I work and live in the 32825 zip code. Naturally, I follow the market here quite closely since, like you, I have a personal stake in the value of my house.
We all know the effects of the building boom at this end of town. Even though it appears as if the market has been stagnant, houses ARE selling. And not just foreclosure/short sale properties but houses strategically positioned against the competition. In fact, the rate of selling--both here in 32825 and next door in 32828--has substantially increased in recent months.
Having said that, it depends on why you want to sell. If you intend to sell in order to move up to a larger house or to another neighborhood, then by all means sell now.
Yes, prices are depressed for you as a seller. But prices will be equally depressed for you as a buyer! Once you sell, you'll be in an unbeatable position. You'll have cash in your pocket AND a strong bargaining position. Not only will you be able to negotiate a great deal for yourself, you'll also have the greatest housing choices ever.
Remember this, too. Once the market stabilizes, not only will the market value for your house go up, the house you'll want to buy will also go up, and by the same percentage rate.
Unfortunately, there's no beating the market. Up or down, there's only keeping pace with it.
Hope this helps, Mike, in your decision-making.
Marketing & Pricing Specialist
Coldwell Banker Residential Real Estate
521 E Mitchell Hammock Rd
Oviedo, FL 32765
My Profile: http://www.coldwellbanker.com/for/JudyChapman
My Blog: http://activerain.com/blogs/orlandoforsale
Specializing in East Orlando, Oviedo, Chuluota, Tuscawilla/Winter Springs, Downtown Orlando, Lake Nona, Maitland & Winter Park