection by an economist, I would be sipping pina coladas in The Bahamas right now.
Are you planning on moving up, buying a bigger property? That might influence your decison. While prices are suppressed now, you will feel that in your sale, and also benefit from it on the buy. If the buy is larger than the sale, the benefit outweighs the loss.
2008 has more ARM resets to come.