Terri provided you excellant advise.
What you owe on your exisiting home has no bearing on what it will sell for, This is a very common, 'FATAL' error many homeowners make.
If you purchased your home since 2005, with minimal downpayment, it is very likely you will barely break even. This means no 'profit' to use as downpayment for next home.
It is time to call a real estate professional and get a good look at what is really happening in the real estate market in Shakopee, MN. Be aware...all the crappy data you troll through on aggregate real estate websites is for entertainment purposes and is the worst possible reosource to use to find actionable information.
Request a trend report of the area, such as my "Market In A Minute' http://(www.Trulia.com/blog/annettelawrence
) to visulalize the current movement. Also you will need a CMA that will be speciifc to the attributes of your home, recently sold homes and competing homes.
The trend report may suggest that waiting a year may have a huge influence on the bottom line or reveal the opposite.
What you need is reliable, accurate, responsible data with which to evaluate your situation.
Unfortuneately, none of the agents who have responded to date provided a telephone number. Click their name to find their contact info on thei Trulia profile. They can give you access to reliable data and create the reports you need.
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL