As I am sure you already know, Sleeping Hollow is a high demand neighbhood, especially for homebuyers relocating from SF. If your home is updated as you have indicated, and in clean condition, then I would expect that it would sell rather quickly at a premium price. Today's Orinda market is all about selective buyers seeking that perfect house...what I mean is if your property has "issues" that would make it less than attractive to the average buyer, then you should expect a price discount to attract an offer. Every week I tour new Orinda listings, and it is pretty easy to spot the homes that are going to move quickly, and those that are guaranteed to sit for weeks on end while the sellers come to grips with their marketability challenges (i.e., no updating, functionally obsolete floorplans, steep driveways with little to no yard, freeway noise, drainage deficiencies, etc.). Every home, especially in Orinda, is unique...and sellers should not compare their home blindly with other properties based on square feet alone.
So what happens if you wait a couple more years? I don't expect prices to drop any further, but if interest rates go up I could be proved wrong. That said, I like to think the Orinda market is different, with buyers who could easily put up another 10% of the purchase price if necessary to qualify for financing. In fact, there are certain local market indicators that make me believe prices have stabilized (for instance, in certain areas of Contra Costa County the market is very active in the under $500,000 price range, including multiple offers and bids over asking price; first time buyers are swooping on these banked-owned properties, many priced at 60% discounts from their peak in 2006).
But a more important question is "Why are you thinking of selling?" If you are going to sell and then rebuy in the current market, there really is no downside to selling now or in two years (except that if prices go up, you will get more for your home, but will pay more for your replacement property...along with higher property taxes!)
If you would like a complimentary pricing study for your home (without any obligations and/or strings attached), I would be happy to preview your home and share my insights.
Premier Realty Associates