It depends on your situation. If your area is like most, this is not the best time to sell, but if you are selling to buy another home, the whole situation will probably be a wash for you. You may sell for a lower price, but most likely will be able to buy at a lower price than you would have to pay in a year or two. Can you afford to wait? Can you rent your home to someone else now and sell later-perhaps at a healthy profit? For buyers, this is an ideal market-probably the best we will see in the next 20 years. So if you can hold on to what you currently own, and still buy, I recommend that you do so. Prices may fall a little more, but all forecasts are saying that we will see the market for sellers improve by the end of 2008 for some areas, and by 2009 for all. One of the most reputable sources for market forecasting is the National Association of Realtors. You might check out that website at http://www.realtor.org
and read the research and market trends info. In addition, if you can buy now, you will be taking advantage of a great interest rate, but that rate is expected to rise above the 6.3% mark in 2009.