If you do not need to buy now, my recommendation is to hold off. If you have sold your home and need to buy now, no worries, just please be prepared to make a firm offer at asking price or above asking. Be prepared, you may need to give the sellers other creative advantages along with your offer such as waiving contingencies, meaning no inspection or mortgage financing. Come prepared with your Pre-Approval Letter in hand, as your preapproval will accompany your offer. In this crazy market, I have even had one buyer offer the seller a free rental for 60 days, just to get the home the buyers desired. In this competitive housing market, buyers are working harder than ever to set themselves apart.
My recommendation, sell if you desire and buy if you desire. Do not let the crazy market drive you to a decision you may not be happy with in the long run. In my experience, there will always be a house on the market that will be a perfect fit for you. Know that if you have already sold your home and are looking for a new home, it could be fun to rent, sit back, wait for the market to settle down, and start your search all over again. We are realtors and only work when the market works, but it is our desire to have our clients be happy with their choices and get a good, but fair market value for a property that they are buying or selling.