All the best
Too Late, you've already missed the start. Now do you feel better? In your area and in some price ranges homes are selling. There are some price ranges where homes sit stagnant.
Question: Do you qualify to purchase your next home? Right now we are in a Lenders Market and many homeowners do not qualify to purchase a next home even if they are able to sell their property without a loss. I suggest taking a first step and contacting your lender to verify you qualify for a next home. Then, if you are purchasing a more expensive home, consider "Buying Up in a Down Market". Trying to time the bottom of the market usually is a no-win situation.
I work in Oakland County and I would agree with you that there are less for sale. My husband and I were fortunate to sell most of our listings this summer. We've seen multiple offers on many of our properties. We hope this trend will continue.
If you are moving up it is best to cut your losses now and buy.
The answer to your question is both Yes and No.......
The real estate market is regional. This results in some areas experiencing real estate values that are appreciating while other locations may still be dropping a bit. The bottom line is it depends on your location.
Right now is a good time to be a buyer but a bad time to be a seller. You can only hope that if you are taking a step up in your housing that you will make up any shortfall on the sale of your current home by getting a good deal on your new home. As far as the timing of things, I'm afraid no one has that crystal ball to tell you if we've hit rock bottom yet. Hindsight is 20/20 right?
My advice to you is that if you are looking to upsize, and financially your ducks are in a row, then now is a great time to be buying. Homes are available for a fraction of what they were a couple years ago, interest rates are still attractive, and there are a lot of homes to choose from.